Zotye Automobile's Chongqing assets face judicial auction

Zotye Automobile announced that a court has initiated a judicial auction of assets belonging to its Chongqing subsidiary. The auction involves a complete vehicle assembly line with an appraised value of 28.1 million yuan and starting bid of 19.7 million yuan.

The action stems from a lease contract dispute and will prevent the Chongqing base from resuming production if completed.