SANTA ROSA, CA – Al Yousuf Group, a Dubai-based conglomerate and investor, is providing a $10 million financing arrangement for future working capital enabling electric vehicle manufacturer ZAP to meet growing demand for its electric vehicles. The financing arrangement allows for advances by ZAP over the next few years.
"Orders for ZAP's full-line of electric vehicles have been increasing as a result of the company's rapidly expanding dealer network," said ZAP CEO Steve Schneider. A year ago, ZAP had 20 dealers, a number that has increased to 50. The company has also seen dramatic growth in scooter sales through its 70 scooter and bicycle dealers in the past year.
ZAP added that demand for dealerships is growing in the United States and abroad and expects the company to add a significant number of new dealers and distributors over the next 12 months.
ZAP introduced the Xebra in June 2006. The vehicle is designed for in-town driving at speeds up to 40 MPH and can recharge at any normal 110-volt outlet like a cell phone. Many Xebra owners report that it costs about 50 cents to fuel up where gas-powered cars fill up for $50 or more. The Xebra is manufactured in China.
Business fleets have also been field-testing ZAP vehicles, including Dominos Pizza, UPS, Coca-Cola, and El Pollo Loco, and city and county departments have started adding ZAP vehicles to their fleet operation.
