ZAP Jonway Reports Third Quarter 2011 Financial Results
ZAP Jonway (OTC BB: ZAAP), a designer and manufacturer of gasoline and new energy electric vehicles (EVs), reported financial results for the three and nine months ended September 30, 2011.
Dr. Priscilla Lu, Chairman of ZAP Jonway, stated: “As we began laying the foundation for growth, the past several months have been transformative for ZAP Jonway. ZAP’s acquisition of 51% of Jonway Auto in January of 2011 was the first step in our initiative to establish a combined company that features strong manufacturing capabilities, an established distribution platform and a 17-year history of EV innovation. More recently, we appointed Mr. Zhang Da Qi as General Manager at Jonway Auto who will provide key leadership in our sales expansion initiatives. Our new product roadmap reflects our adherence to market relevance by focusing on delivering a high-quality yet affordable new energy electric vehicle product line targeting the fleet market, applying the same principles that Jonway has with its gasoline vehicles.”
“As we expand our product line in 2012 to launch our EV models, we plan to develop new channels that address sales opportunities with institutions, governments and corporations while utilizing the established network of nationwide dealerships we already have in place for selling direct to consumers. Mr. Zhang Da Qi, with his extensive experience in the Chinese auto industry, will offer new product packages that are attractive to large volume buyers,” concluded Dr. Lu.
Recent Company Highlights
- Introduced first joint product roadmap for 2011/2012 featuring new traditional gasoline and new energy electric vehicle models.
- Extended warranty period demonstrates ZAP Jonway’s commitment to quality with its core engine technologies using the Mitsubishi gasoline drive train, thus leading the Chinese auto industry with an unprecedented five-year warranty for its automobiles manufactured in China.
- Expanded and relocated sales and customer support center to Hangzhou, a vibrant technology center in the Zhejiang Province of China, to be in close proximity to its new energy vehicle R&D center and to increase access to talent for expansion plans.
- Appointed Mr. Zhang Da Qi as General Manager of Jonway Auto to lead sales and operations initiatives, leveraging his 20 years of experience working with leading Chinese auto companies.
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