ZAP Electric Vehicles has Record Third Quarter - 10/15/08

Pioneer ZAP Electric vehicles have announced that the extreme demand for alternative transportation has allowed them to ship vehicles unaudited in the quarter of 2008 for their Advanced Technology Vehicle segment.  This quarter has been the best since ZAP started selling its Xebra sedan and pickup truck line in 2006.

ZAP shipped 240 Xebra vehicles in the third quarter compared to 80 for the same period in 2007, which is an increase of 160 vehicles or 200%.  For the second quarter ZAP shipped 130 compared to 80 for the same period in 2007, which is an increase of 62%.

The shipment of Xebra hit an all time record for the month of September of 121 units.

ZAP CEO Steve Schneider said the drive behind this growth include the expansion of dealers, an increase in overseas manufacturing, and the recent $10 million working capital credit line.

The high demand has allowed ZAP to increase its workforce by 30% since the beginning of the year.

Most automakers are laying off workers due to declining sales, but ZAP is one of the few filling the need for an affordable electric car.  ZAP will be launching new electric vehicles in the fourth quarter.

ZAP’s goal was to make the Xebra line affordable and 100% electric for on road use.  The price of the Xebra sedan is $11,700 and the truck is $12.500.  ZAP designed the Xebra for in town personal, business and fleet use.  The Xebra has a top speed of 40 MPH.

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