In the company’s recent developments,
ZAP (ZAAP.OB) has had to increase its workforce by 30% to keep up with increased demand for its Xebra (pronounced “zebra”) electric car. ZAP overall sales have jumped 88%, due primarily to sales of the small but street-legal all-electric vehicle, available in sedan and truck versions.
“While most U.S. automakers are laying off workers and facing declining sales, ZAP is experiencing record growth,” said CEO Steve Schneider. “We are proud that ZAP is one of the few companies selling cost-effective, plug-in transportation today.” He added that ZAP is launching new electric vehicles this quarter.
The company recently announced a strategic partnership with Dubai-based Al Yousuf Group to expand its international vehicle distribution. In addition, ZAP has a new joint venture with Integrity Automotive to build electric cars in Kentucky.
Perhaps the most important factor for ZAP is that there are very few US street-legal electric vehicles in production today. ZAP has found a large population of car buyers who love the Xebra and have been tired of waiting for the industry to deliver electric cars. A March 9, 2008 New York Times story reported that the Xebra was the top-selling model at the nation’s top electric car dealership in Portland, Oregon.
However, along with the increase in sales, ZAP CEO Schneider said there is a shortage of qualified electric car engineers, salesmen, and international business experts. Pointing to actions taken by the likes of Warren Buffett and T. Boone Pickens, who are both now investing in energy efficient transportation technologies, Schneider said electric transportation, solar, wind, and similar technologies are becoming the mainstream.
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