Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > ZAP, Youngman Automotive Hold First Board Meeting for Electric and Hybrid Vehicle Joint Venture in China

Company officials are meeting in China today for a the first Board of Directors meeting for a new joint venture to manufacture electric and hybrid vehicles. Pictured here left to right are: Steven Schneider, CEO of ZAP; Hossein Asrar Haghighi, CFO for the Al Yousuf Group; Pang Quingian, Chairman of Youngman Automotive Group; and Albert Lam, Chairman for the new joint venture company.
Company officials are meeting in China today for a the first Board of Directors meeting for a new joint venture to manufacture electric and hybrid vehicles. Pictured here left to right are: Steven Schneider, CEO of ZAP; Hossein Asrar Haghighi, CFO for the Al Yousuf Group; Pang Quingian, Chairman of Youngman Automotive Group; and Albert Lam, Chairman for the new joint venture company.

Abstract:
Electric vehicle manufacturer ZAP (OTCBB: ZAAP), Youngman Automotive Group and Dubai-based Al Yousuf Motors announced the first Board of Directors meeting today for a new electric and hybrid vehicle joint venture in Shanghai, China.

ZAP, Youngman Automotive Hold First Board Meeting for Electric and Hybrid Vehicle Joint Venture in China

SHANGHAI, CHINA | Posted on November 26th, 2007

In September, ZAP and Youngman Automotive Group, one of China's leading manufacturers of luxury motor coach and high-quality commercial trucks, signed a joint venture agreement to manufacture, market and distribute electric and hybrid vehicles for the passenger car, truck and bus markets. The new joint venture company will also focus on the development and manufacturing of electric vehicle charging infrastructure.

Youngman Chairman Mr. Pang Qingnian is attending the joint venture board meeting along with other representatives from Youngman Automotive Group. In the past few years, Youngman has been expanding its manufacturing and distribution into the passenger vehicle market. Earlier this year Youngman joined with Malaysia's Proton to distribute passenger cars.

ZAP and Youngman have invited representatives from the Al Yousuf Group to the board meeting. ZAP formalized a relationship this month with the Dubai-based trading conglomerate, a leading vehicle manufacturer and importer in The Middle East under its subsidiary Al Yousuf Motors. Al Yousuf has purchased $5 million in ZAP shares. Schneider says Al Yousuf Motors will be present to gain a greater understanding of the joint venture and has an interest in distributing vehicles produced by the joint venture through ZAP into the growing Middle Eastern market.

Al Yousuf officials have toured Youngman's manufacturing while meeting with joint venture officials. Based in Jinhua, in the Zhejiang Province of China, Youngman Automotive Group is China's leading manufacturer of luxury motor coaches. The Company also manufactures trucks and is developing plans to manufacture passenger vehicles. Youngman Automotive operates a one million square foot manufacturing facility in Jinhua with 4,000 employees and 700 R&D staff. Youngman has two additional facilities under development, which will result in the capacity to build 200,000 vehicles per year.

"I am very pleased with my visit to Youngman," said Mr. Hossein Asrar Haghighi, Chief Financial Officer for the Al Yousuf Group. "The wide array of high quality vehicles manufactured by Youngman offer very promising synergies between ZAP, Youngman and Al Yousuf Group. Mr Pang is a true visionary and his plans fit well with ours."

Joint venture chairman Mr. Albert Lam will preside over the joint venture board meeting in Shanghai. Lam stepped down from his position as CEO of Lotus Engineering, a subsidiary of Proton, to pursue the opportunity to work on electric and hybrid vehicles with ZAP and Youngman. Lotus Engineering is the leading supplier of engineering services to Youngman. Mr. Lam recently agreed to join ZAP's board of directors.

Albert Lam was the CEO for Lotus Engineering earlier this year when it carried out a feasibility study in collaboration with ZAP to explore a new generation of electric vehicles using the latest advances in technology. Schneider says the joint venture is moving forward with plans to develop several electric and hybrid vehicles with details to be announced in the near future.

####

About ZAP
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.

For more information, please click here

Contacts:
ZAP
Alex Campbell
707-525-8658


China Youngman Automobile Group Co. Ltd.
Rachel Pang Caiping
Director
+86-579-2256088

Al Yousuf Group
Mansoor Ali
97150-4578130

Copyright © Marketwire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Announcements

Quantum teleportation on a chip: A significant step towards ultra-high speed quantum computers April 1st, 2015

So, near and yet so far: Stable HGNs for Raman April 1st, 2015

Two-dimensional dirac materials: Structure, properties, and rarity April 1st, 2015

3-D neural structure guided with biocompatible nanofiber scaffolds and hydrogels April 1st, 2015

Automotive/Transportation

Clean energy future: New cheap and efficient electrode for splitting water March 18th, 2015

Imperfect graphene opens door to better fuel cells: Membrane could lead to fast-charging batteries for transportation March 18th, 2015

Researchers synthesize new thin-film material for use in fuel cells: Article in the journal APL Materials shows how to grow Bi2Pt2O7 pyrochlore, potentially a more effective cathode for future fuel cells March 10th, 2015

Glass coating improves battery performance: To improve lithium-sulfur batteries, researchers added glass cage-like coating and graphene oxide March 2nd, 2015

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage

Chemists make new silicon-based nanomaterials March 27th, 2015

New processing technology converts packing peanuts to battery components March 22nd, 2015

NC State researchers create 'nanofiber gusher': Report method of fabricating larger amounts of nanofibers in liquid March 19th, 2015

Drexel Univ. materials research could unlock potential of lithium-sulfur batteries March 17th, 2015

Alliances/Partnerships/Distributorships

NXP and GLOBALFOUNDRIES Announce Production of 40nm Embedded Non-Volatile Memory Technology: Co-developed technology to leverage GLOBALFOUNDRIES 40nm process technology platform March 24th, 2015

Young NTU Singapore spin-off clinches S$4.3 million joint venture with Chinese commercial giant March 23rd, 2015

Halas, Nordlander awarded Optical Society's R.W. Wood Prize: Rice University researchers recognized for pioneering nanophotonics March 21st, 2015

EU Funded PCATDES Project has completed its half-period with success March 19th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE