It's funny that you posted this because I was reading an article about Zotye's Q1-Q3 net profit dropping 283% year over year.
I'm going to give Zotye the benefit of the doubt that they're not going into bankruptcy. But it seems that they need a big kick start.
Shanghai (Gasgoo)- Zotye Auto, a China-based privately-owned automaker, said its net profit attributable to shareholders in the third quarter of 2019 (Q3) plunged 521.5% year on year with a loss of around RMB 470 million ($66.6 million). According to the announcement released on October 28, Zotye's Q3 revenue reached roughly RMB360 million ($51 million), tumbling 88.41% over the previous year.
The net losses in the first three quarters amounted to about RMB760 million ($107.7 million), a nosedive of 283.02% from the profit of the year-ago period. Meanwhile, the Q1-Q3 revenue totaled RMB 5.4 billion ($765 million), slumping by 59.59% year on year.
The automaker indicated that the decline in revenue was mainly attributed to the sales drop and the increase in research and development (R&D) expenses of its new models.
The figures from the China Association of Automobile Manufacturers (CAAM) showed Zotye’s Q1-Q3 sales totaled 135,000 units, a year-on-year fall of 32.4%.
The company plans to roll out over 10 NEV models by 2020 as part of its NEV strategy targeting the next fifteen years, according to a press release from the carmaker.
In order to improve the mix, Zotye Auto is trying to form a single “E” series by integrating products under the existing Series Z, T and Cloud. Currently, the Series E contains three NEV models, namely, the Cloud 100 plus, Z500EV Pro and E200 Pro.
Moreover, the automaker determines to reinforce efforts to push forward with the R&D over core auto parts and key technologies, and independently develop fuel cells to enrich product portfolio
I'm going to give Zotye the benefit of the doubt that they're not going into bankruptcy. But it seems that they need a big kick start.
Zotye’ Q1-Q3 net profit plunges 283 % YoY
Shanghai (Gasgoo)- Zotye Auto, a China-based privately-owned automaker, said its net profit attributable to shareholders in the third quarter of 2019 (Q3) plun
autonews.gasgoo.com
Shanghai (Gasgoo)- Zotye Auto, a China-based privately-owned automaker, said its net profit attributable to shareholders in the third quarter of 2019 (Q3) plunged 521.5% year on year with a loss of around RMB 470 million ($66.6 million). According to the announcement released on October 28, Zotye's Q3 revenue reached roughly RMB360 million ($51 million), tumbling 88.41% over the previous year.
The net losses in the first three quarters amounted to about RMB760 million ($107.7 million), a nosedive of 283.02% from the profit of the year-ago period. Meanwhile, the Q1-Q3 revenue totaled RMB 5.4 billion ($765 million), slumping by 59.59% year on year.
The automaker indicated that the decline in revenue was mainly attributed to the sales drop and the increase in research and development (R&D) expenses of its new models.
The figures from the China Association of Automobile Manufacturers (CAAM) showed Zotye’s Q1-Q3 sales totaled 135,000 units, a year-on-year fall of 32.4%.
The company plans to roll out over 10 NEV models by 2020 as part of its NEV strategy targeting the next fifteen years, according to a press release from the carmaker.
In order to improve the mix, Zotye Auto is trying to form a single “E” series by integrating products under the existing Series Z, T and Cloud. Currently, the Series E contains three NEV models, namely, the Cloud 100 plus, Z500EV Pro and E200 Pro.
Moreover, the automaker determines to reinforce efforts to push forward with the R&D over core auto parts and key technologies, and independently develop fuel cells to enrich product portfolio
