Shanghai (ZXZC)- According to the latest official data, Zotye Automobile sold 217,012 vehicles in the past ten months, down 16.46 percent compared with the same period of last year. By the end of October, the automaker only achieved 54.25 percent of its annual sales target, which is 400,000 units.

Its SUV models showed a year-on-year decrease of 18 percent, which may account for the company’s sales decline. Currently, Zotye has 8 SUV models under three series, which are Domy, T and S series. However, the cumulative sales of its SUV products were only 167,493 units, even less than the sales of one single popular SUV in the market.

Its sedan sales were also not that satisfactory. In the first ten months of this year, the automaker delivered 26,964 sedans, down 20.62 percent from a year earlier. Even though its electric vehicles increased 14.23 percent, the relatively smaller volume was not able to raise the total volume.

By contrast, Zotye’s financial results showed promising trend. By the end of September, the company’s revenue for this year was RMB 11.595 billion, surging 831.13 percent. The net profit for this period was RMB 0.48 billion, increasing almost tenfold over the same period of last year.

On November 8th, the Chinese automaker signed a definitive agreement with Ford Motor to invest a combined RMB 5 billion to set up a 50:50 joint venture. The new company will build electric passenger vehicles in China.