Some days ago, Zotye Auto announced that the Wink Y01 International Edition entered mass trial production. In the two trading days before the news broke, Zotye Auto's stock price hit the limit up consecutively, and the cumulative price deviation exceeded 20%, triggering an abnormal fluctuation announcement for stock trading.

After five years of production halt, total vehicle sales in 2024 were only 14 units, with zero production. Such a company has thus returned to the public eye.

Thus, that old question was brought up again. Back then, Zotye relied on the reputation of the "Ruler Department" to copy the face of the Porsche Macan almost perfectly, but the underlying chassis, power, and tuning could not keep up, and even the engine was purchased from others. If Zotye was born in the new energy era, where motors, batteries, intelligent driving, and intelligent chassis have ready-made solutions for purchase, and now even the "Ruler" is called "Tribute", can Zotye win?

What Zotye lost back then was far more than just that face

Back then, Zotye SR9 copied the Macan, dubbed "Porsche Tai", with annual sales once surging to over 300,000 units. In that era, a car that looked like a luxury vehicle could indeed exchange appearance for orders.

But Zotye only copied the exterior. How to tune the chassis, how to calibrate the power, these things Zotye failed to make its own highlights. As for how to manage million-unit level quality control and supply chain, it was even less imaginable.

Regarding powertrains back then, Zotye indeed couldn't make them. The 2.0T engine of the SR9 came from Shenyang Aerospace Mitsubishi's 4G63S4T, 190 horsepower, 250 N·m, the gearbox was provided by SAIC, and Zotye itself provided only the body shell and interior. The same engine was installed on Landwind X7, Leopard CS10, and Southeast DX7 at the time. The cars from these few brands looked different, but the heart was the same.

This was not a choice made only by Zotye. From the 1990s to around 2010, over half of domestic automotive powertrains came from Mitsubishi. The two joint ventures in Shenyang and Harbin cumulatively supplied over 7 million units. Mitsubishi sold products but not technology; the most advanced combustion control and structural design remained in Japan. Models released in China were often already in service for 5 to 8 years. Electronic control parameters were not open to the public; to make minor tweaks to the power curve, approval had to be sought from the Japanese headquarters. Some models saw price hikes of 43% over 3 years. Whether a car could be released, how many, and when, half the decision-making power lay on others' production schedules.

The difference in these matters is clear from the numbers below. Sales in 2018 were halved to 154,800 units. In 2020, the parent company Tieniu Group went bankrupt due to insolvency, entering bankruptcy proceedings. In June 2021, the Jinhua Intermediate Court accepted the reorganization. In October, Jiangsu Shen Shang Holdings entered with 2 billion yuan. In December, the reorganization plan was approved.

This doesn't mean Zotye never touched electrification. In earlier years, Zotye launched small pure electric vehicles like Cloud 100 and E200. In 2017, it also signed a new energy joint venture agreement with Ford, planning to establish a joint venture company, but the project eventually came to nothing.

Copying a face takes a few months. Tuning a chassis is a feel built up from decades of data and engineering experience. The former can be reverse-engineered, but the latter cannot.

So what Zotye lost back then was far more than just that face. It lost the whole set of things beyond the face, and it had none of them.

Today, building a car, almost all missing parts can be purchased

But what Zotye lacked back then counts for nothing in the new energy era.

If we only talk about whether a car can be built, the new energy era has indeed broken down the hurdle a beginner needs to cross into a pile of standard parts available for purchase.

For example, Era Smart under CATL created a CIIC integrated intelligent chassis, also called PanStone Chassis, which can save OEMs 60% to 70% of development costs, reduce BOM costs by another 5%, and compress the vehicle mass production cycle from 36 months to 12 to 18 months. At the same time, this chassis can absorb 85% of the impact energy of the whole vehicle, while ordinary chassis only absorb about 60%.

In the past, the chassis has always been one of the core technologies of car companies. Now, outsourcing to third parties weakens R&D autonomy to some extent. Interface standards are hard to unify, and defining liability after accidents is also difficult. More awkwardly, if everyone uses the same chassis, cars look identical. Being able to buy is one thing; how much of your own stuff is left after buying is another.

Powertrains can also be purchased. Inovance Power's electric drive assemblies, Huawei's DriveONE, FinDreams Power, Jingjing Electric, there are several on the shelf. In the first half of 2026, among third-party electric drive installations, Huawei Digital Energy ranked 262,000 units, Inovance Power 311,000 units. Huawei DriveONE shipments exceeded 1 million units in 2025, collaborating with over 10 car companies, covering more than 50 models.

Acceleration is even more notable. 200,000 yuan level 4WD pure electric, 0-100 km/h acceleration is generally pressed to 2 to 3 seconds. Avatr 06T 4WD 2.78 seconds, BYD Seal 08 Pure Electric 4WD 3.3 seconds, Zeekr 007 4WD entered the 2-second level. This achievement, put in the year Zotye copied the Macan, is a number only performance cars dared to write.

The links that held Zotye back back then mostly have ready-made suppliers today.

The change in design is even greater. What Zotye did alone back then, now mainstream players are doing.

Porsche's frog-eye headlights and fastback, Land Rover's boxy body, Rolls-Royce's Parthenon grille, Aston Martin's front face. These elements can be seen on many popular models today. The names "Certain Range Rover", "Certain Cullinan" are even directly used by the official as propaganda language.

Tang Fengliang, Vice President of Media and PR for Porsche China, publicly stated that Porsche's design sparked highly unified aesthetics in the Chinese automotive industry, which makes it both honored and helpless. It is easy for design languages to be paid tribute and imitated, but the soul behind the design will not be easily substituted.

So if Zotye were put into today, it truly lacks nothing, and even the "Ruler Department" is no longer something shameful, because that is called "Tribute".

There is a time difference here. Zotye was remembered for a face for 10 years back then. Today's tributes stand on a more complete supply chain, copying more effortlessly and more decently. Using names like "Certain Range Rover", "Certain Cullinan" as propaganda language, something unthinkable in 2016.

Cars need more than just being built

But "Tribute" is just a ticket to entry. Survival depends on those things beyond tribute.

Car buyers also won't look at whose chassis you used or whose cells you bought. They look at whether the car is worth the price, dare to buy, looks good driving it out, and can it sell for a price after 3 years. These few things, suppliers cannot substitute.

Look at Zotye's real financial report today.

Net profit attributable to parent company for the first half was 80.39 million yuan, which looks like a turn to profit. But deducting non-recurring items, net loss was 152 million yuan, and losses widened year-on-year by 40.31%.

Where did that 80.39 million yuan come from? The answer lies in non-operating income. Canceling subsidiaries obtained 200 million yuan in compensation, plus a 30 million yuan litigation settlement, totaling 235 million yuan.

These money have nothing to do with car manufacturing. Zotye's current revenue mainly comes from auto parts and door industries, and the vehicle business has not yet recovered its cash generation.

Another consequence of the 5-year production halt is that channels and after-sales are basically zeroed out. Most of the dealers who sold Zotye cars back then are no longer there. Old car owners find it hard to find parts. For a new brand to build a sales service network covering the whole country usually takes several years; Zotye has to start all over from zero.

In India, on July 15, it signed a master agreement for KD semi-knocked-down assembly with Kaly Emotors, planning an SKD project with an annual production of 30,000 sets. In Indonesia, at the end of June, it reached a full industry chain cooperation with BPKN. The first to roll off the line in Yongkang was the overseas version of the old T300.

The reason for going overseas first is because the domestic window is basically closed. Li Bin had a saying that the major players for the next 3 to 5 years are basically determined, and the recent 2 years are the critical period for staying at the table. The top threshold for new car makers is 100,000 units, the survival line is 30,000 units.

Zotye's current scale is far from both these lines.

Overseas is not a haven; this reminder needs to be said upfront.

Neta once accounted for over 10% of the pure electric share in Thailand. After the capital chain broke, only 365 units were sold in Thailand in the first half of 2026. Local consumers are exceptionally sensitive to the stability of the brand, which is more fatal than price.

Back to that question, was Zotye really born at the wrong time?

To put it plainly, Zotye did touch upon being born at the wrong time.

These four characters "born at the wrong time" mean everything is ready except the favorable circumstances. What Zotye lacked back then was exactly that wind. Powertrains had to be bought from Mitsubishi, and it had to be queued behind others' capacity. Calibration had to be approved by the Japanese headquarters; this hurdle could not be passed by effort alone. Today the wind has changed; motors, batteries, electronic controls, and intelligent driving are on the shelves; what is missing is supplemented. What truly held Zotye back has become, after building it, why would anyone be willing to pay.

The first threshold can be bought; the second cannot.

So it does not lack a ruler.

What it lacks is the part that a ruler cannot measure.

The feel of the chassis, the experience of tuning, user trust, and the reason why a car company can be remembered.

Suppliers do not sell these things.

The new energy era did not waive this lesson either, it just changed the exam room.

The exam paper back then tested whether you could build a car. Zotye could not answer some questions because the answers were in others' hands. Today a different question is asked; it is no longer hard to build a car, it is to make car buyers remember you.

So give Zotye a suggestion: if it really comes back, everything else can be saved, but a marketing master must be hired with heavy money. Make the tribute sound more moving than anyone; this skill works better than technology in today's market.

Products can be purchased externally, stories can be outsourced. Calculated this way, there is indeed still a chance to win.

Beberapa hari lalu, Zotye Motors mengumumkan Wink Y01 versi antarabangsa memasuki fasa pengeluaran cubaan berskala. Sebelum berita keluar, harga saham Zotye Motors naik pada had maksimum selama dua hari perdagangan berturut-turut, jumlah kenaikan melebihi 20 peratus, mencetuskan pengumuman penyimpangan anomali perdagangan saham.

Berhenti pengeluaran selama lima tahun, jualan kenderaan lengkap sepanjang tahun 2024 hanya 14 unit, keluaran sifar. Syarikat seperti ini, kembali sekali lagi ke perhatian orang ramai.

Maka soalan lama itu dibangkitkan semula. Ketika itu, Zotye凭借 nama Bahagian Pita Ukur, membuat muka hampir sama dengan Porsche Macan, tetapi di bawahnya chassis, kuasa, penalaan semua tidak dapat mengikut, malah enjin juga dibeli dari orang lain. Jika Zotye lahir di era kenderaan baharu, enjin, bateri, pemanduan pintar hingga chassis pintar semua ada penyelesaian sedia ada boleh dibeli, bahkan kini "Pita Ukur" juga dipanggil Penghormatan, adakah Zotye boleh menang?

Zotye kalah di zaman dulu, jauh lebih dari sekadar muka itu

Waktu itu Zotye SR9 menyalin Macan, dipanggil Salinan Porsche, jualan tahunan pernah mencapai lebih 300,000 unit. Pada zaman itu, sebuah kereta yang nampak seperti kereta mewah, memang boleh menukar penampilannya dengan tempahan.

Tetapi Zotye hanya meniru penampilannya sahaja, bagaimana untuk menala chassis, bagaimana untuk menanda kuasa, perkara seperti ini Zotye tidak dapat menjadikannya keunggulannya sendiri. Mengenai kawalan kualiti tahap jutaan unit dan cara menguruskan rantaian bekalan, lebih-lebih lagi tiada.

Pada zaman itu, kuasa pemacu Zotye memang tidak boleh dibuat. SR9 enjin 2.0T itu berasal dari Mitsubishi Aerospace Shenyang 4G63S4T, 190 kuasa kuda, 250 Nm, kotak gear disediakan oleh SAIC, Zotye sendiri mengeluarkan kulit luar dan hiasan dalaman. Enjin yang sama, ketika itu juga dipasang di Landwind X7, Cheetah CS10, Southeast DX7, kereta beberapa syarikat kelihatan berbeza, jantung adalah sama.

Bukan pilihan Zotye sahaja. Dari tahun 1990-an hingga sekitar tahun 2010, lebih separuh model tempatan di pasaran daya dayanya berasal dari Mitsubishi, dua kilang perkongsian Shenyang dan Harbin secara kumulatif membekalkan lebih 7 juta unit. Mitsubishi jual produk jangan jual teknologi, kawalan pembakaran paling canggih dan struktur reka bentuk ditinggalkan di Jepun, model yang dibekalkan ke China sering sudah berkhidmat 5 hingga 8 tahun, parameter kawalan elektronik tidak dibuka, mahu melaraskan lengkung kuasa perlu lapor kelulusan ibu pejabat Jepun, ada model kena harga 43 peratus dalam tiga tahun. Kereta boleh keluar, berapa banyak keluar, bila keluar, separuh suara ada di jadual kapasiti pengeluaran orang lain.

Beberapa perkara ini berbeza di mana, lihat angka di belakang sudah jelas. Tahun 2018 jualan dipotong separuh kepada 154,800 unit. Tahun 2020 ibu syarikat Tieniu Group hutang melebihi aset, masuk ke dalam proses muflis. Jun 2021 Mahkamah Tengah Jinhua terima semula penstrukturan, Oktober Jiangsu Shen Shang Holdings membawa 2 bilion yuan masuk, Disember pelan penstrukturan semula diluluskan.

Ini bukan bermakna Zotye sama sekali tidak pernah menyentuh elektrifikasi, awal dulu Zotye推出 Cloud 100, E200 jenis kereta elektrik tulen kecil ini, tahun 2017 juga pernah menandatangani perjanjian perkongsian energi baru dengan Ford, merancang menubuhkan sebuah syarikat perkongsian, tetapi projek kemudian tidak ada lanjutan.

Meniru satu muka, beberapa bulan sudah cukup. Menala satu chassis, adalah rasa yang ditimbun oleh data puluhan tahun dan pengalaman kejuruteraan. Yang pertama boleh kejuruteraan songsang, yang kedua tidak boleh songsang.

Maka Zotye zaman dulu kalah, jauh lebih dari sekadar muka itu. Ia kalah keseluruhan set di luar muka, dan perkara seperti ini ia tidak ada sebarang satu.

Hari ini membina satu kereta, suku cadang yang diperlukan hampir semua boleh dibeli

Tetapi yang Zotye zaman dulu perlu, diletakkan di era energi baru semuanya tidak menjadi apa.

Jika hanya bincang boleh ke tak boleh membina kereta, era energi baru memang telah memecahkan halangan yang perlu dilalui pemula, menjadi satu set komponen standard yang boleh dibeli secara luar.

