Neta Auto’s local distributor in Malaysia, Intro Synergy, has announced through a Facebook post that the company will be initiating a restructuring process. In a statement, the company says that the move is in response to the “financial restructuring” of Neta’s parent entity, Hozon New Energy Automobile.
“Intro Synergy Sdn Bhd, the exclusive distributor of Neta vehicles in Malaysia, acknowledges the recent reports concerning our principal, Hozon New Energy Automobile, the parent company of the Neta brand. We understand that Neta HQ is currently undergoing a financial restructuring process and organisational realignment to strengthen its long-term sustainability and growth,” the company wrote in its statement.
In what it calls a “proactive measure”, Intro Synergy will also be “re-strategising” its operations in Malaysia, and move from a traditional dealership network into a direct-to-consumer approach. The company says that the new sales model, with a focus on digital sales channels, will help reduce cost and in turn increase its competitiveness.
The distributor reassures that its service centres will continue to operate as usual nationwide, and aftersales service will remain its utmost priority. “We are committed to ensuring every Neta customer continues to receive full support and care, especially during this period of transition,” the company adds.
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Additionally, all warranties for their vehicles will also continue to apply, and the company states that it has the capabilities to ensure sufficient availability of spare parts during the lifecycle of its vehicles. “We are able to undertake to repurchase any of the vehicles in the event of spare parts not available,” the statement adds.
The announcement comes just weeks after Intro Synergy refuted reports of its principal entering bankruptcy. Earlier, the company also dismissed reports about the closure of Neta Auto’s research and development department, calling it “propoganda” and “false information”.
Neta has been reportedly facing financial troubles in its home country. The carmaker faced a total of CNY17.2 billion (approx. RM10.6 billion) in losses between 2021 and 2023, and was reported to have reached a debt-to-equity swap agreement with some 134 core suppliers worth over RM2 billion (approx. RM1.2 billion) in order to sustain production of its vehicles.
In Singapore, the brand’s only showroom has reportedly shuttered doors less than three months after launch.
As for Malaysia, Intro Synergy has previously signed a contract manufacturing agreement with NexV Manufacturing for its local assembly (CKD) operations. The project was initially scheduled to kick-start in the first quarter of 2025, however no updates have been provided thus far on its commencement.
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