Zap Transfers Detroit Electric Brand to Chinese Group
Historic electric car brand Detroit Electric last June reached an understanding to move forward in the development of a line of full-performance pure electric passenger vehicles. CEO Albert Lam said a vehicle distributor and additional technology partners in Europe intend to provide capital financing and electric drive system technology for the venture. He expects further details to be announced.
The 100-year-old Detroit Electric brand was reestablished in 2007 as a joint venture by California electric vehicle manufacturer ZAP (ZAAP) and China Youngman Automobile Group. Under the agreement, ZAP will transfer ownership interest in Detroit Electric in exchange for North American sales and distribution rights for all vehicles developed and manufactured by Detroit Electric as well as $750,000 (US Dollars). According to Lam, China Youngman Automobile Group will relinquish its ownership under a separate arrangement, but will continue to provide vehicle platforms to Detroit Electric for pure electric transit buses and coaches.
Detroit Electric has attracted technology-based shareholders and investors in Europe to continue its development program for a range of four wheeled, multi-passenger automobiles for manufacture in Malaysia and China. The Company expects to announce its vehicle projects by the end of 2008.
Detroit Electric was an early 20th Century electric car, perhaps the most popular in history. The Anderson Electric Car Company of Detroit, Michigan built cars under the Detroit Electric brand between 1907 and 1939. For more information, visit http://www.detroit-electric.com.
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. ZAP is also developing a new generation of vehicles using lithium batteries. The Company recently announced a strategic partnership with Dubai-based Al Yousuf Group to expand its international vehicle distribution. ZAP also makes innovative portable energy devices that supply power for mobile electronics from cell phones to laptops. For product, dealer and investor information, visit http://www.zapworld.com.
This press release contains forward-looking statements.
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