ZAP (ZAAP-NASDAQ/OTC), the electric car maker, is launching a new development program with a completed design for a high-performance electric vehicle that is affordable for consumers. The target price is $30,000.00 and the target speed is more than 100 miles per hour with a 100 mile range per charge. ZAP claims that many of the technologies are specified for the car, but delivery is expected sooner than the ZAP-X electric car concept. It will offer more details at the annual shjareholder meeting on July 29.
ZAP already has a small short range vehicle in production. For $10,000.00 you can buy a ZAP XEBRA thatwill reach up to 40 miles per hour for short range travel inside cities. It has mainly been targeted to city and governments, although some individuals (very few) have these in major cities. ZAP sells the XEBRA through an authorized dealer network of sales and service centers. ZAP is developing a number of vehicles for its automotive business plan. Earlier this year, ZAP introduced a high-performance compact, or crossover, SUV concept called ZAP-X. ZAP also has ventures to build cars in China and Brazil.
ZAP has been a post-concept company that has so far seen limited success as a stock. Yesterday’s closing price was $0.98, and the 52-week trading range was $0.61 to $1.80. Total revenues for 2006 were only $10.83 million with an operating loss of $19.4 million and net loss recorded at $11.9 Million. As of its last report on March 31 it only carried $2.56 million cash, with total assets listed as $10.995 million; total liabilities were carried as $7.546 million.
Jon C. Ogg
June 22, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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