SEOUL, SANTA ROSA, Calif., and HANGZHOU, China, Feb. 24 /PRNewswire-Asia/ -- Electric vehicle pioneer ZAP (OTC Bulletin Board: ZAAP) has accepted a purchase order from Samyang Optics Co. Ltd. (KSE: 008080.KS) of Korea for 100 electric SUVs to be built through a partnership with China auto manufacturer Zhejiang Jonway Automobile Co. Ltd.
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ZAP's design of the electric version of Jonway's A380 5-door SUV, targeting the fleet market, would conform to Korean motor vehicle regulations and be capable of 70 MPH with a range of 100 miles per charge. The target market in Korea is intra-campus transportation for large government, military, corporate and university campuses. ZAP has 15 years experience in electric vehicle systems integration and sees a growing market for conversions of gas fleet vehicles. A video of ZAP's road testing in Santa Rosa, California is available at http://zapglobal.wordpress.com.
"The electric Vehicle market is a key new strategic focus of Samyang, and we are committed to our partnership with ZAP in developing the market for Korea," said Samyang co-CEO Christopher Kang, MD. "This initial purchase order is phase one of our business plan in introducing ZAP's electric vehicles to Korea."
Samyang, widely known for its camera lenses, is expanding into cleantech business opportunities in Korea, focusing on the electric vehicle market, an area supported by the Korean government. Korea has announced an investment of 400bn won (US$342.6m) by 2014 for electric vehicle market development. ZAP and Samyang officials have held meetings with representatives of the Korean government to start the process of gaining government approval to import and eventually manufacture the electric SUVs domestically. Samyang's website is http://www.syopt.co.kr .
The initial order is expected to be assembled in China at ZAP Hangzhou, a joint venture recently formed with Holley Group, a global supplier of electric power meters based in Hangzhou, and Better World International Limited, funded by Cathaya Funds.
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.