Contoh seperti Era Pintar di bawah CATL, buat satu set chassis pintar menyatu CIIC, juga dipanggil Chassis Panshi, boleh menjimatkan kos pembangunan 60 hingga 70 peratus untuk pengilang utama, kos BOM turun lagi kira-kira 5 peratus, kitaran pengeluaran kenderaan lengkap dari 36 bulan ditekan ke 12 hingga 18 bulan. Pada masa yang sama chassis ini masih boleh menyerap 85 peratus tenaga perlanggaran kenderaan penuh, chassis biasa kira-kira hanya enam peratus.

Dalam masa lalu, chassis sentiasa menjadi salah satu teknologi teras pengilang kereta, kini diserahkan kepada pengilangan pihak ketiga, kebebasan penyelidikan dan pembangunan sedikit akan dijejaskan. Piawai antara muka sukar seragam, bila keluar kemalangan tanggungjawab macamana ditetapkan juga sukar. Lebih memalukan, semua orang menggunakan chassis set yang sama, mudah jadi seragam. Boleh dibeli adalah satu urusan, dibeli kemudian masih tinggal berapa banyak diri sendiri, adalah urusan lain.

Kuasa pemacu juga boleh dibeli. Inovance Huichuan, Tenaga Digital Huawei, Fin Dream, Jingjin EV, di rak disediakan beberapa rumah. Paruh pertama 2026, bilangan pemasangan kuasa pemacu pihak ketiga Huawei Tenaga Digital masuk 262,000 unit, Inovance Huichuan 311,000 unit, Huawei DriveONE pada tahun 2025 jumlah penghantaran sudah melebihi satu juta unit, pengilang kereta bekerjasama lebih 10 buah, merangkumi model lebih 50.

Pecutan lebih tidak perlu sebut. Kuasa empat roda elektrik peringkat 200,000 yuan, pecutan 0-100 secara普遍 ditekan ke tahap 2 hingga 3 saat, Avatr 06T kuasa empat roda 2.78 saat, BYD Seal 08 elektrik kuasa empat roda 3.3 saat, Zeekr 007 kuasa empat roda masuk tahap 2 saat. Pencapaian ini diletakkan pada tahun Zotye menyalin Macan, adalah angka yang kereta prestasi sahaja berani tulis.

Aspek yang menyekat Zotye pada zaman itu, hari ini kebanyakan ada bekalan sedia ada.

Bagian reka bentuk ini perubahan lebih besar. Zaman dulu Zotye seorang buat kerja ini, sekarang ini pihak utama buat.

Porsche lampu mata katak dan bentuk belakang condong, Land Rover badan petak, Rolls-Royce gril Parthenon, Aston Martin muka hadapan. Elemen ini kini banyak boleh dilihat pada model laris, panggilan seleran Range Rover tertentu, seleran Cullinan tertentu, malah secara langsung diambil oleh pihak rasmi sebagai frasa promosi.

Timbalan Ketua Hubungan Awam Media China Porsche Tang Fengjing secara terbuka menyatakan, reka bentuk Porsche membangkitkan estetika yang sangat seragam kenderaan China, ini membuatkan dia berbangga dan kecewa, bahasa reka bentuk dihormati dan ditiru adalah mudah, tetapi jiwa di belakang reka bentuk tidak mudah diganti sama.

Maka jika letak Zotye ke hari ini, ia memang tidak kurang apa-apa, malah "Bahagian Pita Ukur" sudah bukan perkara memalukan, kerana itu dipanggil "Penghormatan".

Di sini ada jurang masa. Zotye zaman dulu kerana satu muka direkodkan sepuluh tahun, pembayar penghormatan hari ini berdiri di atas rantaian bekalan yang lebih lengkap, menyalin lebih mudah, dan menyalin lebih bermaruah. Panggilan Range Rover tertentu, Cullinan tertentu seperti ini boleh diambil pihak rasmi sebagai frasa promosi, diletakkan pada tahun 2016 adalah perkara tidak boleh difikirkan.

Kereta tidak hanya perlu dibina

Tetapi "Penghormatan" hanya tiket masuk. Boleh hidup, bergantung pada perkara di luar penghormatan.

Pembeli kereta juga tidak akan lihat anda gunakan chassis siapa, beli sel bateri siapa, dia lihat kereta ini berbaloi dengan harga, berani beli atau tidak, keluar jalan ada prestij atau tidak, tiga tahun kemudian masih boleh jual harga atau tidak. Beberapa perkara ini, penyedia sama sekali tidak boleh ganti.

Lihat semula laporan sebenar Zotye hari ini.

Paruh pertama keuntungan bersih terikat 80.39 juta yuan, nampak adalah berbalik rugi. Tetapi keuntungan bersih terbitan rugi 152 juta yuan, kerugian setanding tahun terdahulu masih perlu tambah 40.31 peratus.

Tapi 80.39 juta yuan dari mana, jawapannya di pendapatan luar operasi. Membatalkan pendaftaran anak syarikat dapat 200 juta yuan wang pampasan, ditambah satu penjumlahan penyelesaian sivil 30 juta yuan, jumlah 235 juta yuan.

Uang ini tidak ada hubungan dengan membina kereta, pendapatan Zotye sekarang datang terutamanya dari komponen kenderaan dan perindustrian pintu, kenderaan lengkap usaha belum pulih mampu hasilkan.

Berhenti produksi lima tahun ada satu lagi akibat, rangkaian jualan dan pasca jual hampir sifar. Zaman dulu yang turut Zotye menjual kereta banyak sudah tiada, pemilik lama nak cari satu barang ganti pun susah. Merek baharu mahu membina satu rangkaian perkhidmatan jualan yang boleh liput seluruh negara, biasanya perlu menghabiskan beberapa tahun, Zotye mesti daripada awal sekali buat semula.

Di sebelah India, 15 Julai dengan Kaly Emotors tandatangan KD perakitan suku cadang perjanjian utama, perancang pengeluaran tahunan 30,000 unit set projek SKD. Di sebelah Indonesia, akhir Jun dengan BPKN bincang berjaya kerjasama rantaian industri lengkap. Yang paling dulu di Yongkang keluar, adalah model luar negara T300 lama.

Kenapa pergi luar negara dahulu, kerana peluang dalam negara hampir ditutup. Li Bin pernah ada satu说法, tiga hingga lima tahun ke hadapan pemain utama secara asas sudah ditentukan, dua tahun terkini adalah tempoh penting boleh kekal di meja permainan atau tidak. Ambang teratas kuasa baharu adalah 100,000 unit, garisan nyawa adalah 30,000 unit.

Tahap jumlah Zotye sekarang, jauh dari kedua-dua garisan ini.

Luar negara juga bukan pelabuhan selamat, ini peringatan perlu kata di depan.

Neta pernah menduduki bahagian elektrik Thailand lebih 10 peratus, rantai dana putus selepas itu, Paruh pertama 2026 di Thailand hanya jual 365 unit. Pengguna tempatan terhadap stabiliti kestabilan brand sangat sensitif, satu perkara ini lebih berbahaya dari harga.

Selesai itu soalan, Zotye sebenarnya lahir pada masa yang salah atau tidak?

Katakan dengan terang, Zotye memang ada sedikit lahir pada masa yang salah.

Empat perkataan lahir pada masa yang salah, kata semua sudah lengkap kecuali angin. Zotye zaman dulu perlu tepat angin itu, kuasa pemacu perlu beli dari Mitsubishi, mesti menunggu di belakang kapasiti orang lain, penandaan perlu lapor kelulusan ibu pejabat Jepun, satu gerbang ini bukan usaha boleh lalui. Hari ini arah angin berubah, enjin, bateri, kawalan elektronik, pemanduan pintar semua dibebaskan di rak, apa perlu apa lengkapkan. Yang benar-benar menyekat Zotye, berubah jadi selepas dibina, atas asas apa ada orang mahu keluarkan wang.

Ambang depan boleh beli, belakang tidak boleh beli.

Maka ia tidak kurang Pita Ukur.

Yang ia perlu, adalah bahagian yang Pita Ukur tidak dapat ukur.

Rasa chassis, pengalaman penalaan, kepercayaan pengguna, dan satu pengilang kereta boleh dipanggil nama sebab.

Benda seperti ini, penyedia tidak jual.

Era energi baru juga tidak membebaskan pelajaran ini, hanya tukar tempat peperiksaan.

Soalan peperiksaan zaman dulu adalah boleh ke tak boleh membina kereta, ada beberapa soalan Zotye tidak boleh jawab, kerana jawapan di tangan orang lain. Hari ini tukar satu soalan, sukar bukan lagi membina kereta, adalah membuat orang beli kereta mengenali anda.

Maka beri Zotye satu cadangan, jika benar-benar kembali, yang lain semua boleh jimat, ahli pemasaran wajib bayar mahal bagi menjemput seorang. Bercakap penghormatan lebih terdengar baik dari semua orang, kemahiran ini di pasaran hari ini lebih berkesan dari teknologi.

Produk boleh alih keluar, cerita boleh alih keluar, kira begitu, peluang menang memang masih ada.

Auto-First｜Samar

September 10, Apple released the foldable screen phone iPhone Duo.

In an instant, "Duo" topped the hot search, and Nissan, Toyota Prado in the automotive circle followed, all creative and full of fun. However, the most interesting part is that Zotye Auto and Nezha Auto, which had disappeared from the public eye for a long time, also announced their rebirth almost simultaneously. One announced a new car entering the trial production stage, and the other secured 3 billion yuan in restructuring funds.

On September 9, Zotye Auto announced that the new A0-class pure electric model Wink Y01 International Edition entered the mass production trial stage. Once the news broke, the company's stock price deviated by a cumulative total of more than 20% for two consecutive trading days, triggering an announcement of abnormal trading fluctuation.

The bankruptcy reorganization of Nezha Auto also saw new developments recently. On September 11, the fourth creditors' meeting for the bankruptcy reorganization case of Nezha Auto's parent company Hozon New Energy was held online. The draft restructuring plan shows that Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as Taiyi Shenglian) intends to contribute 3 billion yuan to take control, exchanging for about 70.62% of Hozon New Energy's equity.

Coming back together, staging a real-life version of "My Fate is DuoDuoDuo"......

Reading this, the emotions are somewhat complex for a moment. Building cars is no longer a good business. Compared to battery supplier CATL, compared to the trends of this era such as AI, robots, and a bunch of companies standing in the "light", car building seems so outdated, remaining only simple. Apart from a few individual companies, profits are left only as a longing.

Even so, Nezha Auto and Zotye Auto are going to be reborn gloriously, walk the Jianghu again, and ask, "Do you know how I lived these few years?" According to recent slang, these two companies are really bold.

Whether Nezha Auto or Zotye Auto, at least, considering the issues of three levels.

Revival at this time, things are no longer the same as before

Should we be on alert? Who should be on alert

A more realistic answer lies overseas

Regarding the first question, Zotye and Nezha chose to return in the autumn of 2026, but the table is accelerating narrowing.

In the first seven months of 2026, the new force camps have completed structural stratification. 100,000 units became the threshold for the top, and 30,000 units is the increasingly clear survival line. Leapmotor's monthly deliveries broke through 100,000 units. HarmonyOS Intelligent, "Nio, Xpeng, Li Auto, Xiaomi" faced each other in the 30,000 to 45,000 unit range.

The big autonomous fish like BYD and Geely are even more attacking and conquering in the new energy market. Nio's Li Bin stated directly that the main market players for the next 3 to 5 years will be basically determined. The recent two years are a critical period for automakers to see if they can stay on the table.

How are the bottom cards of these two companies exactly? Zotye's situation is particularly worth reviewing. Net profit attributable to the parent company in the first half was 80.38 million yuan, seemingly turning a profit, but net profit after deducting non-recurring items was -152 million yuan, with the loss expanding 40.31% year-on-year. The profit source is a 200 million yuan compensation from cancelling subsidiaries and 30 million yuan revenue from lawsuit settlements. In simple terms, it was "earned" by selling assets and lawsuits, having nothing to do with car building. The whole vehicle business has not yet contributed revenue. The company is essentially still a "Parts + Doors" company.

Nezha's situation isn't much better. Hozon New Energy's cumulative net loss is 18.3 billion yuan. In January 2025, single-month sales plummeted to 110 vehicles, and three major domestic production bases stopped all production. Of the 3 billion yuan restructuring funds, 1.167 billion yuan was used to settle claims, and the actual working capital available for resuming production was only 1.833 billion yuan. And its first stage production resumption target is only annual sales of 10,000 vehicles.

Who should be alert?

On the surface, the revival of Zotye and Nezha is the "return of old friends", but in fact, standing behind this round of restructuring are new players.

Nezha's acquirer Taiyi Shenglian, registered and established in April 2026, was formed as a partnership by two companies controlled by Shanzi Technologies Chairman Ye Ji and the Chairman's Office Head Yu Shuxin. Shanzi Tech's predecessor was the old real estate firm Yinyi Shares. It entered the automotive track by acquiring overseas automotive parts companies in 2016. In 2023, it acquired Xingtai Longgang to obtain car manufacturing qualifications. The first mass-produced model rolled off the line in 2024, and it also revitalized Yunfeng Auto produced by the former Hafei Auto factory for export to Russia.

In other words, what is truly worth paying attention to is not whether Nezha as a brand can survive, but what game Shanzi Tech is playing. From parts to whole vehicle manufacturing, from domestic qualifications to the Russian export channel, Ye Ji's layout has covered multiple links in the automotive industry chain. The value of Nezha Auto may not lie in the two words "Nezha", but in the two car-making qualifications in Hozon New Energy's hands and the Tongxiang production base.

The revival paths of both car companies point in the same direction: overseas.

Zotye positions 2026 as the "Overseas First" development year, focusing on layout in Africa, Southeast Asia, Central and South America, and South Asian markets. India is the most concrete direction currently being promoted. Kaly Emotors has signed the main agreement for the KD cooperation project, planning an SKD loose parts assembly project with an annual output of 30,000 sets. This model has light asset investment, flexible exit, and can avoid India's high automotive import tariffs.

Nezha's three-stage plan is also centered on overseas: The first stage is the production resumption of Nezha X for the overseas market. The second stage focuses on launching models suitable for Asia, Africa, Latin America, etc., with an annual output target of 300,000 units.

Going overseas is indeed a path for these brands to bypass domestic fierce competition. But this path is not easy to walk. Nezha was once successful in the Thai market. In 2023, its pure electric market share in Thailand exceeded 10%. But as the domestic capital chain broke, sales in Thailand plummeted. Cumulative sales in the first half of 2026 were only 365 vehicles. Local consumers' high sensitivity to brand stability means the overseas market is not a haven, but the ultimate test of corporate comprehensive strength.

