On July 23, Zotye Automobile issued an announcement on the Shenzhen Stock Exchange stating that as of July 20, 2024, the total outstanding principal due by Zotye and its subsidiaries was 282 million yuan, accounting for approximately 18.
79% of the most recent audited net assets of the listed company.
As some mortgage debts are overdue, Zotye will face paying relevant liquidated damages, late fees and other fees incurred thereby.
Currently, there are still uncertainties in related matters and may have a certain impact on daily production and operations.
Zotye said in the announcement that it is actively communicating with banks, financial institutions and other relevant parties to strive to reach an agreement with creditors on debt resolution plans as soon as possible.
Subsequently, debts can be resolved through loan swaps, interest payments by leasing assets, and disposal of relevant idle assets to relieve short-term capital liquidity pressure.
Photo source: Screenshot of the announcement.
According to Zotye’s previously released performance forecast, in the first half of 2024, Zotye achieved operating income of 220 million yuan to 270 million yuan.
net profit loss attributable to the parent company was 290 million yuan to 390 million yuan.
In this regard, Zotye explained in the announcement that in the first half of 2024, the company’s vehicle sales revenue decreased significantly, while the sales revenue of other subsidiaries declined, so the overall revenue decreased.
, Judging from its financial status alone, Zotye is on the verge of bankruptcy, but in terms of recent developments, Zotye seems to still have hope of “resurrection”.
According to information released by China Chengtong Holding Group Co., Ltd., on July 17, Chengtong International and Zotye Automobile recently signed a strategic cooperation agreement.
The two sides will cooperate in the field of Russian automobile economy and trade to promote the development of Chinese automobile brands in the Russian market.
On June 25, Algeria SARL AI Auto and Zotye Automobile signed an “Exclusive Agency Agreement”.
According to the agreement, SARL AI Auto is Zotye Automobile’s exclusive agent dealer in the Algeria automobile market.
During the agreement period, the two parties agreed that the annual sales volume of SARL AI Auto will be 30000 vehicles/year, and plans to continue to increase at an annual growth rate of 20%.
The models sold will cover T300, T500, T600, T700, Z700, Z360 and pickup trucks and other models.
, Photo source: Zotye Automobile, on May 29, Tumen City, Jilin Province signed a strategic cooperation agreement with Zotye Automobile.
The two sides stated that they will make full use of their respective advantages, deeply integrate, achieve resource sharing and mutual benefit through building export bases, creating new industrial chains and other forms, jointly create a better cooperation environment, and fully welcome the arrival of the “great voyage” era.
, It is not difficult to see from such successive signing and cooperation that Zotye has shifted its main energy to overseas markets.
As the process of Chinese cars sailing to sea accelerates, Zotye is also expected to gain a certain market share in overseas markets.
However, it is important to note that overseas markets need a certain amount of cultivation time, and Zotye’s debt problem is imminent.
How to resolve the imbalance between the capital chain and business development is the key to Zotye’s smooth development.
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