05:00 AM EDT, 06/14/2024 (MT Newswires) -- Zapp Electric Vehicles Group ( ZAPP ) said it intends to appoint Bounce Electric 1 Private Limited as its contract manufacturing partner for the sales of the i300 in India.

The British electric vehicle brand signed a memorandum of understanding to this effect. It said on Thursday Bounce operates a domestic vehicle assembly facility and may further assist with the distribution.

Zapp said it continues to work toward commercial rollout and first customer deliveries of the i300 in Europe and Thailand in the summer of this year.

Shares of Zapp were down 14% in premarket activity Friday.

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