ZAP Acquires 51% Stake in China’s Jonway Auto in Focus On China EV Market; Plans Acquisition of Other 49% in Second Phase
Green Car Congress
SEPTEMBER 20, 2010
ZAP and Jonway Group announced they had earlier signed definitive agreements according to which ZAP will acquire 51% of Zhejiang Jonway Automobile Co. ZAP is a 15-year-old California EV company and Jonway Auto is a wholly owned subsidiary of Jonway Group, a 20-year-old Chinese vehicle manufacturer. million in cash.
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