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In the face of growing concerns over "overcapacity in the Chinese auto industry," a privately-owned company from Zhejiang, Zhejiang Yongkang Zhongtai Group (formerly Tieniu Group, hereafter referred to as "Zhongtai Group"), has taken a bold step by entering the competitive automotive market. On January 10th, the company officially launched its first complete vehicle, signaling a major shift in its business strategy.
Recently, the "Zhongtai 2008" small urban recreational vehicles produced by the Zotye Group were mass-offlined. Interestingly, this model closely resembles the FAW Toyota Trek in appearance, with only minor differences in front design and dimensions. The logo on the vehicle, however, is clearly Zotye's, raising questions about the originality of the design.
Auto parts companies are increasingly turning their attention toward producing complete vehicles. According to insiders, the new Zotye car had already rolled off the assembly line six months ago but was unable to obtain the necessary "production permit." As a result, it has been parked in the company's lot for months. This latest development comes after the establishment of a new plant in Chengdu.
Upon checking the 113th batch of vehicle announcements released by the National Development and Reform Commission, the reporter found that the new car will be launched under the name RX6400. The announcement also states that Chengdu Xindidi Automobile Co., Ltd. has been approved to set up a non-independent legal person manufacturing branch called "Chengdu New Dadi Automobile Co., Ltd. Yongkang Zhongtai Branch." The production address is listed as the Yongkang Hardware Technology Industrial Park, where Zotye Group is based.
Originally established in 1992, Zotye Group started as a manufacturer of automotive sheet metal parts and molds. In 1999, it acquired an automobile company in Xiaoshan and was added to the National Development and Reform Commission’s modified car production directory in October 2001. After acquiring the auto parts listed company Huangshan Jinma (000980 SH) in 2003, the company expanded its platform significantly.
However, Zotye initially only held the qualification to produce trucks. The dream of producing passenger coaches and even cars remained unfulfilled for years—until now. Industry experts suggest that the maturing supply chain and shrinking profit margins have pushed many Zhejiang-based auto parts companies to consider full vehicle production. Whether this transition is successful, though, will ultimately depend on market response.
For the first time, private enterprises have made a breakthrough into the top ten automotive manufacturers in China. According to recent data from the China Association of Automobile Manufacturers, private companies like Geely Auto have gained significant market share. In 2005, Geely became the only privately-owned automaker among the top ten, with sales reaching 149,000 units—a 49% increase from the previous year.
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 weak commercial vehicle sales, Dongfeng and BAIC experienced more noticeable growth. Meanwhile, Chery and Geely entered the competition for the first time, showcasing the evolving landscape of China's auto industry.