Update on Alias production from ZAP Jonway Consolidated Quarterly Report
SANTA ROSA, California (May 23, 2011) — ZAP Jonway (OTC BB: ZAAP) recently filed its Form 10-Q for the quarterly period ended March 31, 2011, which included consolidated financial results for the first time taking into account ZAP’s acquisition of 51% of the equity shares of Zhejiang Jonway Automobile Co. Ltd., or Jonway Automobile, located in Sanmen, Zhejiang, China, in January 2011. We refer to this transaction as the Jonway Acquisition. The Jonway Acquisition was the result of a yearlong effort by both parties. Jonway Automobile is an ISO 9000 production-ready automobile manufacturer in China with facilities that were installed in 2009. Through the Jonway Acquisition, ZAP has been able to gain access to a cost-competitive production team in China with manufacturing expertise and access to China’s growing electric vehicle, or EV, market. This complementary relationship is further enhanced by ZAP’s EV technology and expertise, which adds to Jonway Automobile’s existing traditional vehicle sales business and broadens its global sales footprint.
The press release provided an update on the development plans for the Alias:
In addition, ZAP Jonway plans to deliver early pre-production models of the A380EV to the Shanghai Yangpu government for its Green City Project in the second quarter of 2011. The full production of the A380EV is expected in the latter part of the fourth quarter of 2011. ZAP Jonway anticipates that the Alias model will follow in early 2012.
Read more at ZAP Global News