ZAP And Remy Electric Motors Sign Strategic Development And Supply Agreement
SHENZHEN, China, Nov. 4, 2010 /PRNewswire/ -- Remy Electric Motors, LLC, has been named the new electric motor supplier to ZAP (OTC Bulletin Board: ZAAP). Today ZAP Founder Gary Starr and Remy Electric Motors General Manager Kevin Quinn told an audience of exhibitors and participants at this year's World Electric Vehicle Symposium and Exposition (EVS) in Shenzhen, China, that the two companies have signed a long term motor supply and development agreement. Remy HVH 250 electric motors will now be used globally in ZAP's cars and sports utility vehicles. Additionally, ZAP is developing a drivetrain with the Remy motor for use in automotive platforms of ZAP and those of several Chinese vehicles.
U.S.-based ZAP acquired 51 percent of Chinese auto manufacturer Zhejiang Jonway Automobile Company Ltd. this year. This merger has given ZAP access to the Chinese market through Jonway Auto's distribution channels of more than 80 factory direct dealerships that feed into hundreds of factory authorized dealers. The new supply and development agreement signed by ZAP and Remy provides Remy with a strategic partner in the Chinese electric vehicle market.
Remy's Kevin Quinn stated, "This new agreement with ZAP recognizes the superior performance and proven reliability of Remy's electric motors. We are proud to partner with ZAP as they develop global markets with their line of innovative electric vehicles."
Innovation is a hallmark of ZAP. One of their newest development projects, the Alias electric car, participated this year in the $10 million Progressive Insurance Automotive X PRIZE, a competition for 100 MPG or energy equivalent vehicles. ZAP's Alias placed among the top seven finalists from the original 115 teams and was recognized as the most practical and the most wanted design in the competition.ZAP Founder Gary Starr said, "Remy has proven to be a great partner. We are convinced their electric motor is the best on the market. ZAP is continually advancing our products to ensure industry leading performance and reliability. Switching to Remy electric motors for our entire line of vehicles is going to provide our customers with even more power and efficiency. This partnership is definitely a win-win for everyone involved." A worldwide audience became acquainted with ZAP's electric vehicles in 2010 when ZAP's Electric SUV Taxis were featured during the Shanghai World Fair. ZAP and Jonway Auto shuttled officials and VIPs during the exposition. These same vehicles will now be made available globally using the Remy HVH 250 electric motor.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV