We'll level with you on this one. We all know that Zap has seemingly had some, ahem... interesting business practices in the past. And we're not really sure what to make of this latest news, either. With that in mind, here's the main point: Zap has merged (or bought, depending on your viewpoint) with China's Jonway Automobile. There are three more bullet points to consider...
One: Zap has had seven straight annual losses, last making a profit in 2002. Two: Zap is reportedly paying over $29 million in cash that was apparently privately financed through unknown European sources along with 31.5 million shares in Zap... which were newly issues specifically for this transaction. Three: The Chinese authorities have yet to approve of the deal.
With all that out of the way, assuming all goes according to plan, Zap says it wants to offer an electric version of Jonway's A380 SUV for use as a taxi in China. It will reportedly cost around $25,000 and have seating for five. No word on range.
Jonway apparently operates 500 dealerships in China and just completed a new plant with 3.6 million square feet of space. A few months back, Zap and Jonway announced plans to have the three-wheeled Alias built in China. So... those are the facts, at least as best we can figure. See the press release after the break.
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