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Electric vehicle pioneer ZAP (OTCBB: ZAAP) completed its initial down payment of US$10 million towards the 51% acquisition of Jonway Automobile. Jonway Automobile plans to complete an audit of its financial statements by December 31, 2010 and 

ZAP Answers Federal "Cash for Clunkers" Program With Its Own Trade-In Program Good on the Xebra 100% Electric Sedan, Total Value up to $4,500 and 90% Fewer Carbon Emissions

Under the new equity structure, Jonway Automobile will be 51% owned by ZAP, and 49% by its original parent Jonway Group. This equity ownership transfer was approved by the Chinese government on October 3, 2010. Jonway Automobile plans to ramp up production of the A380 SUV electric vehicle (EV) in the first half of 2011 together with ZAP's Alias EV by third quarter 2011 at their Sanmen, Zhejiang factory. By combining Jonway Auto's ISO 9000 manufacturing facilities, capable of delivering over 50,000 vehicles per year, with ZAP's EV technologies, products and expertise, the company aims to lead the emerging EV fleet market in China.