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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
 

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Discussion Starter #3
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
Yikes...that is not good at all. I wonder what the reason is for Chinese customers not buying their vehicles anymore.
 

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I'm not sure how accurate these numbers are but you can see how Zotye's sales have been and it's pretty staggering.


Zotye
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2015

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2016

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2017

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2018

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2019

January19.35831.20118.85824.83110.026
February11.92218.18920.61421.0618.799
March20.38127.69618.27535.95616.301
April17.46929.80412.61222.88714.883
May13.72419.32014.19023.09412.947
June12.27920.52020.24117.41310.883
July9.93521.45720.82313.4348.709
August12.46726.52921.63212.6527.814
September14.63130.42432.78112.4459.081
October22.38430.75933.54813.72510.594
November26.24039.56936.91815.829
December42.53733.40760.47319.082

 

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That should turn around if the new T600 is as promising as it looks, along with other future Zotye's.
 
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