ZAP (ZAAP.OB) said it reached definitive agreements whereby ZAP would buy 51% of Zhejiang Jonway Automobile Co. Ltd. as part of a strategy to capitalize on the growing automotive and electric vehicle market in China. ZAP is a 15-year-old California EV company and Jonway Auto is a wholly owned subsidiary of Jonway Group, a 20-year-old Chinese vehicle manufacturer.
According to the terms of the definitive agreements, ZAP would acquire 51% of Jonway Auto for US$29.03 million in cash. In addition, ZAP would acquire exclusive international distribution rights to Jonway's automobiles for approximately 31.5 million shares of ZAP's common stock. According to the terms of the deal, Jonway Auto would be debt-free upon the closing of the transaction.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.