Zotye's KD model seems light, but since the agreement signing, the partner's project implementation in India is still on pause. Production capacity is planned but no mass production signal is awaited. Many Southeast Asian countries are also tightening import conditions for Chinese electric vehicles, raising the threshold and tax burden for whole vehicle imports, requiring automakers to increase local production and parts procurement.

The overseas market gives these brands not an easy way out, but a window to prove themselves again. The window is small, and there is not much time left. Whether to squeeze in depends on whether funds are available, whether the supply chain can be rebuilt, and whether products can pass the regulatory certification of the target market.

Whether Zotye and Nezha can turn "Duo"'s extra fate into their true second life, the market will vote with its feet.

Qi Shi Auto-First | Samar

10 September, Apple melancarkan telefon skrin lipat iPhone Duo.

Satu ketika, "Duo" melonjak ke trending, kitaran automotif seperti Dongfeng Nissan dan Toyota Prado turut mengikutinya, penuh kreativiti dan menarik. Namun, yang paling menarik ialah Zotye Motor dan Nezha Motor yang telah lama hilang dari pandangan umum, secara hampir serentak mengumumkan kelahiran semula, satu mengisytiharkan kenderaan baharu memasuki fasa percubaan, satu lagi menerima 30 bilion dana penstrukturan semula.

9 September, Zotye Motor mengisytiharkan model kenderaan elektrik A0 baharu Wink Y01 versi antarabangsa memasuki fasa percubaan jisim. Sebaik sahaja消息 ini keluar, harga saham syarikat meningkat secara berterusan selama dua hari perdagangan, nilai deviasi kumulatif melebihi 20%, mencetuskan pengumuman fluktuasi perdagangan tidak wajar.

Hal ini mengenai penyelesaian semula pailton Nezha Motor juga telah mencapai kemajuan baharu. 11 September, Mesyuarat Kredit Keempat Kes Penyelesaian Semula Henzon New Energy, ibu syarikat Nezha Motor, telah diadakan secara talian. Rancangan penyelesaian semula menunjukkan bahawa Perkongsian Pengurusan Perusahaan Tai Yi Sheng Lian Zhejiang (Perkongsian Terhad) (disebut sebagai Tai Yi Sheng Lian) berhasrat untuk menyumbang 3 bilion yuan untuk mengambil alih, bertukar dengan kira-kira 70.62% ekuiti Henzon New Energy.

Kembali bersama, mempertunjukkan versi sebenar "Nasibku adalah DuoDuoDuo......".

Apabila membaca ini, emosi seketika menjadi kompleks. Membina kereta sudah lama bukan perniagaan yang baik, berbanding pembekal bateri Ningde Shidai, berbanding trend masa kini zaman ini seperti AI, robot, dan sekumpulan syarikat yang berdiri di "cahaya", membina kereta kelihatan begitu lama, hanya tinggal kemurnian, kecuali beberapa syarikat个别, keuntungan hanya tinggal angan-angan.

Walaupun begitu, Nezha Motor dan Zotye Motor seperti ini hendaklah bangkit semula, hendaklah berjalan semula ke dunia, hendaklah berpaling bertanya sebaris: "Adakah anda tahu bagaimana saya hidup tahun-tahun ini." Mengikut bahasa popular baru-baru ini, kedua-dua syarikat ini benar-benar berani besar.

Terlepas Nezha Motor atau Zotye Motor, sekurang-kurangnya, mempertimbangkan tiga lapisan masalah.

Pada masa ini hidup semula, hari ini sudah tidak sama seperti dahulu

Adakah perlu berhati-hati? Siapa yang perlu berhati-hati

Jawapan yang lebih realiti adalah di luar negara

Soalan pertama, Zotye dan Nezha memilih untuk kembali pada musim luruh 2026, tetapi meja permainan sedang mengecil secara pesat.

Tujuh bulan pertama 2026, kumpulan pemain baharu telah menyelesaikan pengelompokan struktur, 100,000 unit menjadi garis had bahagian utama, 30,000 unit adalah garis kehidupan yang semakin jelas. Leapmotor jualan tunggal bulanan突破 100,000 unit, HarmonyOS Smart Drive, "Wei Xiao Li Mi" berada dalam ruang 30,000 hingga 45,000 unit bersambung secara dekat.

Ikan besar beberapa autotentara seperti BYD, Geely malah lebih menyerang pasara tenaga baru. Li Bin dari Nio berkata dengan terang, 3 hingga 5 tahun masa depan pemain utama pasaran pada dasarnya sudah ditetapkan, dua tahun terbaru adalah tempoh kritikal keboleh syarikat kereta kekal di meja permainan.

Jualan tangan kedua syarikat ini sebenarnya seperti mana. Situasi Zotye lebih patut diteliti. Separuh tahun pertama keuntungan bersih yang boleh atribut 80.38 juta yuan, nampaknya berbalik kepada keuntungan, tetapi keuntungan bersih tidak termasuk 152 juta yuan kerugian, kerugian meluas secara tahun 40.31%. Sumber keuntungan adalah bayaran pampasan 200 juta yuan diperoleh pembatalan anak syarikat dan pendapatan 30 juta yuan daripada penyelesaian sengketa, secara ringkasnya, bergantung menjual aset dan bergaduh mahkamah "dapat", tidak ada hubungan separuh duit dengan membina kereta. Perniagaan kereta sepenuhnya belum menyumbang pendapatan, syarikat pada dasarnya masih menjadi syarikat "komponen + pintu".

Situasi Nezha juga tidak lebih baik. Kekurangan bersih kumulatif Henzon New Energy 18.3 bilion yuan, Januari 2025 jualan bulanan tunggal jatuh drastik ke 110 unit, tiga lokasi pengeluaran utama di dalam negara semua berhenti. Daripada 3 bilion yuan dana penstrukturan semula, 1.167 bilion yuan digunakan untuk pelunasan hutang, benar-benar boleh digunakan modal pusingan pemulihan pengeluaran hanya 1.833 bilion yuan. Dan sasaran pemulihan pengeluaran fasa pertama, hanyalah jualan tahunan 10,000 unit.

Siapa yang perlu berhati-hati?

Secara permukaan, hidup semula Zotye dan Nezha adalah "orang lama kembali", tetapi pada dasarnya, di belakang penstrukturan semula ini berdiri pemain baharu.

Pihak mengambil alih Nezha Tai Yi Sheng Lian, pendaftaran ditubuhkan April 2026, oleh Ye Ji dan Yu Shuxin yang masing-masing mengawal dua syarikat perkongsian. Peningkatan Shanzi Gaoke yang sebelum ini adalah perumahan lama Yinyi Shares, 2016 melalui akuisisi syarikat komponen automotif luar negara memasuki laluan automotif, 2023 akuisisi Xingtai Longgang memperoleh kelayakan membina kereta, 2024 model kenderaan keluaran pertama turun baris, masih hidup semula pengeluaran kereta Yunfeng asal Kilang kereta Haifei yang mengeksport ke Rusia.

Bertukar kata, yang benar-benar patut diperhatikan bukan sama Nezha jenama ini boleh hidup, malah Shanzi Gaoke sedang membentangkan apa catur. Daripada komponen hingga pengeluaran kereta, dari kelayakan dalam negara ke laluan eksport Rusia, susunan Ye Ji sudah meliputi beberapa bahagian rantai perindustrian automotif. Nilai Nezha Motor, mungkin bukan pada "Nezha" dua huruf, malah kelayakan membina kereta ganda di tangan Henzon New Energy dan lokasi pengeluaran Tongxiang.

Laluan kebangkitan dua syarikat automotif, kedua-dua menunjuk ke arah sama, luar negara.

Zotye menetapkan 2026 sebagai tahun pertama "luar negara pertama" pembangunan,重点布局 Afrika, Asia Tenggara, Amerika Tengah dan Selatan serta Asia Selatan pasaran. India adalah arah yang paling spesifik dilaksanakan semasa, telah dengan Kaly Motors menandatangani perjanjian utama projek kerjasama KD, merancang projek pemasangan SKD komponen sebanyak 30,000 unit setahun. Model ini投入 aset ringan,退出 fleksibel, boleh mengelakkan cukai import kenderaan mewah India.

Tiga fasa pelan Nezha juga sama berteras luar negara: fasa pertama pemulihan pengeluaran Nezha X berorientasikan pasaran luar negara, fasa kedua重点推出 model sesuai Asia, Afrika, Amerika Latin dan lain daerah, sasaran jualan tahunan 300,000 unit.

Keluar luar, benar-benar satu laluan pusingan bersaing ganas dalam negara merek ini. Tetapi laluan ini tidak mudah berjalan. Nezha sebelum ini di pasaran Thailand pernah bergelora, 2023 bahagian pasaran elektrik Thailand melebihi 10%, tetapi随着 patah mata rantai dana dalam negara, Thailand jualan turun drastik, separuh tahun 2026 kumulatif jualan hanya 365 unit. Pengguna tempatan sensitif tinggi kestabilan jenama, bermakna pasaran luar negara bukan tempat perlindungan, malah ujian akhir keupayaan komprehensif perusahaan.

Mode KD Zotye nampak ringan, tetapi perjanjian penandatanganan sehingga kini, India projek kerjasama合作方 project still pending, pelan keupayaan sudah siap tetapi tidak menunggu isyarat pengeluaran. Asia Tenggara pelbagai negara juga semakin mengencangkan syarat import kenderaan elektrik China, meningkatkan garis had import kenderaan mewah dan cukai, menuntut syarikat kereta meningkatkan pengeluaran tempatan dan pembelian komponen.

Pasaran luar negara memberikan kepada merek ini, bukan satu laluan keluar mudah, malah satu tetingkap membuktikan diri semula. Tetingkap tidak besar, masa juga tidak banyak. Boleh masuk, bergantung dana boleh sampai, rantai bekalan boleh membina semula, produk boleh melalui pengesahan peraturan pasaran sasaran.

Boleh Zotye dan Nezha menjadikan bilangan hidup lebihan "Duo", menjadi kehidupan kedua betul sendiri, pasaran akan menilai.

[Lead: Zotye Auto, dormant for many years, is attempting to return to the auto market. However, today's China auto market is no longer the market when Zotye rose years ago. Facing industry overcapacity, price wars, and restructuring, can Zotye make a comeback? Now, can this industry still accommodate Zotye?]

Zhang Dachuan

Recently, Zotye Auto announced that its all-new A0-segment Wink Y01 has completed styling freezing and officially entered the batch trial manufacturing phase. According to the plan, Zotye hopes to promote the model for mass production in 2026.

△Zotye Auto announced the all-new A0-segment Wink Y01 has completed styling freezing

It is worth noting that to get rid of the market image of the past "Measuring Tape Department", Zotye repeatedly emphasized in its publicity that the Wink Y01 is an "All-New Independently Developed" model, trying to rebuild the market's cognition of its independent R&D ability. Zotye Auto, which was once a prominent figure in the China auto market, is now sending out signals of returning to the market. However, for the China auto market which has undergone profound changes, re-launching a new model is just the beginning. Whether Zotye can truly achieve a resurgence still faces significant challenges.

△To get rid of the market image of the past "Measuring Tape Department", Zotye repeatedly emphasized the Wink Y01 as an "All-New Independently Developed" model

Can Zotye Flip with One New Car?

The Wink Y01 body dimensions are 3912×1745×1545mm, wheelbase 2520mm, overall dimensions between BYD Seagull and Dolphin. As a pure EV positioned in the A0 segment, although the threshold for manufacturing NEVs has been greatly reduced compared to the traditional fuel vehicle era, for Zotye, it is not easy to achieve "mass sales" with such a model.

A0-segment pure EVs are becoming one of the fast-growing yet most fiercely competitive sub-segments in the China NEV market. With consumers' requirements for space, range, safety, and intelligent configurations continuously improving, A0-segment models are gradually replacing some traditional A00-segment products, becoming an important choice for urban commuting and family second cars. Currently, models like Seagull, Xingyuan, and Wuling Bingo, backed by major car companies like BYD, Geely, and SAIC, have already occupied the main positions of this market. The price range of mainstream products has generally entered the 60,000–100,000 yuan range, with some models further dropping to around 60,000 yuan. More importantly, competition in this market has no longer just been simple "low price + range", but gradually shifted to comprehensive competition in space, intelligent cockpit, assisted driving, configurations, design, and overall product power.

△The A0-segment pure EV market is one of the most competitive sub-segments

Contrast the Zotye Wink Y01; to break out in such a market environment, it first needs to have enough obvious advantages in pricing, and at the same time must find its differentiated selling points in product configurations and user experience.

Compared to top car companies like BYD and Geely, Zotye has almost no scale advantage. Especially BYD has already formed a highly vertically integrated industry chain, possessing strong cost control capabilities from batteries, motors, and electronic control to a large number of core components. In this situation, if Zotye wants to keep the selling price of the Wink Y01 at a level that is sufficiently attractive while guaranteeing product quality, it is actually not easy.

△Currently, the gap in technology reserves between Zotye and mainstream car companies like BYD is obvious

And in terms of technology reserves, the gap between Zotye and current market mainstream car companies may be even more obvious. Especially in the fields of intelligent cockpits and intelligent driving, large car companies like Geely and BYD can already rapidly downscale mature technical solutions from mid-to-high-end models to entry-level models. For these enterprises, a set of software, algorithms, and electronic/electrical architectures that have completed R&D and verification can quickly amortize costs through massive sales. This is exactly the weakness Zotye finds hardest to make up.

Therefore, the real issue for the Wink Y01 is not whether "it can be built", but after it is built, whether it can provide a product power that is sufficiently competitive with a sufficiently low price, and whether consumers are willing to choose it. For Zotye today, this is likely much more difficult than simply restarting the production line itself.

Overseas Markets Are Not a Safe Haven

In the information disclosed by Zotye, the overseas market layout has attracted considerable attention.

In June this year, Zotye and Indonesia's BPKN preliminarily reached a consensus on a strategic cooperation of the whole new energy vehicle industry chain, planning to promote SKD assembly, annual production of 150,000 intelligent complete vehicles and battery-pack integrated factories in stages, and layout for Southeast Asia export; in July, it signed a main KD cooperation agreement with India's Kaly Emotors, planning to build an SKD project with an annual production of 30,000 sets, introducing A0-segment models and gradually expanding to A-segment and B-segment models.

