Expands EV and Gasoline Product Line Focused on Fleet Markets
SANTA ROSA, Calif., Dec 16, 2011 (GlobeNewswire via COMTEX) — ZAP Jonway ZAAP -1.89% , a designer and manufacturer of gasoline and new energy electric vehicles (EVs), introduced its JNZ SHUTTLE, a multi-purpose van that can convert from passenger to cargo easily, targeted for the fleet markets and available for the international markets in the first quarter of 2012.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11263
The JNZ SHUTTLE gives ZAP Jonway an attractive platform to compete in the rapidly growing China auto industry for commercial fleet and delivery vehicles. The JNZ SHUTTLE is designed for both full electric and for gasoline and has more than 129 cubic feet of cargo space or with three rows of seats can fit up to seven passengers.
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…
Day 2 Update: People started coming to the booth before the show even began, investment bankers, battery companies, government officials, tech suppliers, service companies, potential distributors, press and people wanting to ride and negotiate a purchase of the ZAPPY3s electric scooters and the ZAP DUDE ATV, with interest in its towing and light fleet applications. Sold a couple too! Parties from Korea, to Latin America, Detroit, Scandinavia, Germany, Eastern Europe — even island nations. Potential suppliers would come up and ask for a tour of the whole booth, asking questions about every detail of the new products, only to find out at the end that they were already familiar with ZAP, were aware the business venture with Jonway and came by the booth to make a deal. One of the employees from the Beijing office took a tour of the exhibit hall on a ZAPPY3 and came back followed by interested buyers. The arrival of ZAP CEO Steve Schneider from the United States was an inspiration to all working in the booth. Keep up the good work, Dario, Miro, Jessica, Lawrence, Dave and everyone.
Flickr Slide Show – Click Here
UPDATE FROM SHOW: ZAP Jonway is showing off some of its most up to date electric vehicles at EVS-25. The ZAPPY3, the ZAPINO, ZAP DUDE electric ATV and the Electric SUV/ Taxi are commanding everyone’s attention. There is a great deal of interest for the Remy motors that we are displaying in the booth. The electric SUV/TAXI has been the focal point for the visitors to our stand. People from Hong Kong and UK are asking for right-hand steering wheels. Technology suppliers have been requesting the opportunity of testing their equipment in the A380. Having a great deal of interest from distributors in many parts of the world for using our ZAP fleet vehicles, Germany, Italy and Australia. A lot of sales interest for the ZAP DUDE. We’ve even noticed engineers from competing companies just couldn’t resist coming over to learn about our vehicles. People are also having fun test riding the ZAPPY3. Enthusiasts and friends of ZAP and Jonway are also visiting to say hello, including Lotus Engineering, Japanese Media, Chinese Media and high level executives from Jonway. We expect an even busier day tomorrow.
SHENZHEN, China (November 4, 2010) – Electric vehicle pioneer ZAP (OTC BB: ZAAP) and Zhejiang Jonway Automobile Co. Ltd. are showing their lineup at the 25th International Electric Vehicle Symposium, EVS-25, November 5-9 in Shenzhen, China.
ZAP and Jonway Auto have signed an acquisition agreement whereby ZAP would acquire 51 percent majority ownership in Jonway Auto, including their auto assembly facility in Taizhou City, China. By combining Jonway Auto’s manufacturing capabilities with ZAP’s electric vehicle expertise, the two companies are working to combine forces to target the emerging electric vehicle fleet market in China.
ZAP and Jonway Auto are displaying Jonway’s A380 Sports Utility Vehicle (SUV) with an all-electric drive train engineered by ZAP. The vehicle is designed to meet the needs of fixed-route fleet and utility customers in China for corporate and government transportation as well as for taxis and limousines. The two companies will also be showing a new line of lithium battery powered electric motorcycles, new charging stations and other electric vehicles (EVs).
The World Electric Vehicle Symposium and Exposition (EVS) series, organized by World Electric Vehicle Association (WEVA), is recognized as the premier event for academic, government and industry professionals involved in electric drive technologies. For more information, visit http://www.evs25.org.
ZAP is one of the oldest and most experienced EV providers, having delivered over 117,000 of a broad range of vehicles to more than 75
countries since 1994. ZAP supplies electric trucks and vans to military, government and corporate fleets and is an innovator of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers some of the only electric city-speed cars and trucks in production today. ZAP is also developing a freeway capable electric vehicle called the Alias. Further news and information is available at http://zapglobal.wordpress.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.
