Zotye Auto Hangzhou Factory has been taken over by Yongkang Production Investment

"This area no longer belongs to Zotye Auto—it has already been sold," said a factory worker who declined to reveal their name, pointing to the workshop near the entrance to a reporter from China Economic News. The renovation projects for the final assembly workshop, office building, dormitories, and other facilities have been completed.

During on-site visits, journalists found it difficult to identify the location as the Zotye Auto Hangzhou Factory without spotting the "Zotye Auto" signage. A plaque stone for the "Zhejiang Collaborative Innovation Research Institute" stood to the right of the entrance.

According to the anonymous factory staff member mentioned above, in addition to the renovation and upgrading of the final assembly workshop, Zotye Auto will also demolish and rebuild its painting workshop, welding workshop, and sheet metal warehouse at this location. "The internal renovation of the final assembly workshop has been completed, and six enterprises have been invited for investment. Currently, four have been introduced, with two already starting operations," the staff member stated.

Yongkang Industrial Investment has taken over, and the assembly workshop has been renovated and completed

"The property was sold long ago, and the renovation project has been completed," said a relevant official in charge of the project to reporters on September 22.

The unnamed factory worker mentioned above told reporters that Zhongtai Auto's plant was taken over by Yongkang Industrial Investment Group, with workers beginning construction in September last year.

The notice board at the site of the "Yongkang Industrial Investment Lower Sand Science and Technology Innovation Base Assembly Workshop and Comprehensive Building Renovation Project" indicates that the construction entity is Yongkang Small and Medium Enterprise Park Investment and Construction Co., Ltd. The project commenced on October 1, 2024, and is scheduled to be completed by December 29, 2024, with a construction period of 90 days.

Currently, the Zhongtai Automobile final assembly workshop has been completed with renovations. The exterior walls of the workshop bear the "Production Investment Group" name and logo, while the office building at the entrance has also been largely finished. "When we first arrived, many doors and windows in the production workshop were damaged. Now that both the workshop and the administrative building are renovated, they basically meet the conditions for the enterprise to move in," a renovation worker told the reporter.

Financial reports show that Zotye Auto has suffered massive losses for six consecutive years since 2019, with cumulative losses exceeding 25 billion yuan. In the first half of 2025, Zotye Auto achieved approximately 280 million yuan in revenue but recorded a net loss of 148 million yuan. Its asset-liability ratio reached 97.28%, while the equity attributable to parent company shareholders was reduced to only 87.25 million yuan.

Financial report data shows that in 2024, Zotye Auto sold only 14 vehicles, a 98.74% decrease compared to the 1,112 units sold in 2023. In terms of production, Zotye Auto manufactured zero vehicles in 2024, down from 1,108 units in 2023. Inventory levels in 2024 stood at 336 units, a 4% decline from the 350 units in 2023.