△Zotye layout of overseas markets

However, at present, Zotye's overseas business is still at a very early stage. From cooperation agreements to truly achieving mass production and scaled sales, there is still a long way to go. In addition to meeting local regulatory certification requirements, it is also necessary to establish sales, after-sales, and supply chain systems, and to rebuild brand cognition in the fiercely competitive Southeast Asia market. It is especially worth noting that Southeast Asia is not a "blank market"; Chinese brands like BYD, MG, Great Wall, and Geely have entered and established a certain market foundation first.

At the same time, ASEAN main markets are also gradually shifting from purely encouraging NEV imports to paying more attention to local production and industrial investment. If Chinese car companies hope to develop long-term in the future, relying solely on complete vehicle export is not easy. KD/SKD, local production, channels, and after-sales systems all need continuous investment.

△Chinese car companies entering overseas markets is not smooth sailing

More importantly, the overseas market is also not a "back road" that can be easily walked. Neta Auto is a typical case. Neta's delivery volume in 2022 once reached about 150,000 units, after which it quickly fell into business difficulties. Although it invested heavily in overseas markets like Thailand, it did not change the overall operating situation, and its market share in Thailand dropped from about 12% in 2023 to about 4% in early 2025. This shows that having an overseas market and having factories does not mean getting sales volume, and certainly does not mean being able to sustain profitability. For Zotye, the overseas market can become a breakthrough point for restarting, but at least for now, it cannot be said to be the company's "safe haven".

What is the Significance of Zotye's Resurrection?

For Zotye's shareholders and local governments hoping to save jobs, taxes, and local auto industry chains, Zotye resuming production is certainly significant. But if looking at the entire China auto industry, Zotye's comeback is hard to say there is any positive significance.

△Zotye production resumption is significant for shareholders and local governments

Because the China auto industry today, most does not lack capacity, the most lack is products and enterprises that can truly create value. In 2025, China auto production and sales volume reached 34.531 million units and 34.4 million units respectively, breaking through 30 million units for the third consecutive year, NEVs also entered a high-speed popularization stage. But at the same time, price wars, overcapacity, and enterprise elimination are still the most prominent keywords of the industry.

Zotye's own situation also illustrates this point. In 2025, the company's operating income was only 521 million yuan, and the net loss attributable to the parent company was 367 million yuan; the complete vehicle business was basically in a stagnant state. More importantly, the current auto competition environment is completely different from the era when Zotye was rapidly developing. BYD, Geely, Chery, Changan, and many new force brands have already established obvious advantages in new energy, intelligence, and supply chains. For Zotye returning to the market, the real question is not "whether there are factories", but what to produce, what products to sell, and why consumers should choose Zotye.

△Domestic mainstream car companies already have obvious advantages in the smart electrification track

Therefore, for Zotye, resuming production is just the first step. The real challenge is to rebuild R&D, product, supply chain, channel, and brand capabilities. If it is just reactivating factories and then participating in domestic and international market price competition again, what it brings is likely just more capacity, not the incremental value that the industry truly needs. So, from the perspective of the entire China auto industry, what is truly worth paying attention to is not "another car company resuming production", but whether Zotye can truly create new products, technology, and business value. After all, the auto industry needs more competitive enterprises, not more factories that can produce cars.

Comment

Zotye Auto is attempting to return to the China auto market again, but in today's auto industry, resuming production is just the beginning and does not represent how many opportunities. In the past few years, too many car companies and brands have fallen. With the domestic market tending to be saturated and overcapacity, enterprises like Zotye re-entering the field, if lacking true product and technology competitiveness, may only further intensify the price war and overcapacity of the low-end market. Currently, the auto market competition is especially cruel. Zotye urgently needs to think clearly; only by finding new paths and new models is there a chance for rebirth.

(This article is original from "Heyan Reads Cars", unauthorized, no reprinting)

【Pendahuluan: Zotye Automobile yang telah senyap selama bertahun-tahun, sedang cuba kembali ke pasaran automotif. Namun, pasaran automotif China hari ini, sudah bukan lagi pasaran masa kebangkitan Zotye dahulu. Menghadapi kelebihan kapasiti industri, perang harga dan penyusunan semula, adakah Zotye dapat bangkit semula? Sekarang, adakah industri ini masih boleh menampung Zotye?】

Zhang Dachuan

Baru-baru ini, Zotye Automobile mengisytiharkan, model baharu kelas A0 Wink Y01 telah diselesaikan pembekuan bentuk, dan rasmi memasuki fasa ujian pengeluaran pukal. Mengikut perancangan, Zotye berharap memacu model ini untuk mencapai pengeluaran pukal pada tahun 2026.

△Zotye Automobile mengisytiharkan model baharu kelas A0 Wink Y01 telah diselesaikan pembekuan bentuk

Perlu diperhatikan, untuk mengelakkan imej pasaran sebagai 'pengcopi' masa lalu, Zotye dalam promosi berulang kali menekankan Wink Y01 sebagai model "penyelidikan dan pembangunan sendiri yang sepenuhnya", cuba dengan cara ini untuk membina semula pengenalan pasaran terhadap kemampuan penyelidikan dan pembangunan sendiri mereka. Zotye Automobile yang pernah bersinar di pasaran automotif China, kini sedang mengeluarkan isyarat untuk kembali ke pasaran. Namun, bagi pasaran automotif China yang telah berubah secara mendalam, mengeluarkan semula satu model baharu hanyalah permulaan, Zotye sama ada boleh benar-benar mencapai pemulihan, masih menghadapi cabaran yang tidak kecil.

△Untuk mengelakkan imej pasaran masa lalu sebagai 'pengcopi', Zotye berulang kali menekankan Wink Y01 sebagai model "penyelidikan dan pembangunan sendiri yang sepenuhnya"

Bolehkah Zotye membalikkan keadaan dengan sebuah model baharu?

Bilangan Wink Y01 ialah 3912×1745×1545mm, paksi 2520mm, saiz keseluruhan berada di antara BYD Seagull dan Dolphin. Sebagai kenderaan elektrik tulen yang diletakkan pada kelas A0, walaupun ambang pembuatan kenderaan baru elektrik berbanding zaman kenderaan bahan api tradisional telah menurun dengan ketara, tetapi bagi Zotye, ingin memacu model seperti ini untuk mencapai "jualan besar", agak sukar.

Kenderaan elektrik tulen kelas A0 sedang menjadi salah satu segmen pasaran yang pertumbuhan pantas di pasaran automotif baru elektrik China, tetapi juga kompetitif. Dengan peningkatan keperluan pengguna terhadap ruang, julat, keselamatan dan peralatan pintar, model kelas A0 sedang menggantikan secara beransur-ansur sebahagian produk tradisional kelas A00, menjadi pilihan penting untuk pengangkutan bandar dan kereta kedua keluarga. Sekarang, model seperti Seagull, Star Wish, Wuling Bingo yang mempunyai sokongan oleh syarikat kereta besar seperti BYD, Geely, SAIC, telah menguasai kedudukan utama pasaran ini. Harga produk pasaran utama umum memasuki kawasan 60,000–100,000 Yuan, sebahagian model malah menuruni sehingga sekitar 60,000 Yuan. Yang lebih penting, persaingan pasaran ini sudah bukan sekadar "harga rendah + julat", tetapi secara beransur-ansur beralih kepada persaingan gabungan ruang, kokpit pintar, pemandu bantuan, peralatan, reka bentuk dan kuasa produk keseluruhan.

△Pasaran kenderaan elektrik tulen kelas A0 adalah salah satu segmen pasaran yang paling kompetitif

Lawan Zotye Wink Y01, ingin menembusi dalam persekitaran pasaran seperti ini, pertama sekali perlu mempunyai kelebihan yang cukup ketara dalam penentuan harga, dan juga mesti mencari titik jual pembezaan mereka sendiri dalam peralatan produk dan pengalaman pengguna.

Dibandingkan dengan syarikat kereta terkemuka seperti BYD dan Geely, Zotye hampir tiada kelebihan skala. Terutama BYD telah membentuk industri yang mempunyai integrasi menegak yang tinggi, dari bateri, motor, kawalan elektronik hingga banyak komponen teras mempunyai kemampuan kawalan kos yang kuat. Dalam keadaan ini, jika Zotye mahu memastikan kualiti produk sambil menekan harga Wink Y01 ke tahap yang cukup menarik, sebenarnya agak sukar.

△Pada masa ini, jurang Zotye dalam aspek rizab teknologi berbanding syarikat kereta utama pasaran seperti BYD adalah jelas

Dan dalam aspek rizab teknologi, jurang Zotye dengan syarikat kereta utama pasaran semasa mungkin lebih jelas. Terutama dalam bidang kokpit pintar dan pemanduan pintar, syarikat kereta besar seperti Geely dan BYD boleh memindahkan dengan cepat teknologi成熟方案 dari model pertengahan-kelas ke model permulaan. Bagi syarikat-syarikat ini, satu set perisian, algoritma dan arkitektur elektronik dan elektrik yang telah siap penyelidikan dan pengesahan, boleh menurunkan kos dengan cepat melalui jumlah jualan yang besar. Ini adalah tepat kelemahan yang sukar untuk Zotye penuhi.

Oleh itu, yang dihadapi oleh Wink Y01 benar-benar bukan masalah "sama ada boleh dibuat", tetapi selepas dibuat, sama ada boleh dengan harga yang cukup rendah, serentak menyediakan kuasa produk yang cukup kompetitif, dan menyebabkan pengguna milih dia. Bagi Zotye hari ini, ini mungkin lebih sukar daripada memulakan balik pengeluaran sendiri.

Pasaran luar negara bukan pelabuhan selamat

Dalam maklumat yang didedahkan Zotye, perancangan pasaran luar negara agak mendapat perhatian.

Tahun ini Jun, Zotye dengan Indonesia BPKN pada mulanya mencapai konsensus kerjasama strategik rantaian industri penuh automotif baru, merancang memajukan secara berperingkat SKD pemasangan, pengeluaran pukal 150,000 unit kenderaan pintar dan bateri daya industri yang disepadukan, dan merancang eksport Asia Tenggara; Julai, sekali lagi dengan India Kaly Emotors rasmi menandatangani perjanjian utama kerjasama KD, merancang pembinaan projek SKD pengeluaran pukal 30,000 set, memindahkan model kelas A0 dan secara beransur-ansur mengembangkan model kelas A dan B.

△Zotye merancang pasaran luar negara

Tapi, dari pandangan sekarang, perniagaan luar negara Zotye masih berada pada fasa yang sangat awal. Dari perjanjian kerjasama hingga benar-benar mencapai pengeluaran pukal dan penjualan berskala, di tengah masih mempunyai jalan yang panjang. Selain perlu memenuhi keperluan pengesahan undang-undang tempatan, perlu membina sistem jualan, selepas jualan dan sistem bekalan, dan dalam pasaran Asia Tenggara yang kompetitif membina semula pengenalan jenama. Yang perlu特别注意 ialah, Asia Tenggara bukan "pasaran kosong", BYD, MG, Great Wall, Geely dan syarikat China lain telah terlebih dahulu memasuki dan membina asas pasaran yang tertentu.

Serentak itu, pasaran utama ASEAN juga beralih dari sekadar menggalakkan import automotif baru elektrik, secara beransur-ansur beralih ke lebih menumpukan pengeluaran tempatan dan pelaburan industri. Masa depan jika syarikat kereta China mahu perkembangan jangka panjang, hanya bergantung pada eksport kenderaan lengkap agak sukar, KD/SKD, pengeluaran tempatan, saluran dan sistem selepas jualan perlu pelaburan berterusan.

△Penyelidikan syarikat kereta China ke pasaran luar negara bukan lancar

Yang lebih penting, pasaran luar negara juga bukan "jalan belakang" yang boleh dilalui dengan mudah. Neta Automobile adalah contoh典型案例. Jumlah penghantaran Neta pada tahun 2022 pernah mencapai kira-kira 150,000 unit, selepas itu dengan cepat mengalami困境 operasi. Walaupun mereka melabur banyak di pasaran luar negara seperti Thailand, tidak mengubah keadaan operasi keseluruhan, pasaran pasaran Thailand mereka malah menurun dari sekitar 12% tahun 2023 kepada sekitar 4% pada awal 2025. Ini menunjukkan, mempunyai pasaran luar negara, mempunyai kilang, tidak bermaksud boleh dapat jualan, lagi lebih bermaksud boleh untung berterusan. Bagi Zotye, pasaran luar negara boleh menjadi titik突破 untuk memulakan semula, tetapi sekurang-kurangnya pada masa ini, masih tidak boleh dikira sebagai "pelabuhan selamat" syarikat.

Apa erti Zotye dibangkitkan semula?

Bagi pemegang saham Zotye dan pihak yang mahu mengekalkan pekerjaan, cukai dan kerajaan tempatan industri automotif, Zotye memulakan semula pengeluaran tentu mempunyai maksud penting. Tetapi jika berdiri di sudut seluruh industri automotif China, kebangkitan Zotye sukat mengatakan mempunyai maksud positif.

△Pemulihan Zotye mempunyai maksud penting bagi pemegang saham dan kerajaan tempatan

Kerana industri automotif China hari ini, yang tidak kekurangan ialah kapasiti, yang kekurangan ialah produk dan syarikat yang boleh benar-benar mewujudkan nilai. Tahun 2025, jumlah pengeluaran dan jualan automotif China masing-masing mencapai 34.531 juta unit dan 34.4 juta unit, berturut-turut tahun ketiga memecahkan 30 juta unit, kenderaan elektrik baru juga memasuki fasa kemunculan pantas. Tetapi serentak itu, perang harga, kelebihan kapasiti dan penyingkiran syarikat masih menjadi kata kunci paling menonjol industri.

Kedudukan Zotye sendiri juga menerangkan ini. Tahun 2025 pendapatan syarikat hanya 521 juta Yuan, kerugian bersih induk 367 juta Yuan, perniagaan kenderaan automotif pokok pada dasarnya berada dalam keadaan terhenti. Yang lebih penting, alam persaingan automotif hari ini sudah berbeza dengan zaman Zotye berkembang pesat dahulu. BYD, Geely, Chery, Changan dan banyak jenama tenaga baru, telah membina kelebihan ketara di bidang kenderaan elektrik baru, kecerdasan dan rantaian bekalan. Bagi Zotye yang kembali ke pasaran, masalah sebenar bukan "ada kilang atau tidak", tetapi pengeluaran apa, menjual apa produk, dan mengapa pengguna milih Zotye.

