Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

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

Nanoparticle technology triples the production of biogas October 23rd, 2014

SUNY Polytechnic Institute Invites the Public to Attend its Popular Statewide 'NANOvember' Series of Outreach and Educational Events October 23rd, 2014

Advancing thin film research with nanostructured AZO: Innovnano’s unique and cost-effective AZO sputtering targets for the production of transparent conducting oxides October 23rd, 2014

Strengthening thin-film bonds with ultrafast data collection October 23rd, 2014

Automotive/Transportation

Production of Anticorrosive Chromate Nanocoatings in Iran September 27th, 2014

Teijin Aramid’s carbon nanotube fibers awarded with Paul Schlack prize: New generation super fibers bring wave of innovations to fiber market September 25th, 2014

Next-Gen Luxury RV From Global Caravan Technologies Will Offer MagicView Roof and Windshield Using SPD-SmartGlass Technology From Research Frontiers: Recreational Vehicle Manufacturer Global Caravan Technologies (GCT) Features 28 Square Feet of MagicView™ SPD-SmartGlass September 17th, 2014

Toward making lithium-sulfur batteries a commercial reality for a bigger energy punch September 17th, 2014

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

Super stable garnet ceramics may be ideal for high-energy lithium batteries October 21st, 2014

Graphenea opens US branch October 16th, 2014

NTU develops ultra-fast charging batteries that last 20 years October 14th, 2014

Electrically conductive plastics promising for batteries, solar cells October 10th, 2014

Alliances/Partnerships/Distributorships

European Commission opens the gate towards the implementation of Nanomedicine Translation Hub October 16th, 2014

IRLYNX and CEA-Leti to Streamline New CMOS-based Infrared Sensing Modules Dedicated to Human-activities Characterization October 15th, 2014

New VDMA Association "Electronics, Micro and Nano Technologies" founded: Inaugural Meeting in Frankfurt/Main, Germany October 15th, 2014

VDMA photonics steering committee with new members stronger than ever October 14th, 2014

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 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE