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Home | Green Cars News | Electric | ZAP Enters China Electric Vehicle Market With Holley Group

ZAP Enters China Electric Vehicle Market With Holley Group

16 December, 2009 02:27:00

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Electric vehicle maker ZAP and Chinese Holley Group have established a joint venture company in China with backing from venture capital firm Better World International to target the electric vehicle market in China.

Named ZAP Hangzhou, the new company plans to design and manufacture electric vehicles and develop infrastructure technology for the Chinese market. ZAP, Holley Group and Better World have entered a joint venture agreement, and officials state that ZAP has funded its initial capital requirements under the agreement.

Holley Group is an established enterprise in China and is the parent of Holley Metering Limited. Over the past 30 years Holley Metering helped pioneer electric power meters in China. Last year, Holley Metering sold over 10 million units worldwide.

ZAP Hangzhou will combine ZAP's intellectual property, electric vehicle technology and know-how with Holley's experience in electric metering to develop electric vehicles and related technologies targeting the Chinese market. The companies plan to use their knowledge of the local Chinese market to target opportunities for electric vehicle growth within China's vehicle fleets. As part of this relationship, ZAP Hangzhou plans to begin the installation of manufacturing operations at Holley's Hangzhou facilities in the near future.

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