ZAP Acquires Chinese Carmaker Jonway
Electric-car maker and distributor ZAP said today it agreed to acquire Zhejiang Jonway Automobile Co. Ltd., a Chinese maker of electric vehicles. Zap said the move will expand its distribution network and give it access to the Chinese market where demand for electric vehicles, particularly among consumers, is growing rapidly.
The Santa Rosa, Calif., company says it has sold more than 117,000 electric vehicles in 75 countries since 1994. Most of its sales are to military, government and corporate fleets. The company also makes electric motorcycles, scooters and all-terrain vehicles. For U.S. car shoppers the acquisition should eventually result in more choices as tthe electric-car market develops here.
The agreement with Jonway will immediately boost ZAP’s production capability. Jonway Automobile, a unit of Jonway Group, has about 800 employees and makes 1,000 vehicles per month and has a capacity to produce up to 30,000 vehicles anually. Jonway also has a dealership network in China and distribution partners in Europe and Egypt.
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