Shanghai, March 26 (Gasgoo.com) Zotye Holding Group Co will unveil its own brand models built on technologies from discontinued Fiat models at next month's Beijing Auto Show, Xinhua News Agency reported.
Zotye Holding has bought from Fiat the assembly line and tooling and intellectual property rights for the Lancia Lybra by the middle of last year. Officials from both sides however, declined to give details about the transaction payment.
In the near future a 1.6-liter, Lancia Lybra will be produced under Zotye's brand in China.
According to Zotye officials, the company may go further to buy about ten other Fiat models in future, including Fiat Multipla, to reach its output target of 100,000 vehicles in 2008.
Zotye Holding was formed in 1992 in Yongkang City, Zhejiang province, as an automotive sheet metal supplier and entered the auto industry as of 2006. Currently it is expanding its main manufacturing base in Hunan for further expansion.
The company sold 31,577 units of its existing Zotye2008 vehicles during 2007. The automaker aims to sell 500,000 vehicles a year with sales revenue of RMB 50 billion ($7.1 billion) by 2012.