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CFMoto

CFMoto, officially known as Zhejiang CFMoto Power Co., Ltd., is a Chinese multinational corporation headquartered in Hangzhou, Zhejiang Province, that specializes in the research, development, manufacturing, and sales of powersports vehicles and components. Founded in 1989, the company produces a wide range of products including motorcycles, all-terrain vehicles (ATVs), utility task vehicles (UTVs), side-by-side vehicles (SSVs), engines, frames, parts, apparel, accessories, and electric scooters under its sub-brand ZEEHO. With over 8,000 employees and a global network of more than 5,000 dealers serving over 2 million users across 100+ countries, CFMoto operates manufacturing facilities in China, Thailand, and Mexico, emphasizing reliable, cost-effective, and innovative mobility solutions. The company's growth has been marked by strategic expansions and milestones, including its listing on the in August 2017 under code 603129 and the production of its 1 millionth in October 2024. In , CFMoto achieved historic participation as the first in the Isle of Man TT Races in May 2013 and secured the Moto3 triple crown in November 2024, alongside a Moto2 earlier that year. Key partnerships include serving as the sole distributor for KTM motorcycles in since 2013 and forming a with KTM in October 2017 for shared engine and vehicle production technologies. In recent years, CFMoto has focused on electric mobility and high-performance innovations, with the ZEEHO sub-brand reaching 100,000 units sold by 2024 and the company reporting $1.3 billion in revenue for 2021. At the 2025 show in November, CFMoto unveiled next-generation products, including the V4 SR-RR prototype superbike featuring a 210-horsepower engine and active , underscoring its commitment to advancing .

History

Founding and Early Development

CFMoto, officially known as Zhejiang CFMOTO Power Co., Ltd., was founded in February 1989 in , , by entrepreneur Lai Guogui and his father, initially operating as a small spare parts business using second-hand machinery. The company began by focusing on producing components for general machinery, particularly engines and parts aimed at the domestic market, emphasizing affordability and reliability to meet the needs of 's growing powersports sector. In the early , CFMoto expanded its operations into full , launching its first 125cc in 1992, which quickly dominated the Chinese market and laid the foundation for vehicle production. By the late , the company diversified further into , introducing its first liquid-cooled (152MI) in September 1997 and debuting a liquid-cooled scooter in May 1998, marking its entry into complete motorcycle assembly with a focus on efficient, cost-effective designs. This period saw steady growth in domestic sales, supported by an expanding workforce dedicated to refining technology for everyday reliability. Entering the 2000s, CFMoto ventured into all-terrain vehicles (ATVs), unveiling its first model, the ATV500, at the exhibition in November 2005, which featured basic, durable engines suited for off-road use in China's rural and recreational markets. In February 2006, relocated its to , Province, establishing new manufacturing plants, centers, and design facilities to accommodate this diversification and support broader penetration. This foundational phase positioned CFMoto for later international expansion through strategic partnerships.

Expansion, Partnerships, and Milestones

In 2011, CFMoto established a with the Austrian manufacturer KTM, initially serving as the exclusive importer of KTM models in and later expanding to include the assembly of CKD (completely knocked down) kits, engine technology sharing, and co-development of models to enhance CFMoto's engineering capabilities. Diversifying beyond powersports, CFMoto entered the yacht production sector in , marking its initial foray into marine vessels as part of a broader strategy to leverage its engine manufacturing expertise for high-end recreational products. A significant milestone occurred in 2017 when CFMoto formed the CFMoto-KTMR2R with KTM, enabling the production of KTM motorcycles in under a shared ownership structure (CFMoto holding 51% and KTM 49%) and focusing on market expansion and technology integration; the same year, CFMoto listed on the under stock code 603129, raising capital to support its growth ambitions. The plant became operational in August 2020 with an annual capacity of 50,000 motorcycles. In 2020, CFMoto launched its electric sub-brand Zeeho, aimed at solutions with a focus on sustainable, high-performance electric vehicles, debuting the Cyber concept scooter as its model to younger riders in metropolitan areas. To support global expansion, CFMoto opened a facility in in December 2021 with a capacity of 40,000 vehicles per year, followed by a factory in in July 2023. Key milestones in CFMoto's expansion included achieving an annual production capacity exceeding 600,000 vehicles by the mid-2010s, reflecting scaled-up to meet domestic and growing international demand, and initiating exports to and during the decade, which established its foothold in key global markets through distributors and direct sales channels. In October 2024, the company produced its 1,000,000th . By December 2024, the Zeeho sub-brand had delivered its 100,000th electric scooter.

