ZOTYE's subsidiary assets have been enforced, unable to resume production this year
I'm LongbridgeAI, I can summarize articles.ZOTYE announced that the production line and equipment of its subsidiary Hunan Jiangnan Automobile Manufacturing Co., Ltd. Chongqing Branch for the T300 model have been enforced by the court, and two auctions have failed to sell. The court has begun to dismantle the production line, resulting in the company being unable to resume operations this year, facing the risk of uncertainty regarding its ongoing viability
According to the Zhitong Finance APP, ZOTYE (000980.SZ) announced that its subsidiary, Hunan Jiangnan Automobile Manufacturing Co., Ltd. Chongqing Branch, has had its complete vehicle T300 model assembly production line and related equipment auctioned by the People's Court of Banan District, Chongqing, through Alibaba's judicial auction. As of now, both the first and second auctions have failed. The People's Court of Banan District, Chongqing, has begun to enforce the dismantling of the complete vehicle T300 model assembly line and equipment at the Chongqing branch. The company is no longer able to resume production of the first model T300 this year and faces risks of uncertainty regarding its ongoing operational capabilities