△Syarikat kereta utama domestik telah menguasai kelebihan ketara di landasan kecerdasan dan elektrik

Oleh itu, bagi Zotye, memulakan semula pengeluaran hanyalah langkah pertama, cabaran sebenar ialah membina semula penyelidikan, produk, rantaian bekalan, saluran dan kemampuan jenama. Jika hanya memulakan semula kilang, kemudian sekali lagi menyertai persaingan harga pasaran dalam dan luar negara, maka yang dibawakannya mungkin hanyalah lebih banyak kapasiti, bukan nilai tambahan yang benar-benar diperlukan industri. Jadi, dari sudut seluruh industri automotif China, yang benar-benar patut diberi perhatian bukan "syarikat kereta baru memulakan semula pengeluaran", tetapi sama ada Zotye boleh benar-benar mewujudkan produk, teknologi dan nilai perniagaan baharu. Akhir sekali, industri automotif perlukan syarikat yang lebih kompetitif, bukan lebih banyak kilang yang boleh menghasilkan kenderaan.

Tinjauan

Zotye Automobile sedang cuba kembali ke pasaran automotif China, tetapi dalam industri automotif hari ini, pemulihan hanyalah permulaan, tidak bermaksud mempunyai berapa banyak peluang. Beberapa tahun kebelakangan ini, terlalu banyak syarikat kereta dan jenama telah tumbang. Dalam pasaran domestik cenderung tepu, di bawah keadaan kelebihan kapasiti, syarikat seperti Zotye yang kembali masuk, jika kekurangan daya saing produk dan teknologi yang benar-benar, akan mungkin hanya memburukkan lagi perang harga pasaran rendah dan kelebihan kapasiti. Pada masa ini, persaingan pasaran kereta sangat kejam, Zotye perlu berfikir jelas, mencari laluan dan model baharu sahaja ada peluang untuk bangkit semula.

(Karya asal daripada "He Yan Yue Che", tanpa kebenaran, tidak boleh disalin)

After a long period of dormancy and a lengthy bankruptcy reorganization process, Zotye Auto has finally launched the all-new Wink Y01 International Edition. Currently, the new car has entered the batch trial production phase, and the SOP mass production countdown has officially launched. This automaker, once jokingly dubbed the "Copycat Department," is attempting to return to the center of the industry stage with a small pure electric model focused on overseas markets.

The fluctuations in the capital market have sparked widespread attention, with many views regarding the appearance of Wink Y01 as a key opportunity for Zotye Auto to achieve reconstruction. However, successful product trial production is only the beginning; it cannot quickly fill the huge gap left by damaged brand reputation, historical debts, and dislocated industry chains. Even if Wink Y01 proceeds smoothly to mass production, Zotye still needs to face numerous historical legacy problems and embark on a challenging recovery journey.

The trust rifts left by the replication era are difficult to erase with just one new car

When mentioning Zotye, people's first impression often fails to shake off the "Porsche Copycat" label. Over ten years ago, Zotye quickly opened up the market by copying the exterior design of mature overseas models. Sales of models such as T600 and SR9 surged, successfully ranking within the top ten of domestic brand sales. However, taking shortcuts brought short-term dividends but also buried potential for the brand's decline. As the industry entered the new energy transformation period, the drawbacks of Zotye's long-term reliance on exterior copying and lack of underlying technology accumulation were fully exposed. Issues such as quality complaints and a weak after-sales service system emerged continuously. Subsequently, the parent company Tieniu Group faced a crisis, factories were largely shut down, distributors left the network one after another, and many old car owners fell into a dilemma of finding spare parts or maintenance, causing the brand image to plummet.

Many people regard Wink Y01 as strong evidence of Zotye's transformation and upgrading. This new car is built on the new S pure electric small car platform, using minimalist tech aesthetic design. Iconic triangular headlights are paired with a three-segment through LED light strip, supplemented by a four-wheel four-corner body layout, maximizing cabin space. From the appearance alone, past traces of imitation and plagiarism are hard to find, and the product thinking has clearly shifted to positive R&D. Zotye specifically prioritized launching the Wink Y01 International Edition to overseas markets, targeting regions like India, and actively avoided the domestic market. This choice was a deliberate strategic trade-off. Domestic consumers' inherent impressions of Zotye are deeply rooted; rebuilding user trust in the local market is much harder than opening up incremental overseas markets.

Rebuilding brand trust is definitely not something that can be achieved overnight with just one new car. The accumulation of a car manufacturer's good reputation relies on consistent product quality control, reliable long-term after-sales support, and a solid foundation of enterprise operation. After years of restructuring, Zotye's whole vehicle business has nearly stalled, and the dealer network that once spanned the country has also disintegrated. Even if Wink Y01 launches overseas, if it faces issues such as parts supply cutoff or slow after-sales response, past negative impressions will instantly trigger a brand crisis. At that time, the market is bound to have deep doubts: Does Zotye now truly possess stable supply chain control and good whole vehicle consistency manufacturing capabilities?

Currently, the industry landscape has undergone profound changes. While competition in the global small pure electric vehicle market is at its height, domestic independent brands are moving overseas with strong momentum, and overseas local car manufacturers are also busily laying out the economy electric vehicle field. Given that Wink Y01 is positioned as a city commuter small electric vehicle, its products have not yet built significant technical advantages; core performance parameters such as the three-electric system and smart cockpit have not been fully disclosed. Therefore, relying solely on unique exterior design, it may be difficult to establish a lasting foothold in the fiercely competitive overseas market.

Debt, Capacity, and Supply Chain Form Realistic Barriers After Mass Production

The successful completion of the product is only the beginning. In fact, the continuous operation of the entire commercial system after mass production is the real test facing Zotye; in comparison, historical operational burdens are far more tricky than product R&D. In the financial field, Zotye has accumulated huge historical losses, and the asset-liability ratio remains high; many historical debts and judicial disputes have not been fully resolved. Even if bankruptcy reorganization is completed, capital pressure has not dissipated—all-vehicle manufacturing belongs to the heavy asset industry. From mold maintenance and production line debugging to parts procurement, overseas market certification, and the construction of logistics channels, every link requires continuous cash flow support. Especially for Wink Y01 sold overseas, it also needs to cope with certification and localization adaptation work in various countries, which also causes capital consumption to accumulate continuously.

Capacity and supply chain systems are undoubtedly a major weakness of Zotye. Although some production bases have been retained, years of production halt have led to long-term idleness of production lines, and equipment maintenance and personnel recruitment take time. Whole vehicle production is far from simple parts splicing; it relies on a stable supply chain ecosystem. When Zotye was deeply in crisis, many suppliers stopped cooperation, and most parts companies still harbor doubts about it. New cooperation often requires flexible payment terms and performance guarantees as prerequisites. With the Wink Y01 model entering batch trial production, it marks that sample car manufacturing has become feasible.

Channel construction is also a huge test. Zotye's domestic dealer network has almost completely disintegrated, while the sales and maintenance system in the overseas market starts from zero. Not only is the investment huge, but the construction cycle is also very long. Zotye plans to leverage cooperation with local overseas enterprises to solidify market landing with local partners. While this can reduce risks, it also limits profits and cedes brand control to the partner. In contrast, other domestic car companies going overseas mostly have long-term plans, having already built overseas showrooms, after-sales centers, and spare parts warehouses, constructing a complete localized service system.

In addition, the stability of corporate governance is also a hidden danger that cannot be ignored. Looking back at Zotye's past collapse, its root causes lie not only in the product but also in disorderly governance and blind expansion. Although the new team after restructuring has streamlined the structure and stripped inefficient assets, long-term operation of the automotive industry cannot do without persistent strategic focus. Given that micro electric vehicles have meager profits, if Wink Y01's sales in the overseas market fail to cross the break-even line, the enterprise will find it difficult to maintain the R&D of the next generation of models.

Summary

The smooth mass production of Wink Y01 is not only a key milestone in Zotye Auto's bankruptcy reorganization process but also an important sign of its determination to show transformation to the global market. As a small electric vehicle developed purely through positive R&D, its landing in overseas markets means Zotye is bidding farewell to the past path of imitation and returning to the whole vehicle manufacturing track with a brand new posture. However, the launch of the new car is far from the end of brand reconstruction; Zotye still needs to face long-term accumulated dilemmas, including deeply rooted public negative perceptions, heavy historical financial burdens, and supply chain and channel systems that need urgent repair. These historical baggage still exist and cannot dissipate instantly with the vehicle leaving the production line.

The overseas market has built a buffer zone for Zotye, allowing it to temporarily avoid strict brand scrutiny from the domestic market. However, looking at the global electric vehicle market, competition has long entered a saturated competition stage. If the new car wants to take root here, stable quality control, reliable after-sales, and continuous capital investment are indispensable. Zotye's self-redemption is definitely not relying on a single model's short-term counterattack, but a long-distance race of endless duration and continuous hard work.

Auto Zotye yang telah lama senyap, selepas proses pengurusan semula kebankrapan yang panjang, akhirnya melancarkan model baharu Wink Y01 Edisi Antarabangsa. Sekarang, kereta baharu telah memasuki fasa pengeluaran ujian, pengiraan masa untuk pengeluaran jisim SOP turut dimulakan, syarikat automotif ini yang pernah dijuluki sebagai 'Unit Pembaris', sedang cuba kembali ke pusat pentas industri dengan model kereta elektrik bersih kecil yang berorientasikan pasaran luar negara.

Ketidakstabilan pasaran modal mencetuskan perhatian meluas, banyak pandangan melihat kehadiran Wink Y01 sebagai peluang penting bagi Auto Zotye untuk melakukan pembinaan semula. Walau bagaimanapun, kejayaan ujian produk hanyalah permulaan, ia tidak dapat dengan cepat mengisi jurang besar yang ditinggalkan akibat reputasi jenama terjejas, hutang sejarah dan pemotongan rantaian industri. Walaupun Wink Y01 maju lancar untuk pengeluaran jisim, Zotye masih perlu menghadapi masalah sejarah yang berat, melangkah ke jalan pemulihan yang penuh cabaran.

Celah kepercayaan yang ditinggalkan oleh zaman replika, sukar diratakan hanya dengan sebuah kereta baharu

Apabila menyebut Zotye, pandangan pertama orang ramai sering tidak boleh melepaskan label 'Peniru Porsche'. Lebih dari satu dekad lalu, Zotye membuka pasaran dengan cepat dengan meniru reka bentuk luaran model luar yang matang, model seperti T600, SR9 jualan meningkat, berjaya memasuki 10 teratas dalam senarai penjualan jenama tempatan. Namun, jalan pintas walaupun memberi faedah jangka pendek, juga menanam peluang yang menyebabkan jenama menuju keruntuhan. Apabila industri memasuki fana transformasi tenaga baharu, kelemahan Zotye yang bergantung lama pada meniru luaran, kekurangan asas teknologi terdedah sepenuhnya, isu pengaduan kualiti, sistem selepas jualan yang lemah satu-satu masalah timbul. Seterusnya, kumpulan induk Kumpulan Tie Niu menghadapi krisis, kilang berskala besar berhenti operasi, pengedar mula meninggalkan rangkaian, ramai pemilik lama terperangkap dalam keadaan sukar mencari suku cadang, tiada jalan untuk penyelenggaraan, imej jenama jatuh mendadak.

Banyak orang melihat Wink Y01 sebagai pengesahan kuat transformasi dan penyenaraian Zotye. Kereta baharu ini dibina menggunakan platform kereta kecil elektrik bersih S sepenuhnya baharu, menggunakan reka bentuk estetik teknologi minimalis, lampu depan segi tiga berikoni dikongsi dengan jalur LED tiga bahagian melalui, dibantu dengan susun atur badan roda empat sudut empat, mengembangkan ruang kokpit hingga maksimum, hanya dari luaran sukar mencari jejak meniru atau menyalin lepas dahulu, pemikiran produk juga jelas beralih ke penyelidikan dan pembangunan positif. Zotye secara khusus meletakkan Wink Y01 Edisi Antarabangsa ke pasaran luar negara terlebih dahulu, teras menargetkan kawasan luar negara seperti India, secara aktif mengelakkan pasaran domestik, pilihan ini sudah strategi pertimbangan mendalam. Pengguna domestik sudah mempunyai tanggapan sedia ada terhadap Zotye yang sudah berakar, mahu membina semula kepercayaan pengguna di pasaran tempatan, kesulitannya jauh lebih besar daripada membuka pasaran tambahan luar negara.

Pembinaan semula kepercayaan jenama, bukan sekadar sebuah kereta baharu boleh buat. Penumpuan nama baik syarikat automotif, bergantung pada kawalan kualiti produk yang konsisten, jaminan selepas jualan yang boleh dipercayai, dan asas operasi perniagaan yang kukuh. Zotye telah melalui pengurusan semula selama bertahun-tahun, operasi kereta penuh hampir terhenti, rangkaian pengedar yang pernah merangkumi negara juga sudah hancur. Walaupun Wink Y01 dilancar di luar negara, tetapi sekali hadapi masalah putus bekalan komponen atau respon selepas jualan yang lambat, tanda negatif lepas akan serta-merta mencetuskan krisis jenama. Ketika itu, pasaran pasti timbul keraguan mendalam: Zotye sekarang, adakah benar benar memiliki kawalan rantaian bekalan yang kukuh dan keupayaan pembuatan konsistensi kereta penuh yang baik?

Sekarang, struktur industri telah berubah secara mendalam. Semasa persaingan kereta elektrik bersih kecil global berapi-api, jenama tempatan domestik sedang bergerak ke luar dengan kekuatan, manakala syarikat automotif tempatan luar negara juga sedang menyusun strategi kereta elektrik ekonomi. Memandangkan Wink Y01 diletakkan sebagai kereta elektrik kecil komuter bandar, produk belum membina kelebihan teknologi ketara, sistem tiga elektrik, kokpit pintar dan parameter prestasi utama lain sehingga kini belum sepenuhnya dibuka. Oleh itu, hanya bergantung pada reka bentuk luaran yang unik, di pasaran luar negara yang saingan sengit mungkin sukar kekal.

