ZAP is the first American company to have controlling interest in a Chinese automotive manufacturer, with a jump on the electric vehicle market.
With its headquarters in California, ZAP Electric Vehicles made business history last month when it announced that it had gained approval from the Chinese government to acquire Jonway Automotive, becoming the first American company to have controlling interest in a Chinese automotive manufacturer. With this powerful foothold into the Chinese market, ZAP Electric Vehicles is revolutionizing the automotive market by delivering a variety of affordable electric cars to the market. To detail the recent developments and the difference in business climate for clean tech companies in China versus California and the United States, TPR/MIR is pleased to present the following exclusive interview with ZAP Electric Vehicles CEO Steve Schneider.
Published Monday November 1, 2010
2557 words
Excerpt:
To access this story
If you already have an archives account, enter your username and password to view this story. If you don't, you may sign up for one below.
Steve Schneider
ZAP has received some very significant news from the Chinese Government; an approval that could position your company as a pacific rim leader in the Electric Vehicle marketplace.
Today was a very significant day for ZAP. It’s something we have been working on for a long time. It was something that all the experts—political, media, and otherwise—said couldn’t be done, which is an American company having a controlling interest in a Chinese automobile manufacturing company. As of today, the Chinese government has approved the merger between ZAP and Jonway. It is really an acquisition. Today we officially own 51 percent of Jonway Automobile. We are following that up with another 49 percent acquisition. We are doing it in two stages because of the way we were paying for it. The significance wasn’t the payment, the significance was getting the Chinese government to approve the controlling interest, and we did it in what is a first in China.
How did Zap actually win China’s approval to acquire control of Jonway? What about your merger was compelling?
