Asia Tech Wire (Oct 30) -- Chinese electric car maker Hozon New Energy Automobile Co., Ltd, commonly known as Neta Auto, officially launched a company-wide equity incentive program on Tuesday.

Neta Auto will offer 5% of its shares, valued at about 2 billion yuan ($280 million), and distribute them as equity incentives to all its employees, while announcing a new program for salaries and performance appraisals internally.

The company said that this incentive and salary adjustment program is part of its goal to turn the company's operating cash flow around as early as possible.

Neta Auto revealed that next, it will also implement a series of cost-cutting and efficiency-enhancing initiatives such as organizational streamlining, elimination of redundant staff, business focus and flat management.