Zotye Automobile: Reached a debt settlement agreement with creditors

Zotye Motors announced that the company's subsidiary, Zotye New Energy Automobile Co., Ltd., along with its Changsha branch, Hunan Jiangnan Automobile Manufacturing Co., Ltd. Xingsha Manufacturing Plant, and Xiangtan Andaotuo Automobile Parts Co., Ltd., have reached a settlement agreement regarding a purchase contract dispute. According to the agreement, Xiangtan Andaotuo will forgive the remaining debt repayment obligations after receiving a payment of 6 million RMB from Zotye New Energy, thus ending the creditor-debtor relationship between the two parties. This settlement is beneficial for the company to resolve historical legacy debts, restore its credit system, and avoid assets from entering the enforcement stage.