zap (ZAAP) Key Developments
ZAP and Jonway Auto Signs with Major OEM Partner AIMA to Strengthen EV Sales Dealership Network
Nov 3 14
ZAP and its subsidiary Jonway Auto strengthens its EV sales distribution network with signing an OEM contract with AIMA. AIMA will be selling the new URBEE models through its 2000 EV motorcycle dealers all over China. AIMA is headquartered in Tianjin and had sales of over 3 million electric motorcycles last year in China. AIMA, working with Jonway Auto funded a new design of the URBEE family to provide a unique look for its brand. Sales of these new models will commence in January 2015, and the products will be manufactured in Jonway Auto's factory in Zhejiang Province, just south of Shanghai. Categorized as a low speed vehicle, the URBEEs can be driven on city streets with a maximum speed limit of 35 mph but does not require the driver to hold a driver's license. The other OEM partners are Sunra from Jiangsu Province, third large EV motorcycle manufacturer in China, Zongshen, the large EV 3- wheel motorcycle manufacturer in China, also based out of Jiangsu, Da Jiang from Hebei Province, and Wu Yang from Henan Province. In anticipation of legal categorization of low speed vehicles in China, these manufacturers are gearing up sales. Each of these companies has paid for their own unique look and feel of the URBEE to market into their dealership networks. The motorcycle dealerships' current targeted market aligns with the customers that are interested in the URBEE product because these customers are generally city commuters looking for an affordable vehicle driving at city speeds, with a comfortable ride and compact enough for easy parking.
ZAP and Jonway Auto Receive 25,000 Committed Orders for its Newest Electric Vehicles Models of URBEE and SPARKEE
Apr 28 14
ZAP jointly with Jonway Auto, its subsidiary in Zhejiang, China, announced the receipt of 25,000 committed direct orders for its newest EV models of URBEE and SPARKEE. An independent super dealer company was set up by Jonway Group to manage the volume orders and the logistics of managing the new dealers in multiple regions in China. The aggregate committed purchase orders of over 25,000 were placed with down payments from more than 30 new dealers in Beijing, Guangdong, Zhejiang, Henan, Hebei, Xian, Jinan, Shandong, and Nantong. These new dealers are the long established major dealership partners of Jonway Group from Jonway Motorcycle business. Most of the orders were placed for the full electric URBEE, which is viewed by these dealers as a well-positioned product for the metro cities of China and a new entry into the market space that addresses the mass market demands at the right price with quality. With a driving range of over 150 km per charge, it is ideally suited for daily city driving with overnight recharging. Production of both URBEE and SPARKEE has begun, as the Jonway Auto factory readies itself for the volume manufacturing delivery of 2,000 vehicles per month starting June 2014. Delivery of these 25,000 vehicles is scheduled over the next six months.
ZAP announced delayed annual 10-K filing
Apr 1 14
On 04/01/2014, ZAP announced that they will be unable to file their next 10-K by the deadline required by the SEC.
ZAP Appoints Chi Kwong Fung as Chief Financial Officer
Jan 29 14
Effective January 23, 2014, the ZAP appointed Chi Kwong Fung as the Company's Chief Financial Officer. Mr. Fung previously served as the Company's Finance Director and interim Chief Financial Officer. Mr. Fung has served as Senior Finance Manager for SF Express (Group) Co. Limited. He also served as Financial Controller for Carlo Castello Management & Accounting Services Ltd.
ZAP Announces Executive Changes
Aug 9 13
Effective August 6, 2013, Benjamin Zhu, for personal reasons, resigned as the ZAP's Corporate Secretary and its Chief Financial Officer. The Company has appointed Chi Kwong Fung as the Company's new Finance Director and interim Chief Financial Officer pending the Company's hiring of a Chief Financial Officer. Mr. Fung most recently served as Senior Finance Manager for SF Express (Group) Co. Limited. He served as Financial Controller for Carlo Castello Management & Accounting Services Ltd. Charles Schillings, the Company's Co-Chief Executive Officer, has been appointed as Corporate Secretary.