Zotye Appoints Han Biwen as Chairman—Can It Reverse Years of Losses?

On January 15, Zotye Automobile announced the election of Han Biwen as Chairman of its ninth Board of Directors. Born in 1978, Han brings over two decades of experience from Chery Automobile and assumed the role of President of Zotye on November 28, 2024. This appointment follows the resignation of former Chairman Li Lizhong on December 29, 2023, due to personal reasons, highlighting the company's frequent leadership changes. Zotye reached its peak annual sales of 330,000 vehicles in 2016, but sales have since declined sharply—only 14 vehicles were sold throughout 2024. The company has reported losses for six consecutive years since 2019 and is expected to remain unprofitable in 2025, although its net assets at year-end remain positive. All eyes are now on whether the new chairman can steer Zotye out of its current crisis.