ZAP Subsidiary Voltage Vehicles Increases Offer for Ford's Think Electric Car Program

SEBASTOPOL, Calif. (November 7, 2002) - Publicly owned electric vehicle maker ZAP (OTC BB:ZAPZ) announced today that its wholly owned subsidiary, Voltage Vehicles, has increased its offer to acquire Ford's Think electric vehicle assets to $13 million in cash, stock, and/or warrants.

ZAP's offer would be for all of Ford's electric vehicle (EV) assets including the Think City electric car. This offer initiated by ZAP shareholders at its shareholder meeting on October 26, 2002 follows news reports that Ford has shut down the Ford Think electric vehicle project. According to published reports, Ford has sold 3,000 Think Neighbor vehicles and 1,050 Think City vehicles.

Based in Sebastopol, California, ZAP has been a leader in marketing electric vehicles since 1994, delivering thousands of its electric scooters, bicycles and other vehicles to customers around the world. This year ZAP merged with Voltage Vehicles and RAP Group, Inc., companies involved in automotive marketing and distribution to focus on the car market.

Reports that Ford is canceling its electric car program have been a "tremendous disappointment" to potential customers in Northern California. A limited number were made available in the U.S. on a lease or rental basis, but now dealers have leased them all out and are telling customers they can put their name on a waiting list with no schedule when the cars might be available. Customers who have been trying to buy Think cars staged a rally with their vehicles in San Francisco. Dr. Nick Carter, President of the local chapter of the Electric Auto Association, has been a Think City driver for almost a year.

"Ford has said that it's disappointed in sales and yet the car has never been offered for sale in the USA," says Carter. "We have over 7,000 oil-free, clean, quiet miles on our rental Think City and it's a great car which we'd be happy to buy."

The City is one of the only freeway-capable vehicles designed specifically to be an electric in production. ZAP believes that with its global alliances, combined with new technology, they can manufacture and market the Think electric vehicles.