Jonway Group Funds $18.2 Million to ZAP Jonway to Bring 2012 New Products to Production: ALIAS and JNZ Shuttle – Gas and Electric
SANTA ROSA, Calif., Dec. 19, 2011 (GLOBE NEWSWIRE) — ZAP Jonway (OTCBB:ZAAP.OB – News), a designer and manufacturer of new energy and electric vehicles (EVs), entered a funding agreement with Jonway Group CO. Ltd., to pay for a total of $18.2 million for the already completed interior and exterior design and molding of the JNZ SHUTTLE Van; the completed engineering design, type approval certification and catalogue license of the gasoline transmission of the JNZ SHUTTLE Van; and the ALIAS interior and exterior design and molding, which is underway.
Alex Wang, Co-CEO of ZAP Jonway’s China operation, CEO of Jonway Automobile, and a Director of Jonway Group, stated: “Jonway Group, the original holding company of Jonway Automobile is committed to delivering industry leading full electric new energy vehicles to the market, utilizing the strengths of Jonway Automobile’s manufacturing with ZAP’s EV technology experience and design. We believed in the market potential of the JNZ SHUTTLE Vans and started this design more than a year ago in Jonway Group, funded by the holding company of Jonway Automobile, while ZAP Jonway evaluates the market potential of this new product line. After doing more extensive market research, ZAP Jonway believes the JNZ SHUTTLE Van for both EV and gasoline models have great commercial opportunities, especially in addressing our new strategy focused on the fleet applications. Jonway Group has been paying for the engineering design and molding for the JNZ SHUTTLE Van and will also pay for the ALIAS to go into production within 2012. These two project funding totals more than $18.2 million. The JNZ SHUTTLE Van engineering and molding work is already completed, and the ALIAS work is being completed. Jonway Group stepped in to fund this capital intensive development to ensure the delivery of these new models into production for 2012. The JNZ SHUTTLE Van is ready for production delivery in the second quarter of 2012, and the ALIAS is planned for the fourth quarter of 2012. We are pleased with the progress and the quality of the work done for these models, and we are committed in Jonway Group to support the financing to ensure that we are well positioned to offer competitive and attractive products.” ===> CONTINUED
SANTA ROSA, Calif., Dec. 16, 2011 (GLOBE NEWSWIRE) — ZAP Jonway (OTCBB:ZAAP.OB), a designer and manufacturer of new energy and electric vehicles (EVs), plans production of the ALIAS, ZAP’s highly anticipated sports EV, in the fourth quarter of 2012.
This limited edition production is now planned due to popular demand. It will showcase the engineering excellence of the ZAP Jonway’s EV power train and design. This 3-wheel version of the Alias is designed to be highway safety compliant and yet be able to expedite the long type approval testing process for entering into the U.S. market. Designed with decades of electric and automotive experience, the ALIAS serves a growing niche of automotive enthusiasts who want an affordable electric vehicle with the performance, looks and handling of an impressive sports car. The vehicle has a peak torque of over 200 kilowatts and range of 150 miles between charges. With one of the best engineered EV motors available supplied by Remy Motors, compact and light weight, the vehicle’s performance, handling and ride is competitive with traditional Tier One sports vehicles. ==> Continued Click Here
Across the Asia Pacific region, various national-level initiatives and programs are underway to promote the awareness and adoption of electric vehicles (EVs), including the establishment of aggressive goals, subsidies for EV purchasers, research and development support, tax incentives, and public education programs. In certain markets, particularly Japan, these efforts have already borne fruit. Market players in Japan and Korean, however, are concerned about new challengers, mainly driven by competition in China. The Chinese EV market has critically important implications for global market participants. According to a recent report from Pike Research, China will be the leading market for EVs in Asia Pacific by 2015. The cleantech market intelligence firm believes that the Chinese market will represent almost half of the region’s total sales by 2015.
“China, where around 55 vendors are developing electrified vehicles or launching EV development programs, will likely create and lead an entirely new category around clean transportation,” says senior analyst Andy Bae. “The country will become one of the biggest consumer markets for EVs, and global industry players want to enter this market to tap the related opportunities.”
SANTA ROSA, California (September 15, 2011) – Zhejiang Jonway Automobile Co., Ltd. (“Jonway Automobile”), a majority-owned subsidiary of ZAP Jonway (OTC BB: ZAAP), a growing manufacturer of electric vehicles, announced today that it is approved for two credit facilities for a total of $16.33 million in available credit. These credit facilities will be used to support the company’s expansion plans, with emphasis on its electric vehicle production line facilities in China. The credit will also help advance new electric vehicle initiatives, launch new strategic global sales and marketing operations, bolster infrastructure, and finance working capital.
