The 10-year-old Shanghai-based carmaker recently downsized its operations following a series of challenges, including a cash crunch, that threatened its survival.
“Through optimisation and reorganisation, the company’s management structure will be simplified, and operations will become more efficient,” Fang Yunzhou, who is also the chairman, said in a statement to the Post. “Administrative costs will be reduced, and a team of young professionals will be built up.”
Fang did not elaborate on the lay-offs, but said they were necessary to “establish a new Hozon”, adding that the company was determined to launch an initial public offering in Hong Kong despite the cash-flow problems. He did not elaborate.
The maker of Neta-branded EVs will also target middle-income consumers in China and break even in 2026, Fang said.
