Sources from Zotye Auto Company said that Zotye has finalized the acquisition of Jiangnan Aotuo and thus obtaining permission to produce sedans in the future.
At the Shanghai Auto Show 2007 an official from Zotye was reported to have said that through acquiring 70 percent share from Jiangnan auto, Zotye now possesses the production base of jiangnan Aotuo. The final agreement was reached after several rounds of negotiations by the leaders of the two parts, sources say.
Zotye Auto unveiled 1.3L and 1.5L Zotye2008 sport-utility vehicles at this year's auto show, two 0.8L and 1.1L Jiangnan Aotro were also showcased at the same display.
Zotye Auto is a subsidiary of China Zotye Holding Group (formerly Zhejiang Tech-New Group), which is a local manufacturer of scooters and ATVs. The company will redesign the original Jiangnan Aotuo and will develop mid-range & economic sedans. Zotye Auto aims to reach an annual production and sales capacity of 300,000 units by 2010.
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