ZAP Jonway USA
+1-707-525-8658 ext. 241
ZAP Jonway China
A video production team from Earth2Tech Media’s Green Overdrive came out to ZAP on Monday to test drive our latest vehicles and meet ZAP Alias XPRIZE driver Al Unser Junior. Katie Fehrenbacher and Chris Albrecht also caught up with ZAP CEO Steve Schneider and Founder Gary Starr.
Fehrenbacher acknowledged that ZAP is one of the oldest electric vehicle companies out there and asked Starr about ZAP’s initial approach. Starr said ZAP started in 1994 by focusing on affordable electric vehicles, introducing electric bicycles, scooters, ATVs, trucks, then eventually cars. During the segment Fehrenbacher has some fun on ZAP’s smallest EV, the wheel motor driven ZAPPY3 electric scooter.
ZAP also presented its new project with China’s Jonway Auto, an all electric SUV project launched a year ago. Fehrenbacher brought up ZAP’s recent acquisition agreement to acquire a majority share in Jonway Auto with the right to acquire the rest by next year. They went for a drive at freeway speeds in the ZAP Jonway all electric A380, a test drive eerily reminiscent of a video taken in December 2009. Fehrenbacher asked how fast the electric SUV goes and ZAP engineer Joe Rajakaruna pointed out that they have never focused on top speeds, because for ZAP’s target market the focus is to comfortably travel freeway speeds, and indeed at minute 2:30 in the video Fehrenbacher estimates they easily reach 60 MPH. The ZAP Jonway electric A380 is the official electric vehicle of the U.S. Pavilion at the World Fair in Shanghai.
Later Fehrenbacher caught up with CEO Steve Schneider, touching on media reports critical of ZAP’s “failures” in delivering electric vehicles, a question that completely ignores the fact that ZAP has delivered over 117,000 of a broad range of electric vehicles from bikes, to scooters, to trucks.
Q: Katie Fehrenbacher: You talk a little bit about being misconstrued as a marketing company and a little bit about some of ZAP’s failures – SS: Mis-categorized — in being able to scale up manufacturing wise and I think there’s been a variety of dates missed on commercial productions that’s been widely reported…”
A: Steve Schneider: And I don’t think if you looked at any other auto manufacturer that is introducing a vehicle, that the dates that we targeted, (and we’re not a manufacturer; we had the contracts but we had third parties to deal with besides ourselves, but I don’t think you could come up with a manufacturer that hasn’t come out with a product that has missed their target date and had control of their manufacturing), we never had control of our manufacturing, so we always gave the target dates that our contract manufacturers had given to us. And so, because of those things and missing those target dates, we focused very heavily in the last 18 months to have our own manufacturing capacity so that we can control that. We still might miss a target date like everyone else, but at least we’re in control of it, we were not in control of it before.
Despite the inquiry on ZAP’s ability to deliver electric vehicles, there is no mention in Green Overdrive’s video of its most popular EV currently, the ZAP XL electric truck. ZAP recently sold a small fleet of electric trucks to the City of Riverside. Likewise, there was no mention of ZAP’s engineering contract with the U.S. Postal Service to convert one of its Long Life Vehicles to run on electricity. Obviously there is much more going on at ZAP than you can cover in a 5 minute video. You can watch a 30 minute tour of ZAP by Steve Schneider on YouTube that covers the XL truck and USPS contract.
Finally, Fehrenbacher interviewed Al Unser Jr., two-time winner of the Indy 500 and co-driver for the ZAP Alias team entered in the Progressive Insurance Automotive X PRIZE.
Katie Fehrenbacher: So you’re doing this partly for environmental reasons, becoming a do-gooder after a lifetime of driving race cars.
Al Unser Jr.: I’m doing this mainly to develop the automobile in the area of alternative fuels and getting away from the addiction to the petroleum products.
KF: What do you think of it compared to a gas based car?
AU: I loved it , the major difference first and foremost is how quiet it is; there’s just no sound coming out of it. And it’s instant power, I noticed that the torque is very high on it, when you drive the car, it drives just like a regular car, except again for how quiet it is, it’s just super quiet.
KF: You think that’s a good thing, you don’t miss the big, booming engines?
AU: Not at all.
Learn more about the ZAP Alias Team entered in the Progressive Insurance Automotive X PRIZE on their Team Blog.
See more at Earth2Tech’s Green Overdrive.