Business Operations

Manufacturing and Production Capacity

CFMoto's primary operations are centered in , , where the company maintains its headquarters across two campuses spanning 280,000 square meters and employing over 8,000 people as of 2025. These facilities encompass dedicated plants for production, fabrication, and final , enabling the company to handle the full spectrum of for motorcycles, all-terrain vehicles (ATVs), utility terrain vehicles (UTVs), and side-by-side vehicles (SSVs). The complex includes specialized sections for two-wheeled products, off-road vehicles, and component , supported by in-house testing tracks and R&D centers to ensure throughout the production process. The company's reported annual production capacity exceeds 800,000 engines and more than 600,000 complete vehicles, reflecting significant scale in outputting powertrains and assembled units for global distribution. This capacity is bolstered by advanced automation in assembly lines, such as those capable of producing up to 400 motorcycles per day in , contributing to efficient scaling for diverse vehicle types. Engine in particular highlights CFMoto's expertise, with facilities producing liquid-cooled units ranging from 300cc to 1,300cc displacements, including LC8-series engines developed through from its with KTM. Recent expansions have enhanced CFMoto's production infrastructure, including the establishment of overseas assembly facilities to support regional markets and . A in , operational since December 2021, has an annual capacity of 40,000 vehicles, while a Mexican plant opened in July 2023 targets North American demand with localized assembly. Under the ZEEHO sub-brand for electric mobility, launched in December 2020, CFMoto has integrated dedicated lines for production, achieving delivery of 100,000 electric scooters by December 2024. These developments incorporate advanced automation, as seen in the integration of for 2025 models like the CFORCE TECH GEN⁴ ATV concept, which features and adaptive technologies derived from enhanced manufacturing processes.

Global Sales and Marketing

CFMoto distributes its products across more than 100 countries through a network exceeding 5,000 dealers and partners worldwide, with particularly strong market presence in , , and . In , the company has held the top position for utility terrain vehicles (UTVs) and all-terrain vehicles (ATVs) since 2018, while in , it benefits from dedicated subsidiaries supporting localized sales. remains a core stronghold due to its manufacturing base in and expanding facilities in . The company's export strategy has evolved significantly since the 2000s, when operations were primarily domestic-focused in China, to a robust international orientation by 2025, with international sales comprising over 60% of total volume as early as 2020 and continuing to grow amid strong regional expansions. This shift is supported by the establishment of CFMOTO USA in 2007, which serves as the primary hub for North American distribution and has facilitated entry into key markets like the United States. Overseas sales in the first half of 2025 showed notable gains, including 54% growth in Europe, 46.1% in North America, and 97.6% in Latin America, underscoring the effectiveness of targeted export initiatives. CFMoto's marketing strategies emphasize affordability, high performance, and strategic partnerships to appeal to a broad consumer base seeking value-driven powersports options. A key element is its long-standing collaboration with KTM, which includes co-branded models like the produced at CFMoto facilities, enhancing brand credibility through shared and . Recent campaigns, such as the "Future Faster" unveiled at 2025, highlight innovations in electric and high-performance vehicles to position the brand as forward-thinking and accessible. This approach has driven sub-brand launches like CFLITE for affordable entry-level products, broadening market reach. In addition to consumer markets, CFMoto has entered the police and utility sectors, particularly in China, where models like the CF650-2 and CF1250J serve as enforcement vehicles for public security agencies across multiple provinces. The CF1250J, featuring a 1,279 cc V-twin engine and specialized equipment for patrol duties, represents one of the most powerful motorcycles deployed by Chinese law enforcement. These applications demonstrate the durability and adaptability of CFMoto's lineup beyond recreational use.

