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September 21, 2007

ZAP Signs Electric Car Joint Venture with China's Largest Luxury Bus Manufacturer :

Youngman Auto Group to Make Electric and Hybrid Cars, Trucks and Buses for Joint Venture.


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Photo: JINHUA CITY, Zhejiang, China -- Youngman Auto Group Chairman Pang Qingnian and Steve Schneider, CEO of US electric car pioneer ZAP, have agreed to a joint venture to manufacture, market and distribute electric and hybrid cars, trucks and buses.

JINHUA CITY, China and SANTA ROSA, Calif., Sept. 21 -- In a joint statement released today, USA electric car pioneer ZAP (BULLETIN BOARD: ZAAP) and Youngman Automotive Group, China's number one luxury motor coach and high-quality commercial truck manufacturer, have signed a joint venture agreement to manufacture, market and distribute electric and hybrid vehicles for the passenger car, truck and bus markets. The new joint venture company will also focus on the development and manufacturing of electric charging infrastructure.

Youngman Automotive Group is a private holding company with 12 subsidiaries. Youngman's partnership with Germany's NEOPLAN controls more than 70 percent of the luxury motor coach market in China. Youngman is the supplier to NEOPLAN and MAN, two of Europe's top brands for luxury motor coaches and high-quality commercial trucking. Over the past few years Youngman has also expanded sales in Asia (Singapore, Hong Kong, Japan and Malaysia), The Middle East, Europe and the USA, enjoying significant market growth.

In 2004, with the support of the Chinese government, Youngman was awarded a license to manufacture automobiles. Earlier this year Youngman made auto industry headlines by awarding Lotus Engineering a number of vehicle development projects, and more recently by signing a vehicle distribution and technology licensing agreement with Proton (the Malaysian national car company), estimated to be worth several billion US dollars. The strategic partnership with ZAP will allow the joint venture company to bring highway capable electric and hybrid vehicles to the market like the ZAP-X crossover SUV.

"I applaud ZAP and Youngman for bringing the next generation of mass-produced electric vehicles to California. Our state is leading the nation and world in opening the market for alternative fuel vehicles and this move is another example of bringing high-quality, high-paying jobs to California," said Governor Schwarzenegger. || StumbleUpon reddit Facebook Google Plus Tweet This Seed This on Newsvine

Edited & Posted by the Editor | 10:03 AM | Link to this Post

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