Samyang Optics Announces Partnership With Electric Car Maker ZAP for Korea Market
Samyang Optics Co. Ltd. announced that it has signed a distribution agreement with California electric transportation pioneer ZAP for the exclusive rights to manufacture, assemble and market ZAP’s complete line of electric trucks, vans, motorcycles, scooters and ATVs in Korea.
This partnership is part of Samyang’s broader strategic plan to enhance its core business with a new thrust in cleantech, focusing on Korea’s increasing market opportunities in electric vehicles. The agreement establishes Samyang as ZAP’s exclusive distributor and assembly partner, leading to potential manufacturing for its electric vehicles in Korea.
The distribution agreement commits Samyang to set up manufacturing facilities and distribution hubs in Korea with annual procurement quotas. The electric vehicle bodies will be produced by ZAP’s recently announced manufacturing partner, Zhejiang Jonway Automobile Co. Ltd., and use the electric power train technology and engineering designed by ZAP and produced by ZAP Hangzhou, the joint venture between ZAP, Holley Group and Better World International.
Under the distribution agreement, Samyang has secured the exclusive Korean distribution, assembly and eventually manufacturing rights for ZAP’s latest and upcoming electric vehicle models, including the ZAP Alias electric car and the recently announced A380 5-door electric SUV (sports utility vehicle), developed by ZAP and Jonway. Preproduction models of each were showcased in Korea for the announcement. Samyang will be taking delivery of ZAP’s electric vehicles from ZAP Hangzhou until their facilities are equipped to begin assembly in Korea.
The Ministry of Knowledge Economy for Korea has announced plans to commercialize electric vehicles with an investment of 400bn won (US$342.6m) by 2014 on research and development for high-performance batteries and other related electric vehicle subsystems. The Ministry of Knowledge Economy has announced a goal of capturing 10% of the global market for zero-emission plug-in cars by 2015 with the target of having all-electric vehicles comprise 10% of domestic sales of small-size cars by 2020. This partnership is focused on addressing this opportunity.