Financial Performance

CFMoto, through its listed entity Zhejiang CFMoto Power Co., Ltd. (stock code: 603129 on the ), has demonstrated robust financial growth since its public listing in August 2017. The company's has expanded significantly, reaching approximately CNY 38.57 billion as of late 2025, fueled by strategic initiatives in development and successes in international motorsports competitions. This growth reflects broader trends in the powersports industry, where CFMoto has capitalized on increasing global demand for recreational and utility vehicles. In 2019, the company reported baseline of CNY 4.43 billion and net profit attributable to shareholders of CNY 181 million, establishing a foundation amid early expansion efforts. By 2023, had surged to CNY 12.11 billion, with attributable profit reaching CNY 1.01 billion, marking substantial year-over-year improvements driven by enhanced production efficiencies and . This performance underscored CFMoto's operational scaling, with net margins reflecting better cost management in core and segments. The momentum continued into 2024, where trailing twelve-month revenue as of September 2025 stood at approximately USD 2.56 billion (equivalent to about CNY 18.48 billion), supported by diversified product offerings. Attributable profit for the full year grew 46% year-over-year to CNY 1.47 billion, highlighting resilient profitability amid global economic challenges. Entering 2025, CFMoto's first-quarter revenue reached CNY 4.25 billion (approximately USD 0.59 billion), signaling accelerated growth potentially tied to electric vehicle launches and export expansions. Overall first-half 2025 sales grew 10.2% year-over-year. As of November 2025, the company employs approximately 9,000 people. Analysts project full-year earnings per share (EPS) at around CNY 12, with the stock trading at a price-to-earnings (P/E) ratio of 21.06 as of late 2025, indicating investor confidence in sustained innovation and market positioning. Overall, these metrics illustrate CFMoto's transition from a regional player to a globally competitive entity, with financial health bolstered by strategic investments in sustainable technologies and brand visibility through racing.

Product Lines

Motorcycles

CFMoto's motorcycle lineup encompasses engine displacements ranging from 125cc to approximately 1,300cc, offering options across diverse categories to suit entry-level riders, urban commuters, enthusiasts, and long-haul adventurers. The NK series focuses on naked street bikes with upright and agile handling, while the SR series delivers -oriented models emphasizing and performance. Complementing these, the MT series targets adventure riding with rugged versatility, and the TR-G line provides premium touring capabilities featuring advanced comfort and technology integrations. Many engines in higher-displacement models incorporate technology derived from CFMoto's with KTM, enhancing reliability and power delivery. Among standout models, the 250 SR serves as an accessible entry-level powered by a 249cc , delivering around 28 for nimble city and track-day fun. The 650 NK naked street bike employs a 649cc parallel-twin producing 60 , balancing and for everyday commuting and spirited rides. For higher performance, the 675 SR-RC supersport utilizes a 675cc DOHC inline-three with 95 and 52 lb-ft of , paired with fully adjustable for aggressive cornering. The 1250 TR-G adventure tourer stands out with its 1,279cc generating 143 and 88 lb-ft of , equipped with brakes, a 12.3-inch TFT display, and optional features like heated seats; a specialized variant, the CF1250J, adapts this platform for with reinforced framing and integrated lighting. CFMoto extends its portfolio into electric mobility through the Zeeho sub-brand, which specializes in urban commuters and scooters. The Zeeho AE8 exemplifies this with its liquid-cooled offering up to 105 km range and quick for , blending sleek with practical features like app connectivity. Looking ahead, Zeeho unveiled 2025 electric prototypes including the AE8 MAX and AE7 at , promising enhanced battery tech and extended urban range for sustainable riding. At 2025, CFMoto showcased significant advancements, including the V4 SR-RR superbike concept featuring a 997cc 90-degree with 210 , adaptive for downforce optimization, and semi-active for superior . Additionally, the 2026 1000MT-X model was revealed, powered by a 946cc parallel-twin producing 111 and 105 Nm of torque, designed for off-pavement exploration with enhanced ground clearance and electronic aids. These developments underscore CFMoto's push toward high-performance innovation in the segment.

