Zotye Auto: Subsidiary Company's Assets Seized, Unable to Resume Production This Year

On the evening of September 1st, Zotye Automobile announced that the Chongqing branch of its subsidiary, Hunan Jiangnan Automobile Manufacturing Co., Ltd., had its entire T300 car assembly production line and related equipment auctioned off by the Bishan District People's Court in Chongqing. As of now, both the first and second auctions have ended without any successful bids. The Bishan District People's Court in Chongqing has begun the forced dismantling of the T300 car assembly production line and equipment at the Chongqing branch, and the company no longer has the conditions to resume production of the first model T300. The company is unable to resume production this year, facing uncertainties in its ability to continue operations.