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23-01-2008 Youngman
Automotive Group, China's leading luxury coach and high-quality commercial truck
manufacturer signed a joint venture agreement with US electric car pioneer ZAP
to manufacture, market and distribute electric and hybrid vehicles for the passenger
car, truck and bus markets in the last year. The new joint venture company will
also focus on the development and manufacture of electric charging infrastructure.
The deal includes the manufacture of buses, trucks and passenger vehicles, including
the Zap-X crossover SUV. Two
sides believe that the win-win cooperation could bring a great future. Mr. Liu
Zhonglai, marketing director of Youngman said " We're co-investing $40 million
to the joint venture, which will have a research and development center in California
and its production base in our headquarters in Jinhua (East China's Zhejiang Province).
We will add more investment when the electric vehicles go into mass production."
The sample vehicles will be debut recently. Two or three months after testing,
the electric-powered sedan under the Lotus brand will be the first to go into
mass production. It will be a great achievement for China and US partnership companies
to develop and produce electric cars that generate no pollution and save non-renewable
oil resources.
Editor:
Frederick Wei from Chinabuses.com
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