All-Terrain Vehicles (ATVs)

CFMoto's All-Terrain Vehicles (ATVs), primarily under the CFORCE series, are designed as single-rider quad bikes for off-road recreation and utility tasks. The lineup features engines ranging from 400cc to 1,000cc, catering to a variety of rider needs from entry-level to demanding work applications. For instance, the CFORCE 500 employs a 500cc liquid-cooled producing 34 horsepower, positioning it as a versatile recreational model suitable for beginners and casual explorers. In contrast, the CFORCE 1000 utilizes a more robust 963cc delivering 84 horsepower, enabling high-power utility performance for towing and heavy-duty hauling. Key features enhance both maneuverability and practicality across the CFORCE models. Electronic power steering (EPS) provides speed-sensitive assistance, reducing effort at low speeds while offering stability at higher velocities, which is standard on models like the CFORCE 500 and 1000. Independent double A-arm at both front and rear, with preload adjustable oil-damped shocks, delivers up to 10.6 inches of clearance and smooth handling over rough . Cargo capacities support work and recreational use, with front and rear racks rated for 99 pounds and 198 pounds respectively on the CFORCE 1000, allowing transport of gear or tools; towing capacity reaches 1,800 pounds on this model. Additionally, the 2024 CFORCE 1000 rally-spec, known as the Dakar Edition with a tuned producing up to 89 horsepower, has been deployed in competitive off-road events like the . Recent innovations underscore CFMoto's push toward advanced ATV technology, exemplified by the CFORCE TECH GEN⁴ concept unveiled at 2025. This prototype introduces a flexible design for improved maneuverability, paired with hydraulic featuring variable ground clearance and a disconnecting sway bar for adaptive terrain response. Safety and control enhancements include all-wheel steering, (ATV ), adaptive front lighting, and hill descent assist, building on the Gen 4 platform to elevate rider connectivity and performance in challenging environments.

Utility Terrain Vehicles (UTVs)

CFMoto's Utility Terrain Vehicles (UTVs), marketed under the UFORCE series, are engineered for demanding work environments, emphasizing robust hauling capabilities and versatile performance for tasks such as farming, ranching, and light construction. The lineup spans models from the UFORCE 500 to the UFORCE 1000, featuring engine displacements ranging from 495cc single-cylinder units in entry-level variants to 998cc three-cylinder or 963cc V-twin configurations in higher-end options like the U10 Pro and U10 XL Pro, delivering power outputs up to 88 horsepower. These vehicles accommodate seating for 2 to 4 passengers in standard configurations, with extended models like the UFORCE 1000 XL offering capacity for up to six, while maintaining a focus on handling up to 1,000 pounds in the cargo dump bed. Key features of the UFORCE UTVs include power-assisted dump beds for efficient material transport, integrated front winches with capacities up to 3,500 pounds for and , and selectable 4x4 drive systems with electronic to navigate rough terrain. Designed for both agricultural duties—like hauling feed or tools across fields—and recreational hauling, these vehicles incorporate durable and high ground clearance up to 10.5 inches to withstand prolonged use in varied conditions. In 2025 models, such as the UFORCE 1000 and U10 Pro, CFMoto introduced advanced PULSE TFT digital dashboards and 8-inch touchscreens for real-time monitoring of vehicle diagnostics, navigation, and connectivity features like integration. Positioned as cost-effective options in the UTV segment, CFMoto's UFORCE models offer comparable features to established like and at prices up to 30% lower, appealing to budget-conscious operators without sacrificing essential durability. Exports of these UTVs target North American markets, particularly farms and ranches where their workhorse reliability supports daily operations like and equipment transport.

Side-by-Side Vehicles (SSVs)

CFMoto's ZFORCE series represents its lineup of recreational (SSVs), engineered for dynamic off-road performance and exploration. These models prioritize sport-oriented handling, with features tailored for enthusiasts seeking agile navigation through dunes, rugged paths, and varied terrain. Unlike utility-focused , ZFORCE SSVs emphasize speed, responsive , and driver engagement over practical hauling. The series spans models from the entry-level ZFORCE 500, equipped with a 495cc single-cylinder engine producing 38 horsepower, to more powerful options like the ZFORCE 950 Sport and Z10. The ZFORCE 800 Trail features an 800cc V-twin engine delivering 58 horsepower and 50 lb-ft of torque, while the ZFORCE 950 variants use a 963cc V-twin for 83 horsepower and 63 lb-ft of torque; the top-tier Z10 employs a turbocharged 998cc triple-cylinder engine generating 143 horsepower and 100 lb-ft of torque. These powertrains enable top speeds up to 75 mph in sport models, supporting enthusiastic trail riding. Suspension systems enhance the sporty profile, with high ground clearance ranging from 10 inches on the 800 Trail to 14 inches on the Z10, allowing clearance over obstacles during aggressive maneuvers. The Z10 incorporates QSE shocks with Eibach springs and three adjustable modes for optimized damping on rough trails, while 950 models use high-pressure gas shocks with piggyback reservoirs and three-position compression adjustment for precise control. All models share dual A-arm setups front and rear, providing 10-14 inches of travel to absorb impacts and maintain stability at speed. Seating configurations accommodate 2 to 4 passengers, with bolstered sport seats, three-point harnesses, and half doors for security during spirited rides. Turbo options on the Z10 boost acceleration for bashing, complemented by standard LED RideVision headlights and taillights for low-light visibility. For 2025 models, updates include premium interior enhancements such as flat-bottom wheels for better knee clearance, 5-inch RideSync displays, and adjustable bolstered seats to improve comfort on extended adventures in demanding conditions. ZFORCE SSVs stand out with sportier tuning, including dual power modes and , targeting global and markets where quick responsiveness trumps work utility. These vehicles are produced alongside ATVs and UTVs at CFMoto's facilities, leveraging shared assembly lines for efficiency.

