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[SINGAPORE] The abrupt closure of Evology Automobile – the dealer/distributor for China automotive brand Neta – earlier this month happened because expected vehicle stock was not delivered, The Business Times learnt.
Industry sources indicated that Evology management decided not to continue operations when its initial shipment of Neta cars had yet to materialise after months of delay.
The number of vehicles ordered and the total cost is not known.
In January, there were reportedly 52 orders for its vehicles in Singapore. By the end of that month, Neta registered a total of four units here – but none have been added since.
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Neta and Evology have not replied to BT queries on the closure.
Neta, an electric vehicle (EV) brand under Shanghai-based manufacturer Hozon New Energy Automobile, has faced serious challenges since late 2023.
China media reported that the company ceased car production in November. In March, the brand was reportedly on the verge of bankruptcy after an attempted funding round failed to reach its target of four billion yuan (S$721.4 million).
In mid-April, dealers in China staged a protest at the gate of the company’s factory in Zhejiang, saying that it failed to compensate them for operating losses since September 2024. Amid mass layoffs and cost-cutting measures, Neta was still failing to deliver vehicles and address supplier claims.
In Singapore, Evology’s showroom space at One Commonwealth has since been taken up by Vertex Automobile – the dealer/distributor for China carmaker Chery and its sub-brands Omoda and Jaecoo – and is expected to open in early May.
Vertex Automobile, distributor for Chery automobiles, now occupies the space of the former Neta showroom at One Commonwealth. PHOTO: DERRYN WONG, BT
Vertex and Evology shared an aftersales service centre, located at 3 Ubi Road 4, when the latter was still in operation.
In response to BT’s queries, a Vertex spokesperson said the addition of a location in the west of Singapore is timely and appropriate for the company, which currently has one showroom in the east – also at 3 Ubi Road 4.
There is no formal business relationship between Evology and Vertex, although BT understands that Vertex owner David Sng and Evology director Lawrence Lim are friends, and Sng is taking up the lease partly as a favour to Lim.
Evology was not Singapore’s first Neta dealership. In 2023, the original appointment went to Vincar, a family-run Hong Kong-listed automotive group and current dealer/distributor for another Chinese car brand, GAC Aion.
Evology made its appointment public in 2024. Industry sources said Neta appointed Evology as a second dealer without Vincar’s knowledge.
Vincar representatives told BT that it did not start selling Neta cars due to concerns about the stability of the brand and its ability to deliver cars, as well as the strength of its aftersales support.
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