Zapworld.Com Forms Agreement with Ningbo Topp Industrial to Distribute EVs in China
Zapworld.Com (ZAP, Sebastopol, CA) announced that it has an agreement to form a joint venture with Ningbo Topp Industrial Co. Ltd. (Ningbo, China) to manufacture and distribute EVs in China, starting with the Zappy scooter. Under the terms of the joint venture, Ningbo will purchase key components from ZAP, assemble and distribute the Zappy in China, and will pay ZAP a royalty on each electric scooter sold in China. Additionally, ZAP will receive a share of the profits from the joint venture.According to ZAP, the company has sold about $1.0 million in products to Asia. One of the goals with this joint venture is to penetrate the Chinese market, starting with the Zappy scooter, which the company believes will be successful in developing the electric scooter business in China.