Samyang Optics Takes Delivery of First ZAP Jonway Electric SUV for Korea Taxi, Fleet Market
SEOUL, South Korea, July 14, 2010 — Electric vehicle pioneer ZAP (OTC Bulletin Board:ZAAP.ob – News) and Zhejiang Jonway Automobile Co. Ltd. delivered the first electric taxi produced through their China venture, ZAP Jonway, to Korean distribution partner Samyang Optics (Kospi: 008080.KSE). Several new ZAP electric vehicles will be on display at the automotive engineering technology expo EV KOREA July 14-16, 2010 at the Coex exhibition center in Seoul.
Samyang Optics and ZAP Jonway will showcase new electric vehicles (EVs) they are planning for Korea. The ZAP Taxi will be on display, an electric SUV based on the Jonway A380 with an electric drivetrain designed and integrated by ZAP. The Alias will be on display, a futuristic-looking electric car designed by ZAP and finalist for the Progressive Insurance Automotive X PRIZE, a competition of 100MPG or energy equivalent vehicles with the final taking place July 19-29. ZAPPY3 personal electric transporters will be scooting around the exhibit.
Samyang Optics and ZAP Jonway have formed a business venture to distribute electric vehicles in Korea as part of the government’s push to commercialize EVs and capture 10 percent of the global market for zero-emission plug-in cars by 2015 with the target of having all-electric vehicles comprise 10 percent of domestic sales of small-size cars by 2020.
Samyang Optics and ZAP Jonway are the official sponsors of EV KOREA, with support from the Korean Ministry of Knowledge Economy, Presidential Committee on Green Growth, Seoul Metropolitan Government, Korea Transport Institute, Electronics and Telecommunications Research Institute, Korea Electronics Technology Institute Korea, Automotive Research Institute, Korea Electric Vehicle Industry Association and others.
EV KOREA was created to harness the growing interest in electric vehicles by bringing together all the key players in the global EV market. The event is being held concurrently with the New & Renewable Energy and Battery Expo 2010, to create more synergies and maximize business. EV Korea expects over 100 exhibitors and up to 25,000 attendees. More information is available at http://www.evkorea.kr.
ZAP is one of the world’s oldest and most experienced electric vehicle providers, having delivered over 117,000 of a broad range of electric vehicles to more than 75 countries since 1994. Additional information is available at http://www.zapworld.com.
Safe Harbor Statement
This press release contains forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of ZAP’s products, increased levels of competition, new products and technological changes, ZAP’s dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the ZAP’s periodic reports filed with the Securities and Exchange Commission.
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