Why Did Zotye Stop Selling Cars?
1 Answers
Due to poor management leading to bankruptcy, Zotye's vehicle models are currently suspended from sale. Below is detailed information about Zotye: 1. Zotye is an automobile group manufacturing enterprise integrating vehicle production, engine manufacturing, and auto parts: Zotye owns three major automotive brands—Zotye, Jiangnan, and Junma—with vehicle production bases in provinces such as Hunan and Jiangsu. As a private automotive enterprise, Zotye achieved annual sales exceeding 300,000 units consecutively since 2016 and established strong cooperative relationships with world-renowned automotive brands. The Zotye Automotive Group offers a range of products including sedans, SUVs, MPVs, and new energy vehicles, extending sales to overseas markets. 2. Due to financial issues, Zotye's production lines and products are largely halted: Zotye is unable to repay its due debts and evidently lacks solvency, yet retains reorganization value. Consequently, the company has proposed pre-reorganization. During this period, Zotye must recruit new investors; otherwise, it will face bankruptcy liquidation.