CFMoto: the group, its brands and who controls it
Facts checked
- Private
- SSE 603129
Listing: 2.0% of PIERER Mobility AG, reported in its 2024 annual report
CFMoto was founded in Hangzhou in 1989 by Lai Guoqiang and listed in Shanghai in 2017. It makes motorcycles from about 125cc upward, ATVs and side-by-sides, marine and general engines, and electric two-wheelers under the Zeeho name.
Its relationship with KTM has two parts and they have moved in different directions. The manufacturing joint venture CFMOTO-KTMR2R, set up in Hangzhou in October 2017 with KTM holding 49%, assembles KTM models for China and continues; CFMoto also builds KTM's LC8c engines. The European distribution deal, under which KTM sold CFMOTO and Zeeho products in Austria, Germany, Spain, Switzerland and the United Kingdom, ended on 31 May 2025 during KTM's insolvency. CFMoto had increased its holding in KTM's listed parent PIERER Mobility to 2.0% and was reported as a possible buyer of the group before India's Bajaj prevailed.
The United States is one of CFMoto's largest markets. Its US arm opened a 100,000 square foot headquarters in Plymouth, Minnesota, on 1 November 2023, sells through more than 600 dealers and held 9.2% of the combined US ATV and side-by-side market at that point. Group revenue reached CNY19.75 billion in 2025.
Key facts
| Chinese name | 春风动力 “chwun-FUNG DONG-lee” 春风 'spring breeze' + 动力 'power' |
|---|---|
| Legal name | Zhejiang CFMOTO Power Co., Ltd. |
| Ownership | Private |
| Founded | 1989 by Lai Guoqiang |
| Headquarters | Hangzhou, Zhejiang, China |
| Vehicles | Motorcycles |
| Listings | SSE 603129 |
| 2025 revenue | CNY19.75 billion, up 31.3%, with earnings of CNY1.68 billion |
| KTM joint venture | CFMOTO-KTMR2R, Hangzhou, KTM 49%, announced October 2017 |
| Stake in KTM's listed parent | 2.0% of PIERER Mobility AG, reported in its 2024 annual report |
| US operations | US headquarters in Plymouth, Minnesota, opened 1 November 2023; more than 600 US dealers |
| US market share | 9.2% of the combined US ATV and side-by-side market as at late 2023 |
| Listing | Shanghai Stock Exchange since 2017, code 603129 |
Ownership tree
Who controls CFMoto?
Lai Guoqiang controls CFMoto since 1989.
Lai Guoqiang founded CFMoto in 1989 and the family remains at the head of the company; his son Lai Minjie is chief executive. No personal percentage was published in the sources we read.
| Holder | What it is | Share | Since | What the source says |
|---|---|---|---|---|
| KTM AG | runs a joint venture with | 49% of the joint venture | October 2017 | KTM holds 49% of CFMOTO-KTMR2R Motorcycles Co., Ltd. in Hangzhou, the venture that builds and sells KTM motorcycles in China. The stake is in the joint venture, not in CFMoto itself. |
Stakes and ventures CFMoto holds
These are holdings that are not outright ownership, so they are not in the tree above. A joint venture is a third company the two parents built together: the percentage is a share of that venture, never a holding in the partner.
| Holding | What it is | Share | Since | What the source says |
|---|---|---|---|---|
| PIERER Mobility AG (now Bajaj Mobility AG) | holds a stake in | 2% | not published | CFMOTO increased its holding in the listed PIERER Mobility AG to 2.0%, a figure stated in that company's 2024 annual report. The 2025 restructuring under which Bajaj took control is likely to have changed it; we did not verify the current position. |
| PIERER Mobility AG (now Bajaj Mobility AG) | holds a stake in | 2% | 6 July 2023 | CFMoto raised its holding in the listed Austrian parent of KTM, Husqvarna Motorcycles and GasGas to 2.0%, announced on 6 July 2023, alongside a wider agreement on product strategy, joint development and sales. The two have run a Hangzhou joint venture since about 2013 that builds KTM's LC8c parallel-twin models, and KTM has distributed CFMoto motorcycles in Germany, Austria, Switzerland, Spain and Britain since January 2023. Bajaj Auto took control of the Austrian parent in November 2025 and renamed it Bajaj Mobility AG; whether CFMoto still holds the 2% was not verified. |
Brands
| Brand | Held | Origin | Founded | Models | Markets |
|---|---|---|---|---|---|
| 春风CFMoto | directly | China | 1989 | 0 | 7 |
Joint ventures
| Venture | Partner | Since | Note |
|---|---|---|---|
| CFMOTO-KTMR2R Motorcycles Co., Ltd. | KTM AG | October 2017 | Hangzhou joint venture in which KTM holds 49%, formed to build and sell KTM motorcycles in China. CFMOTO also builds KTM's LC8c parallel-twin engines. The separate arrangement under which KTM distributed CFMOTO and Zeeho products in five European markets ended on 31 May 2025. |
CFMoto: questions people ask
- Is CFMoto Chinese?
- Yes. CFMoto is Zhejiang CFMOTO Power, founded in Hangzhou in 1989 and listed on the Shanghai Stock Exchange. Its US arm in Minnesota is a subsidiary, not the owner.
- Does KTM own CFMoto?
- No, and it never has. The relationship runs the other way in part: KTM holds 49% of their Chinese joint venture CFMOTO-KTMR2R, and CFMoto took a 2.0% shareholding in KTM's listed parent.
- Is CFMoto still linked to KTM after the insolvency?
- The Chinese manufacturing joint venture continues. The European distribution agreement, under which KTM sold CFMOTO and Zeeho products in five markets, ended on 31 May 2025, and Bajaj rather than CFMoto ended up taking control of the KTM group.
- Are CFMoto vehicles sold in the United States?
- Yes. CFMOTO Powersports sells motorcycles, ATVs and side-by-sides through more than 600 US dealers, from a headquarters in Plymouth, Minnesota.
Related
Sources for CFMoto
- Wikipedia, CFMoto. Read . Founder, founding year, listing, Zeeho, KTM partnership history.
- Bajaj Mobility AG (formerly PIERER Mobility AG), KTM concludes joint venture in China. Read . Release dated 10 October 2017 naming CFMOTO-KTMR2R and KTM's 49%.
- MCNews, PIERER Mobility and CFMOTO strengthen partnership. Read . CFMOTO's holding in PIERER Mobility raised to 2.0%.
- StockAnalysis, Zhejiang CFMoto Power Co Ltd stock overview. Read . 2025 revenue and earnings.
- Powersports Business, CFMOTO Hosts Grand Opening of New U.S. Headquarters. Read . Plymouth, Minnesota headquarters, dealer count and US market share.