Hutang, kapasiti dan rantaian bekalan, membentuk ambang nyata selepas pengeluaran jisim

Kejayaan pelancaran produk hanyalah permulaan, sebenarnya, operasi berterusan sistem perniagaan keseluruhan selepas pengeluaran jisim, adalah ujian sebenar di hadapan Zotye; berbanding itu, beban operasi yang ditinggalkan sejarah, jauh lebih sukar daripada penyelidikan produk. Dalam bidang kewangan, Zotye mengumpul kerugian sejarah yang besar, nisbah aset-liabiliti tetap tinggi, banyak hutang sejarah dan pertikaian undang-undang belum sepenuhnya diselesaikan. Walaupun selesaikan pengurusan semula kebankrapan, tekanan dana juga tidak lenyap - pembuatan kereta penuh asalnya industri aset berat, dari pemeliharaan acuan, penyetelan garis pengeluaran, hingga pembelian komponen, pengesahan pasaran luar negara dan pembinaan laluan logistik, setiap langkah tidak terlepas daripada sokongan arus tunai berterusan. Terutamanya Wink Y01 yang dijual ke luar negara, juga perlu menghadap pengesahan undang-undang negara dan kerja penyesuaian tempatan, ini juga menyebabkan penghabisan dana bertambah terus.

Sistem kapasiti dan rantaian bekalan, tidak dapat dinafikan sebagai kelemahan besar Zotye. Walaupun sebahagian tapak pengeluaran kekal, tetapi penghentian pengeluaran selama bertahun-tahun menyebabkan garis pengeluaran panjang terbengkalai, penyelenggaraan peralatan dan pengambilan staf memerlukan masa. Pembuatan kereta penuh jauh lebih daripada penyambungan komponen mudah, ia bergantung pada ekosistem rantaian bekalan yang kukuh. Pada masa Zotye terperangkap dalam krisis, banyak pembekal sudah berhenti bekerjasama, kebanyakan syarikat komponen masih ragu, kerjasama baharu sering memerlukan tempoh akaun fleksibel dan jaminan pematuhan sebagai syarat. Dengan Wink Y01 memasuki fasa ujian pengeluaran jisim, menandakan pembuatan kereta contoh sudah boleh dilaksanakan.

Pembinaan saluran juga ujian besar. Rangkaian pengedar domestik Zotye hampir hancur sepenuhnya, manakala sistem jualan dan penyelenggaraan pasaran luar negara bermula dari sifar, bukan sahaja pelaburan besar, kitaran pembinaan juga sangat lama. Zotye berniat menggunakan kerjasama syarikat tempatan luar negara, dengan rakan tempatan kukuhkan kehadiran pasaran, tindakan ini walaupun boleh mengurangkan risiko, juga menyebabkan keuntungan terhad, penguasaan jenama berpindah kepada pihak bekerjasama. Sebaliknya syarikat automotif domestik lain yang pergi ke luar negara, kebanyakan sudah ada pelan jangka panjang, sudah dibina pameran luar negara, pusat selepas jualan dan storan suku cadang, membina sistem perkhidmatan tempatan yang lengkap.

Seterusnya, kestabilan tadbir urus perusahaan juga satu risiko yang tidak boleh diabaikan. Mengulas kejatuhan Zotye yang lepas, punca bukan hanya pada produk, lebih pada tadbir urus tidak teratur dan pengembangan buta. Walaupun pasukan baharu selepas penyusunan semula sudah menipiskan struktur, memisahkan aset tidak efisien, tetapi pengurusan jangka panjang industri automotif memerlukan ketegasan strategik. Memandangkan keuntungan kereta elektrik mikro tipis, apabila penjualan Wink Y01 di pasaran luar negara tidak mengatasi garis untung rugi, perusahaan akan sukar mengekalkan penyelidikan model seterusnya.

Rumusan

Pengeluaran jisim Wink Y01 yang lancar, bukan sahaja titik tolak penting dalam proses pengurusan semula kebankrapan Auto Zotye, malah tanda penting menunjukkan tekad transformasi ke pasaran global. Sebagai model kereta elektrik kecil penyelidikan dan pembangunan positif sepenuhnya, kedatangannya ke pasaran luar negara bermakna Zotye sedang berpisah dengan jalan meniru masa lalu, kembali ke laluan pembuatan kereta penuh dengan bentuk baharu. Namun, pelancaran kereta baharu bukan titik akhir pembinaan semula jenama, Zotye masih perlu menghadapi masalah terkumpul lama, termasuk persepsi negatif yang sudah berakar dalam awam, beban kewangan sejarah yang berat, dan sistem rantaian bekalan dan saluran yang perlu dibaiki. Bekas sejarah ini masih wujud, sukar lenyap serta-merta dengan kenderaan keluar kilang.

Pasaran luar negara membina zon penimbal untuk Zotye, membolehkannya sementara mengelakkan pemeriksaan jenama domestik yang ketat. Tetapi memandang pasaran kereta elektrik global, persaingan sudah masuk fasa permainan stok, kereta baharu jika ingin berakar di sini, kawalan kualiti stabil, perkhidmatan selepas jualan boleh dipercayai dan dana pelaburan berterusan tidak boleh dipisahkan. Penebusan diri Zotye, bukan bergantung pada kejayaan model tunggal yang singkat, tetapi satu larian panjang tanpa henti yang perlu diperjuangkan berterusan.

After years of silence, Zotye Auto finally presented the new Wink Y01 International Edition during the long cycle of bankruptcy reorganization. The new vehicle has entered the batch trial production phase, with the SOP mass production countdown initiated. This automaker, once labeled with the 'Copycat Department' tag, attempts to return to the industry's focus with a compact pure electric model aimed at the overseas market.

Capital markets fluctuated accordingly. Many voices viewed the Wink Y01 as a signal of Zotye's rebirth. However, product trial does not equal commercial success. A brand-new design blueprint cannot instantly wipe out the brand's reputation trauma, debt legacy issues, and broken industrial support accumulated over the years. Even if the Wink Y01 is mass-produced as scheduled, Zotye still faces a long road to redemption filled with historical baggage.

Trust Cracks Left by the Past Are Hard to Smooth with a Single New Car

When mentioning Zotye, the public's first impression often revolves around the 'Porsche Ty' label. Over ten years ago, relying on imitating the appearance of mature overseas models, Zotye quickly leveraged the market. Models like the T600 and SR9 saw sales peak, entering the top ten among domestic brand sales. Shortcuts brought short-term dividends but buried fatal brand original sins. When the industry entered the new energy transformation phase, shortcomings such as reliance on appearance imitation and lack of underlying technical accumulation exploded. Quality complaints and weak after-sales systems continued to ferment. Parent company Tianniu Group's debt crisis broke out, factories halted production on a large scale, dealers withdrew en masse, and many old car owners fell into a dilemma of hard-to-find parts and no maintenance support, dragging brand reputation to rock bottom.

Many see the Wink Y01 as proof of Zotye's thorough reform. This new car is built on a new S pure electric small car platform, adopting a minimalist tech aesthetic design. Iconic triangular headlights paired with a three-segment full-width LED light strip, and a four-wheel four-corner body layout maximize cabin space. From the exterior, no shadow of past imitation or plagiarism is visible; the product concept has clearly shifted to independent R&D. Zotye chose to prioritize the Wink Y01 International Edition for overseas markets, targeting regions like India, deliberately avoiding the domestic market temporarily. This itself is a strategic choice. Domestic consumers' stereotypes of Zotye are deeply rooted, and rebuilding user trust in the local market is far more difficult than developing overseas incremental markets.

But repairing brand trust has never been an engineering task completable by a single new car. Automaker reputation building relies on continuous stable product quality control, long-term reliable after-sales support, and a stable enterprise operating status. Zotye has been reorganizing for years, with vehicle business nearly stalled. The dealer network that once covered the country has long dissolved. Even if Wink Y01 lands for sale overseas, if issues such as insufficient parts supply or slow after-sales response occur, past negative memories will immediately bite back at the brand. The market will naturally question: Does the current Zotye possess stable supply chain control capabilities and whole vehicle manufacturing consistency?

The industry environment has undergone earth-shattering changes. Currently, global competition in the compact pure electric track is fierce. Domestic independent brands' overseas offensives are strong, and overseas local car companies are also rapidly laying out economy electric vehicles. Wink Y01 is positioned as a city commuter compact electric vehicle; the product itself has not formed a crushing-level technical barrier. Core parameters such as the three-electric system and smart cockpit have not been fully disclosed to date. Relying solely on exterior design, it is hard to maintain a foothold in the fierce overseas market.

Debt, Capacity, and Supply Chain Form Realistic Thresholds After Mass Production

Product successful production line exit is just the starting point. What truly tests Zotye is the entire business system operating continuously after mass production. Historical management baggage is far more tricky than product R&D. Financially, Zotye has accumulated huge historical losses, with the asset-liability ratio long-term at a high level. Vast historical debts and legal disputes are still being resolved. Completing the bankruptcy reorganization and sorting debts does not mean capital pressure disappears. Whole vehicle manufacturing belongs to the heavy asset industry. Mold maintenance, production line debugging, parts procurement, overseas market certification, and logistics channel construction—every link requires continuous cash flow investment. Wink Y01 targets overseas sales, also needing to cope with different countries' regulation certification and localization adaptation, continuously consuming funds.

Capacity and supply chain systems are another major shortcoming for Zotye. After stopping production for years, although some production bases were retained, production lines have been idle for a long time. Equipment inspection and worker team reconstruction take time. Whole vehicle manufacturing is not simple assembly; it needs a complete set of stable supplier ecosystems. When the past Zotye crisis broke out, many supporting suppliers terminated cooperation. Many parts enterprises still maintain a cautious attitude towards Zotye. New supply chain cooperation often requires payment terms and performance capability backing. Wink Y01 entering the batch trial phase means sample cars can be produced.

Channel level is also a huge challenge. Zotye's domestic dealer network has basically scattered, while building sales and maintenance networks from zero in overseas markets is high cost and long cycle. Zotye chose to cooperate with overseas local enterprises, relying on local partners to complete sales landing. This is a method to reduce risk, but it also means profit space is compressed and brand discourse is in the partners' hands. Comparing domestic automotive companies going overseas, most have laid out overseas showrooms, after-sales centers, and spare parts warehouses years in advance, forming a complete localized system.

There is another layer of hidden risk: enterprise governance stability after reorganization. In the past, Zotye's collapse was not only a product issue; chaotic enterprise governance and blind expansion were important inducements. After reorganization, new management completed organizational streamlining and shut down inefficient assets. However, automotive operations need long-term stable strategic determination. Small electric vehicles themselves have limited gross margin space. If Wink Y01 overseas market sales do not reach the break-even point, the enterprise will find it hard to continuously invest in next-generation vehicle R&D.

Public Car Review

Wink Y01 smooth mass production is undoubtedly an important milestone on the reorganization road for Zotye, which has experienced bankruptcy reorganization. This compact electric vehicle with positive R&D and focusing on overseas markets represents Zotye's attempt to say goodbye to the old path of imitation and return to the whole vehicle manufacturing track. But the landing of a new car does not equal the completion of brand redemption. The historical baggage that has wrapped Zotye for many years, including the solidified negative brand impression in the public's mind, huge historical financial legacy issues, and broken supply chain and channel systems, will not disappear as new cars roll off the line.

The overseas market provided Zotye a buffer zone, avoiding the strict brand scrutiny domestically. However, the global electric vehicle market competition has entered a stock-based game stage. For a new car to stand, it needs stable quality control, reliable after-sales, and continuous capital investment. Zotye's redemption is not a counterattack completed by relying on a single vehicle model, but a long, continuous marathon.

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Kereta Zotye yang telah diam selama bertahun-tahun, dalam kitaran panjang penstrukturan semula kebankrapan, akhirnya telah mengeluarkan model baharu Wink Y01 versi antarabangsa. Kereta baharu telah memasuki fasa ujian pembuatan pukal, pengiraan turun saat untuk pengeluaran massal SOP telah dimulakan. Syarikat automotif yang pernah diberi label 'peniru' ini cuba untuk kembali ke dalam tumpuan industri dengan sebuah model kereta elektrik kecil yang bertujuan untuk pasaran luar negara.

Pasaran modal turut mengalami gejolak, banyak suara melihat Wink Y01 sebagai isyarat kelahiran semula Zotye. Tetapi ujian produk tidak sama dengan kejayaan komersial, lukisan rekaan baharu tidak boleh serta-merta menghapuskan kerosakan reputasi yang terkumpul bertahun-tahun, masalah hutang yang tertinggal dan rangkaian industri yang terputus. Walaupun Wink Y01 boleh dihasilkan massal mengikut jadual, di hadapan Zotye, masih jalan penebusan panjang yang penuh dengan beban sejarah.

Retakan kepercayaan yang ditinggalkan oleh era salinan, sukar diratakan hanya dengan satu kereta baharu

Apabila menyebut Zotye, pertama kali orang ramai sukar mengelakkan label 'Porsche tiruan'. Lebih dari 10 tahun lalu, dengan meniru luaran model luar negara yang matang, Zotye dengan cepat menggerakkan pasaran, model T600, SR9 dll sekali naik dalam jualan, masuk ke dalam 10 teratas jualan jenama tempatan. Jalan pintas membawa keuntungan jangka pendek, namun menanam dosa jenama yang mematikan. Apabila industri memasuki fasa transformasi tenaga baharu, kelemahan bergantung pada tiruan luaran, kekurangan pengumpulan teknologi asas meletup secara berkumpulan, aduan kualiti, sistem servis selepas jualan yang lemah terus mengembang. Ibu syarikat Kumpulan Iron Bull letup hutang, kilang besar-besaran henti produksi, pengedar besar-besaran keluar rangkaian, ramai pemilik lama terperangkap dalam kesulitan sukar cari spare part, tiada penyelenggaraan, reputasi jenama jatuh ke dasar.

Ramai akan lihat Wink Y01 sebagai bukti Zotye bertukar hati. Kereta ini berdasarkan platform S elektrik kecil baharu, gunakan rekaan estetik teknologi minimum, lampu depan segi tiga ikonik dengan jalur LED tiga bahagian berpasang, susun atur badan empat roda empat sudut memaksimumkan ruang kabin, dari luaran tidak nampak lagi bayang-bayang tiruan silang dulu, fahaman produk jelas berpaling ke pembangunan positif. Zotye pilih Wink Y01 antarabangsa hantar dulu ke pasaran luar, sasaran teras kunci India dll kawasan luar negara, sengaja elak pasaran domestik sementara, sendiri satu strategi pilih ganti. Pengguna domestik pada Zotye imej tegar berakar, mahu di pasaran tempatan bina semula kepercayaan pengguna, sukar jauh lebih besar dari buka pasaran luar tambah.