Motorsports Involvement

Grand Prix Racing

CFMoto entered the Moto3 class of the FIM MotoGP World Championship in 2022 through a partnership with the PrüstelGP team, fielding KTM-based motorcycles rebadged as CFMoto machinery. The team debuted with riders Xavi Artigas and Carlos Tatay, marking the Chinese manufacturer's initial foray into Grand Prix road racing. In their debut season, the team achieved its first podium finish when Tatay secured third place at the Indonesian Grand Prix in Mandalika, a significant milestone under challenging hot conditions. The partnership with PrüstelGP continued into 2023, with Artigas and as riders, allowing CFMoto to build experience in the 250cc prototype class while benefiting from provided by KTM, including and shared through their collaboration. Progress accelerated in 2024 when CFMoto shifted to a full factory alliance with the Team, forming the CFMOTO Gaviota Team for both Moto3 and Moto2 categories. This partnership yielded extraordinary results in Moto3, where rider dominated the season, securing 14 victories—including the team's first win at the —and contributing to 17 podium finishes overall. Alonso's performance propelled CFMoto to the 2024 Moto3 Constructors' Championship title with 421 points, the first such achievement for a Chinese manufacturer in racing history. As of 2025, CFMoto maintains its focus on the Moto3 class with the , utilizing 250cc prototypes enhanced by ongoing KTM technical collaboration, while no independent Moto2 program is pursued beyond the shared entry. The team continues participation in the 2025 season, with new riders stepping up following Alonso's promotion to Moto2, emphasizing circuit-based development for their production 300cc sportbike lineup.

Off-Road Rally Racing

CFMoto entered the (W2RC) in 2024 via its Thunder Racing Team, marking the brand's debut in international rally-raid events with a modified of the CForce 1000 utility terrain vehicle (UTV) competing in the quad category. The team's program covered nearly the full season, including the , Desert Challenge, and Rallye du Maroc, leveraging the CForce 1000's production roots as a robust side-by-side UTV adapted for extreme desert conditions. In 2024, CFMoto achieved significant milestones, securing a 5th-place overall finish at the with driver Antanas Kanopkinas, the best result for a brand in the event's class. The team followed with 2nd and 3rd places at the Desert Challenge, demonstrating improved reliability over the grueling five-stage desert course. Their season peaked at the Rallye du Maroc, where Kanopkinas claimed 1st place in the category, earning CFMoto its first W2RC victory and highlighting the vehicle's competitive edge against established rivals like . The 2025 W2RC season saw CFMoto's Thunder Racing Team build on prior success, contesting all rounds with a rotated driver lineup including Gaëtan Martinez and Antanas Kanopkinas to optimize performance and gather data on vehicle endurance. Key results included 1st and 2nd places at both the and Desert Challenge, with the campaign culminating in the team's first Quad World Championship title, clinched by Martinez at the BP Ultimate . These efforts emphasized durability testing, applying insights to refine ATVs and UTVs for enhanced off-road resilience. The rally-prepped CForce 1000 features a 963cc delivering approximately 84 horsepower, paired with a reinforced designed to withstand high-impact terrain and long-stage demands. Unique off-road adaptations include advanced systems for precise route tracking in remote areas, along with upgraded and protective elements to ensure reliability across varied environments.

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