Zotye to launch sedan below $2,900

Shanghai August 23 (Gasgoo.com) Zotye Holding Group, an auto manufacturer in southeastern China's Zhejiang province, is set to launch a sedan below 20,000 yuan ($2,900) to the domestic market, Media reported Monday.

The sedan based on the Jiangnan Alto that Zotyoe acquired in 2007, which will be put on sale for merely 18,880 yuan, is the first car in China to be priced under 20,000 yuan.

Alto, Lifan, Chery QQ and Geely used to be involved in several fierce price wars, but none of them was sold at less than 20,000 yuan.

Zotye Holding Group is a large-size enterprise that is engaged in the research, development and manufacture of automotive vehicles, and automotive drive-train components.

The company has two complete vehicle production bases in Zhejiang and Hunan, and two vehicle brands of Zoyte Auto and Jiangnan Alto.

In 2006, the first Zotye 2008 vehicle was officially launched in the market, and the annual sales that year reached 10,000 cars.

In 2007, the Company restructured Jiangnan Alto, which resulted in the Company achieving annual sales of about 40,000 cars.

Zotye Holding Group exports its vehicles to more than 50 countries and regions covering the Middle East, Western Asia, Russia, Latin America and, recently, North America.