ZAP (NYSE Arca: ZP), Zero Air Pollution, announced it has signed an agreement to form a joint venture with China auto manufacturer Shandong Jindalu Vehicle Company Ltd. The joint venture involves designing and manufacturing of a new generation of low cost advanced transportation vehicles that run efficiently on gas, electricity, ethanol and other advanced technologies and fuels. ZAP has established an office in Dezhou, China, to facilitate the joint venture.
“Our work with ZAP’s various micro-cars like the cost effective electric XEBRA has shown that new approaches to transportation are possible,” said Gary Starr, Chairman of ZAP.
“Although many companies talk about doing things for the environment, we are proud to be part of a joint venture in which both parties are dedicated toward bringing vehicles to the market that can bring not only good returns to our shareholders, but the planet as well,” said Mr. Lu, President of Shandong Jindalu.
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