Jonway Automobile, a Sanmen, China based manufacturer of the 3 and 5-door A380 SUV, entered into a Credit Granting Agreement with the Taizhou Branch of China Merchants Bank for a revolving credit line in the aggregate amount of RMB21 million (US$3.28 million) from a total of RMB40 million (US$6.25 million) that is available through China Merchants Bank. Additionally, Jonway Automobile was also approved for a credit line in the aggregate amount of RMB64.5 million (US$10.08 million) from the Taizhou Branch of Everbright Bank of China. Both credit facilities when drawn down will be secured by lands owned by Jonway Automobile and guaranteed by Jonway Group, headquartered in Taizhou. ZAP Jonway is a supplier of all-electric vehicles (EVs) to the military, government and corporations and an early pioneer of electric motorcycles, scooters and ATVs. Read more…
ZAP Jonway Appoints Tony Nie, Formerly of Lotus Engineering, as Vice President of Strategic Business Development
ny (Tianxin) Nie as Vice President of Strategic Business Development overseeing strategic partnerships and key client relationships in China and Asia, as well as General Manager of ZAP Hangzhou Joint Venture, which will be the electric vehicle technical center for ZAP Jonway in China.
Mr. Nie was formerly Director of Sales & Marketing of Lotus in China as well as Lotus Engineering’s leader and founding member for China. He has been with Lotus since 2005, overseeing business development, sales, engineering developments, marketing and public relations in China. A citizen of the People’s Republic of China, he earned a Masters Degree in International Marketing Management from Leeds University Business School in 2003 and his Bachelor of Science Degree in Mechanical Engineering from Beijing Textile Engineering University in 1994.
Responsible for establishing Lotus Engineering in China, Mr. Nie worked on a number of technology projects and engineering designs, including hybrid vehicles, electric vehicles (EVs) with range extensions, as well as pure EV designs. He has managed more than 20 different chassis design projects; three engine projects, an
d 15 technology engineering projects. This involved a broad range of products and projects in electric and hybrid vehicle technologies, whole vehicle designs, power-train designs, chassis engineering, energy flow management strategies, vehicle control technologies and vehicle testing processes.
Date: 1:30 PM PDT, May 25, 2011
Audio Webcast – Click Here
Priscilla Lu, Ph.D, Chairman
Steve Schneider, Co-CEO USA
Alex Wang, Co-CEO China
Benjamin Zhu, CFO
Priscilla Lu: Good afternoon ladies and gentlemen; greetings to everyone in the other time zones. Welcome to ZAP’s 1Q2011 Earnings Call. We plan to be doing these quarterly earnings calls on a regular basis from now on.
I am Dr. Priscilla Lu, the Chairman of ZAP. With me are Steve Schneider, Co-CEO of ZAP Jonway, Alex Wang, Co-CEO of ZAP Jonway for the Jonway Automobile manufacturing and sales in China, and Benjamin Zhu, our CFO for ZAP Jonway. I will start with the Safe Harbor Statement, Forward-Looking Statement that we will proceed to read.
ZAP Jonway Announces its First Quarter 2011 Consolidated Results following Completion of the Acquisition of 51% of Jonway Automobile
SANTA ROSA, Calif., Feb. 28, 2011 /PRNewswire/ — Electric car pioneer ZAP (OTC Bulletin Board:ZAAP.ob – News), headquartered in Santa Rosa, California, and its majority owned subsidiary Jonway Automobile, are pleased to announce the appointment of Benjamin Zhu (Zhu Li Dong) as the Chief Financial Officer of ZAP and Jonway Automobile. Benjamin Zhu joins ZAP and Jonway Automobile March 1st, 2011. William Hartman, current CFO of ZAP will complete the year-end 2010 audits and the consolidated report of ZAP and Jonway Automobile for 1Q2011, while Benjamin Zhu and his team take over 2Q2011.
Since 2009 Benjamin Zhu has served as deputy CFO of Beijing Auto, Foton, one of the largest automobile companies in China, with reported yearly sales volumes of over 700,000 units. He led the group’s operational finance, cost control and overseas partnerships and investments. Prior to this, he served as CFO of Ready Medicine Group, one of the largest medicine distribution and retailing companies with revenues of over 6 billion RMB. As CFO he led mergers and acquisitions and oversaw the IPO of the company in the United States in 2008. He was also the CFO of Chery Auto Group, China’s largest passenger car automaker with reported sales volume of over 680,000 passenger sedans annually. From 2007 to 2008, as CFO he led the IPO of Chery Automobile in China. Prior to this, Mr. Zhu was Audit Manager at Deloitte & Touche and then at Price Waterhouse Coopers for nine consecutive years.
