Nezha Auto Production Equipment Fails to Sell at Auction
Production machinery at Nezha Auto's factory in Nanning, China, has failed to attract any bids in two separate auctions, first starting at over 60 million yuan.
Production equipment located at Nezha Auto's manufacturing facility in Nanning, China, has failed to sell at two consecutive auctions. The initial auction commenced with a starting bid of approximately 60.3 million yuan, but no bids were received.
A subsequent auction, with a reduced starting price of about 48.2 million yuan, began on August 12. This auction also concluded without any registered bidders.
The equipment is associated with subsidiaries of Nezha Auto's parent company, Hozon New Energy Automobile Co., Ltd. The auction stems from a legal case with a claim amount of approximately 45.7 million yuan.
The Nanning facility was part of Hozon's earlier plans to invest 3.5 billion yuan in the region. The project aimed to establish an annual production capacity of 100,000 pure electric passenger vehicles, with an expected annual output value of around 12 billion yuan, intended to boost the local automotive industry.