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|Electric car pioneer ZAP (OTC BB: ZAAP) is introducing a larger pickup for government, corporate and utility fleet niche applications. A prototype of the ZAP XL Truck has been completed between ZAP and its Chinese manufacturing partner and production models are expected for delivery to customers by the fall of this year. (Photo: Business Wire)|
With gasoline prices predicted to reach new records in 2008 and government and corporate fleets scrambling to reduce costs, electric car pioneer ZAP (OTCBB:ZAAP) is introducing a new electric truck for fleets with a greater payload rating.
A prototype of the ZAP XL Truck has been completed and production models are expected for delivery to customers by the fall of this year. In the United States, the XL Truck will meet full Department of Transportation requirements for Low Speed Vehicles with a top speed of 25 MPH. As part of ZAP's global distribution strategy, the ZAP Truck XL will be designed to meet or exceed government certifications that would allow for distribution throughout most of the world.
ZAP has delivered hundreds of its city-speed vehicle called the Xebra for fleet applications, but fleet managers are also searching for larger electric vehicles that can handle heavier payloads. Both the Xebra and the XL Truck have a two-passenger capacity, but while the payload rating for the Xebra is 500 pounds, the payload for the XL Truck is rated at 770 pounds. The cargo bed of the XL Truck is also larger at 58" long X 53" wide and 11.5" deep.
California-based ZAP has executed an electric vehicle development and worldwide exclusive distribution agreement with a vehicle manufacturer in China. The two companies began development of the XL Truck last year and have finalized an agreement to enter production. ZAP is now accepting reservations for the XL Truck at its website www.zapworld.com.
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 called Detroit Electric to manufacture electric and hybrid vehicles with Youngman Automotive Group, one of China's leading manufacturers of buses and trucks. Detroit Electric is developing a freeway capable electric vehicle called the ZAP Alias in collaboration with 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.
This press release contains forward-looking statements. 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.
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