Shanghai (ZXZC)- Zotye Auto, a China-based privately-owned automaker, plans to roll out over 10 NEV models by 2020 as part of its newly-launched NEV strategy targeting the next fifteen years, according to a press release from the carmaker. 

Taking the Auto Shanghai 2019 as the starting point, Zotye Auto is trying to form a single “E” series by integrating products under the existing Series Cloud, E, Z and T. Currently, the Series E contains five NEV models, namely, the EZ500, ET450, E330, ES330 and E200FCV, covering the A00-segment car, A0-segment SUV as well as A-segment all-electric sedan.

Moreover, the automaker determines to strengthen the R&D and localization efforts over core auto parts and key technologies, and independently develop fuel cells to enhance vehicles’ range, reliability and comfortability for consumers.

Last year, Zotye Auto’s full-year R&D expenses jumped 21.15% year on year to RMB712 million, according to the company’s annual report. 

Based on the ZFA architecture, the automaker aims to let over 80% of auto parts pervasively used in models relying on the same platform and acquire the ability to prepare 4 models, research 4 models and send 4 models into the market within a year. 

In 2018, Zotye Auto saw its full-year operating income drop 29.03% over the year-ago period to RMB14.764 billion. Meanwhile, the annual net profit attributable to shareholders slumped 36.34% to RMB799.887 million. The net profit excluding non-recurring gains and losses attributable to shareholders of listed company even nosedived 212.41% year on year to –RMB1.24 billion.