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ZAP to display its electric cars at EV KOREA

Electric vehicle pioneer ZAP and Zhejiang Jonway Automobile delivered the first electric taxi produced through their China venture, ZAP Jonway, to Korean distribution partner Samyang Optics. Several new ZAP electric vehicles will be on display at the automotive engineering technology expo EV KOREA July 14 to July 16 at the Coex exhibition center in Seoul. Samyang Optics and ZAP Jonway are the official sponsors of the event.

The ZAP Taxi is an electric SUV based on the Jonway A380 with an electric drive train designed and integrated by ZAP. Also on display is the Alias, a futuristic-looking electric car designed … Read more

Automaker ZAP buying out Chinese partner

Automaker ZAP (Zero Air Pollution) announced Thursday it has bought a majority stake in its China-based partner Zhejiang Jonway Automobile, and intends to buy out the rest of the company in the coming year.

The boards of directors for both companies approved a merger agreement on July 2 in which ZAP agreed to acquire 51 percent of Jonway Auto for $29.03 million in cash and the exclusive distribution rights for Jonway cars in exchange for 31.5 million shares of ZAP common stock at $1 per share. The deal also gives ZAP the right to buy out the remaining … Read more

Zap acquires majority stake in China's Jonway

SANTA ROSA, Calif.--Electric-vehicle-maker Zap today announced it will acquire 51 percent of Jonway Automobile Co. Ltd. as part of a strategy to tap into the growing automotive and EV market in China.

In the agreement, Zap will acquire controlling interest in Jonway for $29.03 million in cash with an addition to acquire exclusive international distribution rights to Jonway's vehicles for about 31.5 million shares of Zap common stock (valued at $1 per share, according to Zap). Zap has to right to acquire the remaining 49 percent of Jonway by March 30, 2011 at the same valuation.… Read more