Highway Electric Car Project for ZAP, China Youngman Initiates RFQ
SANTA ROSA, CA -- Jan 22, 2008 -- Officials from ZAP (OTC BB:ZAAP.OB) and China Youngman Automotive Group announced their Joint Venture Company has initiated the RFQ (Request For Quotation) process for a vehicle project called the ZAP Alias(TM). The Joint Venture invites engineering and technology companies from all over the world interested in participating in the high performance electric vehicle project initiated in 2007.
The Joint Venture Company targets the Alias to retail at a price of $30,000 in a two-passenger vehicle with a top-speed of over 100 miles per hour and a range of at least 150 miles per charge. The goal is to bring an affordable, highway capable electric vehicle to market quickly to capitalize on surging interest for electric car technologies. There are also plans to offer options like fast charging and a hybrid range extender.
ZAP plans to present its progress on the Alias electric vehicle at North America's largest dealer conference, NADA, February 9-12 in San Francisco, California. Members of The National Automobile Dealers Association (http://www.nada.org/) sold 16.5 million cars and trucks in 2006.
An affordable, highway electric car project between ZAP (OTCBB: ZAAP) and China Youngman Automotive Group initiated an RFQ (Request For Quotation) process for a vehicle called Alias(TM).
"Everyone who has seen the Alias says they want to buy one," said ZAP CEO Steve Schneider. "The performance goals are attainable because the pace of new technology is accelerating. We have worked with Lotus Engineering during the initial phase of the development project and shall again be looking forward to their support."
"I am very excited to initiate this project," said Mr. Albert Lam, Former CEO of Lotus Engineering, now Chairman of the Joint Venture Company. "Looking at our initial project development plan and our discussion with a number of key engineering and technology partners, I believe we can go into production by the 2nd quarter of 2009. We will be using some of the existing facilities of Youngman to manufacture this vehicle."
The ZAP Alias electric vehicle project was conceived via collaboration between ZAP and Lotus Engineering in 2007. The two companies carried out a feasibility study on next generation electric vehicle technologies and the Alias vehicle was announced along with a crossover SUV project called the ZAP-X, based on Lotus Engineering's Aluminum Performance Crossover (APX) demonstrator.
ZAP will distribute the Alias under a new brand name for the Joint Venture Company in North America. The Alias will be sold through qualified ZAP dealers. ZAP has a dealer network with 50 locations across the United States selling its current vehicles, the Xebra and Zapino.
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP has a joint venture to manufacture electric and hybrid vehicles with Youngman Automotive Group, one of China's leading manufacturers of buses and trucks. ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. ZAP is also developing a new generation of vehicles using advanced nanotech batteries with Advanced Battery Technologies. The Company recently announced a strategic partnership with Dubai-based Al Yousuf Group to expand its international vehicle distribution. ZAP also makes an innovative, new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer and investor information, visit http://www.zapworld.com.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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