Tapi membaiki kepercayaan jenama, bukan kerja yang boleh disiapkan dengan satu kereta baharu saja. Reputasi syarikat kereta, bergantung pada kawalan produk stabil berterusan, jaminan servis selepas jualan boleh dipercayai, dan keadaan operasi syarikat stabil. Zotye selat 10 tahun, perniagaan kereta hampir berhenti, rangkaian pengedar yang pernah merangkumi negara telah hancur. Walaupun Wink Y01 jual di luar negara, jika kereta ada masalah bekalan suku cadang kurang, respons servis lambat, ingatan negatif lama akan serang kembali jenama. Pasaran akan timbul soal sendiri: Zotye sekarang, ada ke keupayaan kendali rantaian bekalan stabil, keupayaan konsistensi pembuatan kereta?

Lingkungan industri telah berubah sebegini rupa. Sekarang laluan kereta elektrik kecil global persaingan sangat sengit, jenama tempatan domestik serangan keluar negara kuat, syarikat kereta luar negara pun sama cepat rancangan kereta ekonomi. Wink Y01定位 adalah kereta elektrik kecil komuter bandar, produk sendiri tidak bentuk halangan teknologi unggul. Sistem tiga kuasa, kokpit pintar dll parameter teras hingga sekarang tidak lengkap didedahkan, hanya rekaan luaran, sukar di pasaran luar sengit kekal berpegang kaki.

Hutang, kapasiti dan rantaian bekalan, membentuk ambang nyata selepas pengeluaran massal

Produk lancar turun hanya titik permulaan, ujian sebenar pada Zotye, adalah keseluruhan sistem perniagaan yang terus berjalan selepas pengeluaran massal, dan beban operasi tertinggal sejarah, jauh lebih sukar daripada penyelidikan produk. Lapisan kewangan, Zotye kumpul kerugian sejarah besar, kadar liabiliti aset tinggi lama, banyak hutang sejarah, sengketa undang-undang masih terus dicerna. Struktur semula kebankrapan selesai susun hutang tak sama tekanan dana hilang, pembuatan kereta adalah industri aset berat, pelan pemeliharaan, penalaan talian pengeluaran, pembelian suku cadang, pensijilan pasaran luar, pembinaan saluran logistik, setiap cincin perlukan masukkan aliran tunai berterusan. Wink Y01 hulu luar jual, kena hadapi perundangan negara berbead, penyelarasan tempatan, terus guna dana.

Kapasiti dan sistem rantaian bekalan, adalah satu lagi kekurangan besar Zotye. Henti produksi tahun-tahun, walaupun kekalkan sebahagian tapak produksi, tapi talian produksi lama duduk, penyelenggaraan peralatan, reka pasukan pekerja perlukan masa. Pembuatan kereta bukan pemasangan mudah, perlukan satu ekosistem pembekal stabil. Masa dulu Zotye letup krisis, banyak pembekal pasang henti kerjasama, ramai syarikat suku cadang pada Zotye masih simpan sikap hati-hati. Kerjasama rantaian bekalan baru, sering minta tempoh akaun, jaminan keupayaan laksanakan. Wink Y01 masuk fasa ujian pukal, wakil kereta contoh boleh hasil.

Lapisan saluran sama besar cabaran. Rangkaian pengedar domestik Zotye hampir hancur, tapi pasaran luar bangun dari awal jual, rangkaian penyelenggaraan, kos tinggi, kitar panjang. Zotye pilih kerjasama dengan syarikat tempatan luar, bergantung rakan tempat hasil jual masuk, cara kurangkan risiko, tapi ini erti ruang keuntungan dipadatkan, kuasa jenama di tangan rakan. Banding syarikat kereta keluar domestis, kebanyakan dah tahun-tahun awal layout luar dewan, pusat servis, gudang spare part, bentuk sistem tempatan lengkap.

Ada satu lagi risiko tersembunyi: kestabilan pentadbiran syarikat selepas struktur semula. Runtuhnya Zotye dulu, bukan sahaja masalah produk, pentadbiran syarikat kacau, perluasan buta adalah pemicu penting. Selepas struktur semula lapisan pengurusan baru selesai organisasi ringkas, henti aset tidak efisien, tapi operasi kereta perlukan ketegasan strategi stabil lama. Kereta elektrik kecil sendiri ruang margin keuntungan terhad, jika Wink Y01 jualan luar negara tidak sampai titik untung rugi, syarikat sukar masukkan penyelidikan model seterusnya.

Ulasan Rakyat

Wink Y01 lancar produksi, bagi Zotye yang lalui struktur semula kebankrapan, tiada ralat adalah tonggak penting dalam jalan struktur semula. Model kereta elektrik kecil ini pembangunan positif, tumpu luar negara, wakil Zotye cuba ucap selamat tinggal jalan lama tiruan, kembali semula laluan pembuatan kereta. Tapi masuk kereta baharu, tidak sama erti救赎 jenama selesai. Beban sejarah yang lilit Zotye bertahun-tahun, termasuk imej negatif jenama tegar dalam fikiran ramai, masalah kewangan sejarah besar, rantaian bekalan dan saluran terputus, masalah ini tidak akan hilang bersama turun kereta baharu.

Pasaran luar sediakan zon penyangga pada Zotye, elak penyiasatan jenama ketat domestik, tapi persaingan kereta elektrik global dah masuk fasa permainan stok, kereta baru mahu tegak, perlukan kawalan produk stabil, servis boleh percaya, masukkan dana berterusan. Redemption Zotye, bukan satu kejayaan bergantung pada satu model, tapi satu larian jauh, berterusan.

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On September 9, Zotye Automobile announced that the all-new A0 pure electric model Wink Y01 International Version has entered the batch trial production phase. Once the news broke, the company's stock price had a cumulative deviation value increase exceeding 20% for two consecutive trading days, triggering an announcement of abnormal trading fluctuations. Market sentiment moved first, but looking calmly, whether this automaker once known as the "Ruler Department" can become the nightmare of new forces, the answer is much more complex than the emotion.

First look at the basics: Qualifications and production lines are assets, technology and channels are gaps

Zotye holds scarce full vehicle production qualifications, production lines at the Yongkang base, and a verified "low price high configuration" strategy; what is lacking is technology, capital, channels, and trust. In the first half of this year, the company's operating revenue was 190 million yuan, down 32% year-on-year; 80.39 million yuan of net profit attributable to shareholders was supported by 200 million yuan in asset disposal compensation and 30 million yuan in litigation settlement, with a net loss of 152 million yuan after deducting non-recurring gains and losses, an expansion of 40% year-on-year. R&D scale and channel network are not on the same level as leading enterprises. With such a foundation, talking about a "nightmare" is still too early.

The real threat: Not technology, but price anchoring

Zotye has no brand premium to defend and no market share to protect; the only way to attack is to drive prices lower. Once a low price appears in a certain price band, it will redefine the competition rules for that price band.

Who should be vigilant? Not leading players like Li Auto, NIO, XPeng who have established brand and intelligence barriers, but second and third-tier brands with the same situation as Zotye: similarly lacking a technology moat, similarly relying on price-performance to sell volume, similarly having not yet perfected the profit model. When an opponent who is "afraid to lose nothing" appears in the track, the one losing blood first is always the one who "cannot afford to lose". The A0 pure electric market below 100,000 yuan targeted by Zotye is exactly the most intensive battlefield for such brands.

Low prices today are not the same as they were ten years ago

Back then Zotye won by relying on information asymmetry—consumers bought the illusion of "looking like a luxury car"; now the new energy penetration rate has exceeded 50%, three-electric systems, smart cockpits, and assisted driving have become hard indicators, and the weight of original design and intelligent experience for users has increased significantly. BYD presses costs to the extreme with the whole industry chain, Wuling guards the entry market with scale, price reduction space for leaders comes from efficiency, and Zotye's price reduction can only come from profit concession. Industry profit margins are already below 4%. Low prices without cost advantage are exchanging cash flow for market share, unable to exchange for profit.

A more realistic answer lies overseas

Zotye itself clearly knows that a direct confrontation in the domestic market is not likely to succeed, so it set 2026 as the first year of "overseas priority", using KD parts assembly in India and whole industry chain cooperation in Indonesia as entry points, avoiding domestic close combat with a light asset model. The real opponents on this path are Chinese brands that also deepen investment in ASEAN and Africa in the 70,000 to 100,000 yuan price band, not new forces. In the more distant future, it is more likely to play the role of a capacity supplier, rather than a brand competitor.

Conclusion: What is worth attention is not "who is unlucky"

What Zotye's revival truly deserves attention from the industry is not "who is about to be unlucky", but that it reminds everyone again: prices can grab temporary market share, but not long-term trust. Low price is a tactic, not a moat. When technology, quality, and service become the new entry tickets, any player who only wants to return to the table relying on price—whether it is Zotye or a new force that is currently slowing down—will find that what keeps people awake is never the opponent, but the part of capability that is missing in themselves.

Data for this article comes from Zotye Automobile public announcements and public reports, as of September 10, 2026, and does not constitute any investment advice.

9 September, Zotye Automotif mengumumkan model kenderaan elektrik murni kelas A0 yang baharu, Wink Y01 versi antarabangsa telah memasuki fasa pengeluaran cubaan berskala. Selepas berita ini keluar, harga saham syarikat menunjukkan nilai penyimpangan kenaikan terkumpul melebihi 20% selama dua hari perdagangan berturut-turut, mencetuskan pengumuman fluktuasi perdagangan yang tidak normal. Emosi pasaran mendahului, tetapi apabila minda ditenangkan, adakah syarikat otomotif yang pernah masyhur sebagai "Jabatan Pembaris" mampu menjadi mimpi ngeri bagi pemain baharu? Jawapannya jauh lebih kompleks daripada emosi.

Lihat dahulu aset asas: Lesen dan laluan pengeluaran adalah aset, teknologi dan saluran adalah kekurangan

Zotye mempunyai lesen pengeluaran kenderaan lengkap yang sukar diperolehi, laluan pengeluaran di pangkalan Yongkang, dan strategi "harga rendah konfigurasi tinggi" yang telah terbukti; kekurangan mereka adalah teknologi, dana, saluran dan kepercayaan. Separuh tahun ini, hasil operasi syarikat 190 juta Yuan, jatuh 32% berbanding tahun sebelumnya; 80.39 juta Yuan keuntungan bersih pemegang kuasa induk dibina daripada pampasan pemindahan aset 200 juta Yuan dan penyelesaian litigasi 30 juta Yuan, kerugian bersih selepas tolak item bukan berulang 152 juta Yuan, meningkat 40% berbanding tahun sebelumnya. Skala penyelidikan, rangkaian saluran dan syarikat teratas tidak pada skala yang sama. Dengan asas sedemikian, membincangkan "mimpi ngeri" masih terlalu awal.

Ancaman sebenar: Bukan teknologi, tetapi titik rujukan harga

Zotye tiada premium jenama untuk dijaga, dan tiada bahagian sedia ada untuk dijamin, satu-satunya cara serangan adalah menurunkan harga lebih rendah. Harga rendah sekali muncul pada julat harga tertentu, ia akan mentakrif semula peraturan persaingan julat harga tersebut.

Siapa yang harus berwaspada? Bukan pemain teratas seperti Li Auto, Nio, XPeng yang telah membina penghalang jenama dan kecerdasan, tetapi jenama sekunder dan tertier yang mempunyai kedudukan yang sama seperti Zotye: Sama-sama kekurangan parit pertahanan teknologi, sama-sama bergantung pada nilai harga untuk jumlah jualan, sama-sama belum berjaya menjalankan model keuntungan. Apabila muncul rakan sepadan yang "tidak takut kehilangan apa-apa" dalam laluan, mereka yang kehilangan dana terawal, sentiasa orang yang "tidak boleh kalah". Pasaran di bawah 100,000 Yuan, Kelas A0 Elektrik Murni yang disasarkan Zotye, justru merupakan medan pertempuran paling padat bagi jenama jenis ini.

Harga rendah hari ini, bukan sama dengan sepuluh tahun dahulu

Ketika itu Zotye boleh menang, bergantung pada ketidakseimbangan maklumat—pembeli membeli ilusi "kelihatan seperti kereta mewah"; sekarang kadar penetrasi kereta baharu melebihi 50%, tiga sistem utama, kabin pintar, bantuan memandu menjadi ukuran tegas, berat rekaan asal dan pengalaman pintar pengguna meningkat dengan ketara. BYD menekan kos sehingga terukih melalui rantai industri lengkap, Wuling menjaga pasaran permulaan melalui skala, ruang penurunan harga teratas datang daripada kecekapan, penurunan harga Zotye hanya boleh datang daripada memberi faedah. Nisbah keuntungan industri sudah di bawah 4%, harga rendah tanpa kelebihan kos, adalah menukar aliran tunai dengan bahagian, tidak dapat menukar keuntungan.

Jawapan yang lebih realistik berada di luar negara

Zotye sendiri jelas perlawanan langsung di dalam negara tidak mempunyai peluang menang yang besar, jadi 2026 ditetapkan sebagai tahun pertama "prioriti luar negara", dengan pemasangan komponen KD India dan kerjasama rantai industri Indonesia sebagai titik masuk, menggunakan model aset ringan mengelakkan pergaduhan dekat di dalam negara. Rakan sepadan sebenar laluan ini, adalah jenama China yang sama mendalami ASEAN, Afrika julat harga 70,000 hingga 100,000 Yuan, bukan pemain baharu. Pada masa hadapan yang lebih jauh, ia lebih mungkin memainkan peranan pembekal keupayaan pengeluaran, bukan pesaing jenama.

Kesimpulan: Bukan "siapa yang tidak bernasib baik" yang perlu dihargai

Yang benar-benar patut dihargai industri daripada kebangkitan Zotye, bukan "siapa yang akan tidak bernasib baik", tetapi ia mengingatkan semua orang sekali lagi: Harga boleh merampas bahagian sesaat, tidak boleh merampas kepercayaan jangka panjang. Harga rendah adalah taktik, bukan parit pertahanan. Apabila teknologi, kualiti dan perkhidmatan menjadi tiket masuk baharu, pemain yang hanya mahu kembali ke meja berdasarkan harga—adanya Zotye, atau pemain baharu yang sedang kehilangan kelajuan tertentu—akan menemui, yang benar-benar membuatkan tidak boleh tidur bukanlah rakan sepadan, tetapi bahagian keupayaan yang hilang dalam diri sendiri.

Data artikel ini bersumber daripada pengumuman awam Zotye Automotif dan laporan awam, sehingga 10 September 2026, tidak membentuk sebarang cadangan pelaburan.

