SANTA ROSA, Calif., Sept. 23, 2011 (GLOBE NEWSWIRE) -- Today electric vehicle pioneer ZAP Jonway (OTCBB:ZAAP) celebrates its 17th Anniversary in the industry. ZAP's majority acquisition of Chinese automobile manufacturer Zhejiang Jonway Automobile Co. Ltd. earlier this year (which resulted in the corporation formally doing business as ZAP Jonway), the additions of several new executives, and other structural changes have the company freshly focused in a new direction and prepared for future growth.
Engineering & High-Quality, Volume Manufacturing
The acquisition of Zhejiang Jonway Automobile in January was the first in a series of major positive structural changes for ZAP Jonway, including new management, new vehicles, new technologies, streamlining US operations, and a new overall direction.
"We couldn't be more pleased with all the beneficial changes we've made in the last nine months," says Alex Wang, Co-CEO of ZAP Jonway. "Now that Jonway and ZAP are operating as one entity, we can leverage the expertise of our Californian sales, marketing and engineering teams, and combine it with the high-quality, volume manufacturing of our China manufacturing facility, making us uniquely poised to become the market leader in practical commercial and consumer electric vehicles."
In addition to acquiring Zhejiang Jonway Automobile, ZAP Jonway recently streamlined its US operations to reduce cost and maximize operational efficiency. Focusing now on EV engineering and integration and sales and marketing, ZAP Jonway's US operations now possesses the agility and flexibility to respond to ever-changing market demands.
New Executives
Several new executives have joined ZAP Jonway to help implement and realize the company's ultimate vision and future growth. Alex Wang, CEO of Zhejiang Jonway Automobile, has been named Co-CEO for the Chinese branch of ZAP Jonway, while Ben Zhu, with his extensive international accounting and automotive experience has been appointed CFO. Tony Nie, formerly of Lotus Engineering, has taken charge of the company's Hangzhou tech center as VP of Business Development to help prepare vehicles for type approval and safety certification. Additionally, new board members Georges Penalver, Goman Chong, and Patrick Sevian were voted in this June.
Continued Innovation and Product Engineering
One thing that remains unchanged as ZAP Jonway has evolved and grown over the last 17 years is its commitment to electric vehicles. Since 1994, the company has delivered to market more than 117,000 electric vehicles, including bicycles, scooters, motorcycles, ATVs, cars, trucks, and vans, while continuing to push the envelope when it comes to engineering.
"Even as we look back over the last two decades and acknowledge our accomplishments and milestones, we are looking toward the future and recognize that ZAP Jonway has a strong opportunity to compete in the global auto and EV market," says Co-CEO (US) Steve Schneider. "With a new team of highly skilled professionals at the helm, continued product and technical innovation, and a greatly expanded global network thanks to our acquisition of Zhejiang Jonway Automobile, we are excited about what the next 20 years has in store."
About ZAP Jonway
ZAP Jonway is the result of publicly owned company ZAP's majority acquisition of Zhejiang Jonway Automobile, a US-China automaker focused on commercializing cost-effective electric and advanced technology vehicles for global markets. ZAP Jonway Combines ZAP's 17 years' of electric-vehicle engineering and marketing and Zhejiang Jonway Automobile Co. Ltd. high-quality volume manufacturing.
The ZAP Jonway logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10607