Core Viewpoint - The financial report of Zotye Auto for 2024 reveals a dramatic decline in performance, with zero vehicle production, only 14 units sold, and a net loss of 1 billion yuan, highlighting the company's significant struggles in the automotive market [2][4][12]. Financial Performance - Zotye Auto reported a total sales revenue of 558 million yuan in 2024, a year-on-year decrease of 23.96% [2]. - The net loss attributable to shareholders was 1 billion yuan, an increase in loss of 6.82% compared to the previous year [2]. - Over the past three years, Zotye Auto has accumulated losses nearing 3 billion yuan [2]. Production and Sales Data - In 2024, Zotye produced zero new vehicles, a 100% decrease from 1,108 units in 2023 [3]. - The sales volume of vehicles plummeted by 98.74%, from 1,112 units in 2023 to just 14 units in 2024 [3]. - The inventory of vehicles decreased slightly by 4% to 336 units [3]. Historical Context - Zotye Auto was founded in 2003 and initially gained popularity through a strategy of imitation and low pricing, achieving significant sales in the SUV market during its peak years [4][6]. - The company faced a turning point in 2018 due to quality issues, leading to a drastic drop in sales and a net loss of 11.1 billion yuan in 2019 [6][7]. Market Position and Competition - The rise of domestic new energy vehicles has intensified competition, leaving Zotye's older models, such as the T300, struggling to gain traction in the market [9][11]. - Zotye's attempts to re-enter the market with new models have been met with limited success, as evidenced by the T300's sales of only 111 units in 2023 and further decline to 14 units in 2024 [8][9]. Management and Strategic Challenges - The company has seen significant changes in its management team, with multiple high-level executives resigning without reversing the company's downward trend [11]. - Research and development investment has drastically decreased, with only 5.7 million yuan allocated in 2024, down 86.97% from the previous year [11]. Conclusion - Zotye Auto's journey from a once-prominent player in the automotive industry to its current state of financial distress serves as a cautionary tale for companies lacking core technology and user-centric strategies in a rapidly evolving market [12][14].