Fang Yunzhou, the founder of Chinese EV manufacturer Hozon New Energy Automobile, said the company is reorganizing to enhance its management structure, cut administrative costs, and boost efficiency.

In response to financial difficulties, the 10-year-old startup recently downsized its operations.

The Shanghai-based company, recognized for its Neta-branded EV, plans an IPO in Hong Kong amid cash-flow challenges.

It aims to sell 50% of its cars overseas and achieve profitability by 2026, according to Fang.