Zotye Receives RMB 343 Million Bank Loan Disbursement to Support EV Production Restart

[Financing Update] Zotye Automobile has received the first tranche of a RMB 343 million loan from Yongkang Rural Commercial Bank.

Core Development: Low-Interest Loan Replaces High-Interest Legacy Debt to Support Production Resumption

On January 23, 2026, Zotye Automobile announced it had signed a RMB 400 million working capital loan agreement with Zhejiang Yongkang Rural Commercial Bank. The initial disbursement of RMB 343 million has been received in installments, carrying an annual interest rate of just 2.8%, with maturity set for November 30, 2028.

Strategic Rationale: Alleviating Debt Repayment Pressure and Securing Vehicle Production Restart

The proceeds will be used to refinance previously overdue debt bearing an annual interest rate of 3.65% and to support the resumption of production in its vehicle manufacturing segment. By the end of January, the company had already repaid a combined RMB 3.85 billion in debts owed to the Bank of China and China Construction Bank’s Yongkang branch, thereby avoiding the risk of asset seizure.

Industry Impact: Launching Recruitment for Core Technical Roles, Signaling Recovery

Concurrently, Zotye has posted openings for 49 positions, focusing on key new-energy vehicle sectors including traction batteries, intelligent driving, and automotive-grade chips, sending a concrete signal of its operational restart.