【Written by/ Caiquan Circle&Dao Ge Auto Talk Ma Jianyu】In the first half of 2026, the most surreal story in the automotive industry is that Zotye Automobile, which produced no cars, achieved profitability. Referring to other automakers that continued to lose money or turned from profit to loss in the first half of 2026, if ranking automakers by profit, Zotye Automobile that produced no cars would even leave everyone far behind.

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Even more surreal is that Zotye Automobile, which has paused its whole-vehicle business for a long time, is beginning to export its car-making capabilities to overseas markets. This is also a slap in the face to many domestic automakers, because Zotye Automobile proved one thing to them — exporting KD for Chinese automotive enterprises is not difficult, and automakers that have been out of production for years can also achieve it.

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On July 16, Zotye Automobile's official public account published a post stating that Zotye Automobile and India Kaly Emotors formally signed a KD strategic cooperation master agreement, planning to jointly build an SKD construction cooperative project with an annual capacity of 30,000 sets. This means Zotye Automobile's car-making capabilities are starting to be exported to Indian local automakers.

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And will this also become the beginning of Zotye Automobile transitioning from inflated profits to real profits?

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Exporting Car-Making Capabilities to India, Just Connected with Indonesia Not Long Ago

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As the global automotive industry enters the transformation of electrification and intelligence, China's automotive industry is rising quietly, and Chinese automobiles have gained an unprecedented status in the global automotive market with the three words "New Energy". Against this backdrop, China's automobile exports have repeatedly hit new highs, ranking first in the world for three consecutive years. Even many automakers are starting to support sales with exports.

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Against this backdrop, Chinese automakers' car-making capabilities have been recognized by overseas markets, even Zotye Automobile which has been out of production for many years. According to the cooperation signed between Zotye Automobile and India Kaly Emotors, both parties will fully integrate Zotye Automobile's existing industrial resources, carry out all-around deep collaboration in the fields of production line construction, special equipment supporting, parts localization adaptation, sales channel expansion, cloud platform construction, and quickly import Zotye Automobile's A0-class models, planning to achieve the SOP mass production off the line for this model in the Indian market.

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In addition, start the development of other A0-class and B-class models at an opportune time, planning to continue to expand Zotye Automobile's market share and industry influence in the Indian market. Looking at Zotye Automobile's history, it has certain experience in New Energy A0-class models, having introduced models such as Zotye E200 and Cloud 100 in the early stage, and later also introduced models such as Jiangnan U2. To a certain extent, Zotye Automobile has a foundation in A0-class new energy models.

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At the same time, as communicated by both parties, India's new energy vehicle market also indeed has good growth potential. Data shows that the penetration rate of electric vehicles (EV) in India's passenger car market in 2025 was 4.0%. It is worth mentioning that deepening the overseas market layout is one of the strategic priorities of Zotye Automobile. Not long ago, Zotye Automobile also reached a consensus on strategic cooperation for the new energy vehicle whole industry chain with Indonesia BPKN.

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According to official statements, both parties initially discussed the phased promotion plan of the project: Phase I plans to adopt the SKD model to explore a fast production path, gradually increasing the localization rate of parts; Phase II preliminarily plans to explore the investment and construction of an integrated smart factory with an annual production capacity of 150,000 units, supporting four major processes of whole vehicle manufacturing and power battery production lines, laying out the landing of home, logistics, and pickup series new energy models.

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Zotye Restart Beginning? Can Overseas Markets Redeem its "Chaotic" Self?

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According to Zotye Automobile's 2025 annual report, in 2026, Zotye Automobile will persist in the overall idea of focusing on main business, low-cost operation, rapid resumption of production, and overseas priority, with molds and stamping parts as cash flow support, and whole vehicle resumption and new energy model landing as long-term directions. From the trends within the year, Zotye Automobile is indeed moving towards this plan.

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However, whether Zotye Automobile can be re-redeemed by overseas markets still faces many tests. First, Zotye Automobile in 2026 can be described as "chaotic" to a certain extent. In June this year, Zotye Automobile fell into a boardroom "internal struggle" storm, three directors jointly proposed to remove current Chairman Han Biwen, followed by shareholders stepping in to support Han Biwen, requesting the removal of the above three directors (due to one resignation canceling the removal against them), and then the three directors who originally proposed to remove the chairman were ousted.

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As the saying goes, when it rains it pours. On the evening of July 10, Zotye Automobile announced in a notice that the company received the "Filing Notice" issued by the China Securities Regulatory Commission, and due to suspected information disclosure violations, the China Securities Regulatory Commission decided to file against Zotye Automobile. Of course, the more important thing is financial support, after all, Zotye Automobile has lost money for too long.

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Financial data shows that since 2019, as of the end of 2025, Zotye Automobile has had annual losses for seven consecutive years, with a total net loss exceeding 25 billion yuan. At the same time, the 2025 annual report shows that the company achieved operating revenue of 521 million yuan, a year-on-year decrease of 6.66%; net loss of 367 million yuan, a year-on-year shrinkage of 63.29%; as of the end of the reporting period, the company's asset-liability ratio reached 96.54%. These directly led to Zotye Automobile's inability to restart whole vehicle manufacturing business.

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Despite the fact that in the first half of 2026, Zotye Automobile achieved profitability, "far ahead" among a group of loss-making automakers. But this time the profit is quite inflated, according to the profit forecast, Zotye Automobile expects the net profit attributable to shareholders of the parent company in the first half of the year to be between 78 million and 105 million yuan. But the core reason is that the company carried out business contraction, cancelled a large number of long-term idle, no operating activities subsidiaries and production sites, obtained compensation income of about 200 million yuan. At the same time, a number of past lawsuits reached settlements, bringing additional income of about 30 million yuan. The sum of the two one-time incomes exceeds 230 million yuan.

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In other words, Zotye Automobile's main business or car-making business has made no significant progress. And will the cooperation with Indian local automakers become the beginning of Zotye Automobile's restart?

【Penulis/Lingkaran Kewangan&Dao Bercita Kereta Ma Jianyu】Semasa separuh pertama tahun 2026, kisah paling pelik dalam industri automotif ialah Zotye yang tidak menghasilkan sekereta pun telah memperoleh keuntungan. Merujuk kepada syarikat automotif lain yang terus rugi atau beralih rugi pada separuh pertama tahun 2026, jika mengurutkan keuntungan syarikat-syarikat ini, Zotye yang tidak menghasilkan kereta malah akan memimpin jauh.

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Lebih pelik lagi, Zotye yang butang operasi perkhidmatan kereta telah ditekan buat masa yang lama, mula mengeksport keupayaan pembuatan keretanya ke pasaran luaran. Dan ini juga merupakan tamparan kepada banyak syarikat automotif domestik, kerana Zotye telah membuktikan kepada mereka satu perkara – bahawa eksport KD industri automotif China bukan sesuatu yang sukar, syarikat automotif yang telah berhenti bertahun-tahun juga boleh melakukannya.

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16 Julai, akaun rasmi media sosial Zotye memuatkan teks, Zotye dan Kaly Emotors India menandatangani Perjanjian Kerjasama Strategik Utama KD, merancang bersama membina projek kerjasama pembinaan SKD dengan kapasiti pengeluaran tahunan 30,000 unit set. Ini bermakna, keupayaan pembuatan kereta Zotye mula dieksport kepada pengeluar kereta tempatan India.

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Dan ini akan menjadi titik permulaan Zotye beralih dari keuntungan "berair" kepada keuntungan "tanpa air"?

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Mengeksport keupayaan pembuatan kereta ke India, baru-baru ini bersambung dengan Indonesia

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Semasa industri automotif global memasuki proses transformasi elektrifikasi dan kecerdasan, industri automotif China secara senyap bangkit, dan kereta China berdasarkan tiga perkataan "Kereta Baharu" mempunyai kedudukan yang belum pernah ada sebelumnya dalam pasaran automotif global. Dalam konteks ini, eksport kereta China sering kali memecahkan rekod baharu, menempati tempat pertama di dunia selama tiga tahun berturut-turut. Malah, kebanyakan syarikat automotif mula menyokong penjualan dengan eksport.

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Dalam konteks ini, keupayaan pembuatan kereta syarikat automotif China diakui oleh pasaran luaran, walaupun Zotye yang telah berhenti bertahun-tahun. Mengikut kerjasama yang ditandatangani antara Zotye dan Kaly Emotors India, kedua-dua pihak akan menyepadukan sepenuhnya sumber industri sedia ada Zotye, menjalankan kolaborasi mendalam pada tahap yang menyeluruh dalam bidang pembinaan talian pengeluaran, perbekalan peralatan khas, pelarasan tempatan komponen, pengembangan saluran jualan, dan pembinaaan cloud, membawa masuk model kereta Zotye Kelas A0 dengan pantas, merancang untuk mencapai pengeluaran massal SOP model tersebut dalam pasaran India.

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Selain itu, bermula pengembangan model lain Kelas A0 dan B secara bersempena masa, merancang untuk terus memperluas占有 pasaran dan pengaruh industri Zotye di India. Dari sejarah Zotye, ia mempunyai pengalaman tertentu dalam model kereta baharu Kelas A0, pada awalnya mempersembahkan model Zotye E200 dan Cloud 100, selepas itu pernah mempersembahkan model Jiangnan U2 juga. Pada satu tahap, Zotye mempunyai asas dalam model kereta baharu Kelas A0.

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Serta, seperti yang dibincangkan oleh kedua-dua pihak, pasaran automotif baharu India juga mempunyai potensi pertumbuhan yang baik. Data menunjukkan, pada tahun 2025, penembusan kenderaan elektrik (EV) dalam pasaran kereta persendirian India ialah 4.0%. Perlu diingat, memperdalam susunan pasaran luaran adalah salah satu fokus strategi utama Zotye. Sebelum itu, Zotye pernah mencapai konsensus kerjasama strategik industri automatik penuh dengan BPKN Indonesia.

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Berdasarkan kenyataan rasmi, kedua-dua pihak secara awal telah membincangkan perancangan projek yang dilaksanakan secara berperingkat: Fasa 1 bercadang menggunakan model SKD untuk meneroka laluan pengeluaran pantas, secara beransur-ansur meningkatkan kadar tempatan komponen; Fasa 2 secara awal merancang meneroka pembinaan kilang pintar integrasi dengan kapasiti pengeluaran tahunan 150,000 unit, menyokong empat proses pembuatan kereta utama dan talian pengeluaran bateri daya, menyusun pelaksanaan model kereta elektrik baharu siri rumah, logistik, dan pikap.

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Titik permulaan Zotye menyemula? Adakah pasaran luaran dapat "menyelamatkan" yang "kacau" ini?

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Berdasarkan Laporan Tahunan Zotye 2025, pada tahun 2026, Zotye akan kekal memfokuskan pada industri teras, operasi kos rendah, pemulihan pengeluaran pantas, dan keutamaan luaran, dengan acuan dan bahagian tekan sebagai sokongan aliran tunai, dengan pemulihan pengeluaran kereta penuh dan pelaksanaan model kereta baharu sebagai arah jangka panjang. Dari pergerakan sepanjang tahun, Zotye benar-benar sedang bergerak ke arah pelan ini.

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Akan tetapi, Zotye sama ada boleh diselamatkan semula oleh pasaran luaran masih menghadapi banyak cabaran. Pertama, Zotye pada tahun 2026 boleh digambarkan dengan perkataan "kacau" pada satu tahap. Jun tahun ini, Zotye terperangkap dalam gelombang "perang dalaman" Jawatankuasa Pengerusi, tiga ahli jawatankuasa secara bersama mengemukakan cadangan untuk melantik semula pengerusi sedia ada Han Biven, selepas itu pemegang saham turun ke medan menyokong Han Biven, mengajukan cadangan untuk membatalkan tiga ahli jawatankuasa tersebut (sebab seorang telah meletak jawatan, pembatalan terhadapnya dibatalkan), kemudian tiga ahli jawatankuasa yang mengajukan cadangan pembatalan pengerusi itu telah tersingkir.

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Ungkapan rumah bocor, hujan malam. Malam 10 Julai, Zotye mengumum dalam kenyataan bahawa syarikat menerima "Notis Kes Lantikan" yang dikeluarkan oleh Suruhanjaya Sekuriti China kerana disyaki melakukan pelanggaran maklumat perniagaan dan peraturan perniagaan, Suruhanjaya Sekuriti China memutuskan untuk mendaftarkan kes Zotye. Tentu saja, yang lebih penting adalah sokongan dana, kerana Zotye telah rugi terlalu lama.

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Data kewangan menunjukkan, sejak tahun 2019, sehingga akhir tahun 2025, Zotye telah kehilangan kerugian tahunan selama tujuh tahun berturut-turut, jumlah kerugian bersih melebihi 25 bilion Yuan. Pada masa yang sama, Laporan Tahunan 2025 menunjukkan, syarikat ini mencapai jualan 521 juta Yuan, menurun 6.66% berbanding tahun lalu; kerugian bersih 367 juta Yuan, mengecil 63.29% berbanding tahun lalu; sehingga akhir tempoh laporan, kadar liabiliti aset syarikat mencapai 96.54%. Dan ini secara langsung menyebabkan Zotye tidak dapat menyemula operasi pembuatan kereta penuh.

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Walaupun pada separuh pertama tahun 2026, Zotye telah memperoleh keuntungan, "terus terang" di kalangan syarikat automotif yang rugi. Tetapi "air" dalam keuntungan kali ini tidak sedikit. Berdasarkan pengumuman prestasi awal, Zotye merancang keuntungan bersih yang boleh dikreditkan pada separuh pertama tahun berada di zon 78 juta hingga 105 juta Yuan. Tetapi sebab utama ialah, syarikat melaksanakan pengontraksian perniagaan, membatalkan banyak syarikat anak syarikat dan tapak pengeluaran yang telah lama tidak aktif dan tanpa aktiviti perniagaan, memperoleh hasil pampasan kira-kira 200 juta Yuan. Pada masa yang sama, beberapa kes siasatan yang lalu mencapai penyelesaian, mendatangkan pendapatan tambahan kira-kira 30 juta Yuan. Dua hasil sekali gus ini jumlah melebihi 230 juta Yuan.

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Secara mudahnya, industri teras Zotye atau perniagaan pembuatan kereta tidak mempunyai perkembangan yang besar. Dan kerjasama dengan pengeluar kereta tempatan India, akan menjadi titik permulaan Zotye menyemula?