January 22, 2008 07:00 ET
Highway Electric Car Project for ZAP, China Youngman Initiates RFQ (Request for Quotation)
Affordable, High Performance Electric Vehicle Called ZAP Alias™
SANTA ROSA, CA--(Marketwire - January 22, 2008) - Officials from ZAP (OTCBB: ZAAP) 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™. 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.
"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)
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.