Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

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

Copper catalyst yields high efficiency CO2-to-fuels conversion: Berkeley Lab scientists discover critical role of nanoparticle transformation September 20th, 2017

Leti Develops Proof of Concept to Test Wireless Systems in Aircraft: Will Present Results of Joint Project at AeroTech Conference And Exhibition in Fort Worth, Texas, Sept. 26-28 September 20th, 2017

Solar-to-fuel system recycles CO2 to make ethanol and ethylene: Berkeley Lab advance is first demonstration of efficient, light-powered production of fuel via artificial photosynthesis September 19th, 2017

A new approach to ultrafast light pulses: Unusual fluorescent materials could be used for rapid light-based communications systems September 19th, 2017

Automotive/Transportation

More durable, less expensive fuel cells: University of Delaware researchers have developed a new technology that could speed up the commercialization of fuel cell vehicles September 5th, 2017

High-tech electronics made from autumn leaves: New process converts biomass waste into useful electronic devices August 30th, 2017

Nanoparticles pollution rises 30 percent when flex-fuel cars switch from bio to fossil: Study carried out in São Paulo, home to the world's largest flex fuel urban fleet, shows increase of ultrafine particulate matter when ethanol prices rose and consumption fell August 28th, 2017

2-faced 2-D material is a first at Rice: Rice University materials scientists create flat sandwich of sulfur, molybdenum and selenium August 14th, 2017

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

How to draw electricity from the bloodstream: A one-dimensional fluidic nanogenerator with a high power-conversion efficiency September 11th, 2017

A revolution in lithium-ion batteries is becoming more realistic September 5th, 2017

High-tech electronics made from autumn leaves: New process converts biomass waste into useful electronic devices August 30th, 2017

Candy cane supercapacitor could enable fast charging of mobile phones August 17th, 2017

Alliances/Trade associations/Partnerships/Distributorships

Leti and Partners in PiezoMAT Project Develop New Fingerprint Technology for Highly Reliable Security and ID Applications: Ultra-high Resolution Pressure Sensing Uses Matrices of Vertical Piezoelectric Nanowire To Reconstruct the Smallest Features of Human Fingerprints September 5th, 2017

Phenom-World selects Deben to supply a tensile stage as an accessory to their range of desktop SEMs August 29th, 2017

Oxford Instruments Plasma Technology announces a new partner in Korea August 15th, 2017

Moving at the Speed of Light: University of Arizona selected for high-impact, industrial demonstration of new integrated photonic cryogenic datalink for focal plane arrays: Program is major milestone for AIM Photonics August 10th, 2017

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