ZAP has received a purchase order from Samyang Optics Co. Ltd. of Korea for 100 electric SUVs to be built through a partnership with China auto manufacturer Zhejiang Jonway Automobile Co. Ltd. (Earlier post.)
Samyang, known for its camera lenses, is expanding into cleantech business opportunities in Korea, focusing on the electric vehicle market, an area supported by the Korean government. Korea has announced an investment of 400 billion won (US$342.6 million) by 2014 for electric vehicle market development. ZAP and Samyang officials have held meetings with representatives of the Korean government to start the process of gaining government approval to import and eventually manufacture the electric SUVs domestically.
ZAP’s design of the electric version of Jonway’s A380 5-door SUV, targeting the fleet market, would conform to Korean motor vehicle regulations and be capable of 70 mph (113 km/h) with a range of 100 miles (161 km) per charge. The target market in Korea is intra-campus transportation for large government, military, corporate and university campuses.
The electric Vehicle market is a key new strategic focus of Samyang, and we are committed to our partnership with ZAP in developing the market for Korea. This initial purchase order is phase one of our business plan in introducing ZAP's electric vehicles to Korea.
—Samyang co-CEO Christopher Kang, MD
The initial order is expected to be assembled in China at ZAP Hangzhou, a joint venture recently formed with Holley Group, a global supplier of electric power meters based in Hangzhou, and Better World International Limited, funded by Cathaya Funds.