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In the midst of growing concerns over "overcapacity" in China's auto industry, a privately-owned company from Zhejiang, Zhejiang Yongkang Zhongtai Group (formerly known as Tieniu Group), has taken a bold step into the competitive automotive market. On January 10th, the company officially entered the scene with its ambitious move.
Recently, the "Zhongtai 2008" small urban recreational vehicles, produced by Zotye Group, were mass-offlined. These vehicles, aside from minor differences in front design and dimensions, closely resemble FAW Toyota Trek models, with only the logo distinguishing them. The resemblance raised questions about originality and brand identity.
Auto parts companies are increasingly shifting their focus toward complete vehicle manufacturing. According to insiders, the new model had already rolled off the production line six months ago but was unable to obtain the necessary "production permit," leaving it parked in the company's lot. This time, the production is backed by a new player in Chengdu.
Upon checking the latest batch of vehicle announcements issued by the National Development and Reform Commission, it was found that Chengdu Xindidi Automobile Co., Ltd. will launch a new model named RX6400. Additionally, the announcement approved the establishment of a non-independent legal entity, Chengdu New Dadi Automobile Co., Ltd. – Yongkang Zhongtai Branch, located at the Yongkang Hardware Technology Industrial Park, where Zotye Group is based.
Zotye Group, founded in 1992, originally specialized in automotive sheet metal parts and molds. Around 1999, it acquired an automobile company, and in October 2001, it was listed on the National Development and Reform Commission's modified car production directory. In 2003, after acquiring the auto parts company Huangshan Jinma (000980 SH), Zotye gained a broader platform for growth.
However, up until now, Zotye had only secured the right to produce trucks. Producing passenger cars or coaches remained a long-held dream, which they have finally realized. Industry experts suggest that the maturity of the supply chain and shrinking profit margins in the auto parts sector have driven many Zhejiang-based companies to transition into full vehicle manufacturing.
Whether this shift marks a successful transformation remains to be seen, but the market will ultimately determine its fate.
For the first time, private enterprises have made their mark among the top ten automotive manufacturers in China. Recent data from the China Association of Automobile Manufacturers shows that in 2005, private companies held a significant share of the market. Among them, Geely Automobile stood out as the only privately-owned automaker in the top ten, selling 149,000 units that year—a 49% increase compared to the previous year.
According to the same association, FAW, SAIC, and Dongfeng still dominated the top three positions. Changhe and Jinbei exited the competition, while Chery and Geely entered the race for the fourth to tenth spots. The top five automakers—FAW, SAIC, Dongfeng, Changan, and Beijing Automotive—each sold over 500,000 vehicles. While FAW saw a slight decline due to poor commercial vehicle sales, Dongfeng and BAIC experienced more noticeable growth.