
Zotye Holding Group, an auto manufacturer in southeastern China's Zhejiang province, is set to launch a sedan below 20,000 yuan ($2,900) to the domestic market, Media reported Monday. The sedan based on the Jiangnan Alto that Zotyoe acquired in 2007, which will be put on sale for merely 18,880 yuan, is the first car in China to be priced under 20,000 yuan.