“We welcome Benjamin Zhu as Chief Financial Officer of ZAP Jonway,” said Dr. Priscilla Lu, Chairman of ZAP Jonway and General Partner of Cathaya Capital. ”We are bringing a new team of management executives on board to lead the growth of the new, combined ZAP Jonway. Mr. Zhu brings to our company tier one Chinese automobile finance management experience. His extensive international experience will help reinforce our financial growth, and his strong auditor background will help exert the required discipline in financial control, leveraging the knowledge from when he was audit manager at Deloitte and Price Waterhouse.”
“Mr. Zhu’s international finance management experience will help bridge the gap between China and our international team,” said Steve Schneider, Co-CEO of ZAP Jonway. “This is the beginning of an extensive realignment of our management team. While this realignment may be challenging in the short term, it is necessary for the long-term success of our company. Our new company with its new Jonway Automobile revenue base and growth targets requires a new set of leadership to transform ZAP from being technology innovators to world class manufacturers. With Jonway Automobile as part of our ZAP family, and reinforced by executives of top tier caliber like Benjamin Zhu, we can move forward with confidence to grow our business. We are pleased and proud to have him on board.”
“We are pleased and excited to have Benjamin Zhu join our team,” said Alex Wang, Co-CEO of ZAP. “Jonway Automobile is entering the next stage of growth both on the technology front with electric vehicles, as well as entry into international markets. Benjamin Zhu with his strong financial background and global experience will be a vital leader in our team during this growth stage.”
William Hartman, current CFO of ZAP will be supporting this transition through the second quarter of 2011, while Benjamin Zhu and his team take over the financial management for the entire combined company starting in the second quarter. Mr. Hartman will remain as the Corporate Secretary of the Company and operate as financial controller within Benjamin Zhu’s team for ZAP USA.
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 ZAP’s periodic reports filed with the Securities and Exchange Commission.
KQED Radio’s Rachael Myrow visited ZAP in December for a series they are doing as part of their California Report, called “Shifting Gears.” She interviewed ZAP’s founder Gary Starr as well as ZAP Chairwoman Dr. Priscilla Lu in a piece called “California: EV Designer for the World.” The two ZAP executives offered incite into ZAP’s plans in China, including plans for acquiring Zhejiang Jonway Automobile Co. Ltd., which was announced yesterday. Tune into the podcast and view the slide show on KQED’s website.
Source: KQED News
ZAP Completes 51% Acquisition of China’s Jonway Automobile, Cathaya Capital Funds Total of US$36 Million
New U.S.-China Automaker Aims at Emerging Electric Car Market
SANTA ROSA, California (January 25, 2011) – Electric vehicle market pioneer ZAP (OTC BB: ZAAP) announced today that it has completed its acquisition of 51 percent of the capital stock of Zhejiang Jonway Automobile Co. Ltd. of Sanmen, Zhejiang, China. Cathaya Capital LP has funded the aggregate amount of US$36 million.
The final payment of US$19 million related to the acquisition was made on January 21, 2011 with the funding from Cathaya Capital. Total cash payment for the acquisition of 51 percent of Jonway Automobile was US$30,030,000.
With ZAP’s electric vehicle (EV) technology expertise and international experience, the combined company intends to build the necessary production platform to address the Chinese EV market. The newly combined company, to be renamed ZAP Jonway, will leverage Jonway Auto’s A380 SUV, as well as its established distribution channels to the Chinese market with over 90 direct dealers. ZAP Jonway will manufacture and sell SUVs powered by ZAP’s electric drive train and expects to benefit from the 60,000 RMB (approximately US$9,000) government incentives granted to electric car buyers.
Jonway Automobile anticipates vehicle sales for its gasoline A380 SUV to increase by 40 percent to over 10,000 vehicles in 2011 compared to 2010. In 2009, its first year of sales, Jonway Automobile experienced sales of 4,000 SUVs, which rose to over 7,000 in 2010, each with a sales price of around US$11,000. ZAP Jonway is currently adding to its manufacturing production lines to deliver the A380 EV SUV by the anticipated date of June 2011 and ZAP’s ALIAS EV roadster by September 2011.
“Jonway Automobile’s revenues from selling its gasoline vehicles will help build the foundation for ZAP Jonway’s growth in the electric vehicle market, allowing ZAP to focus on further strengthening its EV technology, reinforced by Jonway’s manufacturing production expertise and ready market access to China,” said Dr. Priscilla Lu, founder and general partner of Cathaya Capital, a Cross Border Fund focused on China. Dr. Lu has served as Chairman of the Board for ZAP since September 2009. Cathaya Capital has invested US$36 million in ZAP since September 2009 with the goal of completing this 51 percent acquisition of Jonway Automobile.
Jonway Automobile is ISO 9000 certified with over 3.6 million square feet of fully provisioned factory space on 141 acres of land.
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.
ZAP Jonway USA
+1-707-525-8658 x 241
ZAP Jonway China