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Zongshen grows substantially - launching "Toronto" e-motorcycle

The Canadian listed (China-based) motorcycle maker Zongshen PEM Power Systems Inc. (TSX:ZPP) said its profits rose substantially in the fourth quarter based on growing demand for higher-end gas motorcycles in China and abroad.

Revenue went from $2 million in the same quarter last year to $75.1 million with $1.4 million profit  

Zongshen said sales of large gas motorcycles rose 40 per cent in the last three months of 2010, compared to the earlier quarter, as Chinese dealers restocked their inventory to meet strong customer demand for higher-end models.  Exports to Europe and Brazil were also higher.

The extremely large growth in sales is partly attributable to Zongshen's acquisition of a major Chinese motorcycle brand.

Sales were negatively impacted by a new emissions law in China that led dealers to focus on selling off older inventory before a state-imposed deadline, but the company said it expects its new models to gain a large chunk of the market as competitors lack the resources to upgrade their factories to make vehicles that are up to code. 

It also is preparing to launch its new "Toronto" battery powered e-motorcycle to be sold at higher price points than gas motorcycles. The Toronto line was designed to compete on performance and price with 110 cc to 120 cc gas motorcycles in China.

About Zongshen PEM Power Systems Inc.

Zongshen PEM Power Systems Inc. is a public company trading under the symbol ZPP on the Toronto Stock Exchange. The Company manufactures gas motorcycles, electric motorcycles, electric bicycles and other e-vehicles in China for the Chinese domestic and international markets. Zongshen PEM Power System's largest shareholder is Zongshen Industrial Group, one of China's largest manufacturers and distributors of engines and power equipment.

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