|By PR Newswire||
|August 4, 2014 12:09 PM EDT||
SANTA ROSA, Calif., Aug. 4, 2014 /PRNewswire/ -- ZAP (ZAAP), an Electric Vehicle (EV) automotive company incorporated in California and headquartered in Santa Rosa, California, and its subsidiary Jonway Auto signs volume purchase EV contract with Guangzhou WuYang Motors Group, the largest EV motorcycle group in Southern China. Jonway Auto and Guangzhou WuYang Motors Group (WuYang) jointly designed a new EV model to be completed and ready for production latter part of this year. This new model will target markets in Southern China using the broad distribution network that WuYang has established since 1989. Guangzhou WuYang Group is the joint venture partner for Honda in China and is one of the top EV motor vehicle companies in China.
Due to the strong demand for Jonway Auto's Urbee EVs in China, coming from various large distributors with well-established dealership networks in China, ZAP and Jonway Auto decided to expand into new models of Urbees with new strategic partners like Guangzhou WuYang, in order to broaden the market distribution, and increase the varieties of models in the market. Guangzhou WuYang commits to this EV partnership with Jonway Auto by funding the new molds for the new models using the same chassis. These new models will be manufactured and produced at Jonway Auto's factory in Zhejiang and shipped to WuYang's dealerships.
The volume purchase EV contract signed with Guangzhou WuYang Group is targeting for no less than 6000 EVs over the next 12 months, with more than US$20 million in aggregate revenues. This is projected to be averaging 500 EVs per month and increasing to potentially more than 1,000 per month during the peak seasons, starting latter part of this year when the new models come online. The Urbee EV is viewed as an ideal vehicle for transportation in the suburbs of the major cities, such as Guangdong, where suburban owners could use the Urbee EV for commuting, running errands and transporting their children to and from schools. The Urbee EV can ride in the bicycle lanes, and drive at a peak speed of 70kph, with a range of over 200km between charges.
About ZAP and Jonway Auto
ZAP and Jonway Auto designs and manufactures quality, affordable new energy and electric vehicles (EVs). Jonway Automobile has ISO 9000 manufacturing facilities, engineering, sales and customer services facilities in China, Jonway has production capacity of up to 50,000 vehicles per year, and has established sales distribution network in China. ZAP, an early pioneer of EVs, brings to both companies a broad range of EV product technologies. ZAP is headquartered in Santa Rosa, California and Jonway Auto is located in Zhejiang Province of the People's Republic of China. Additional information about ZAP Jonway is available at http://www.zapworld.com.
This press release contains certain forward-looking statements is defined in the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "plan," and similar expressions that may tend to suggest a future event or outcome are not guarantees of performance, which cannot be predicted or anticipated. These forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Actual results could differ materially from these forward-looking statements.
Contact: Michael Ringstad
SOURCE ZAP and Jonway Auto
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