Company co-founder and former chairman Gary Starr, puts a finer point on it. "The federal government should ensure that small auto companies such as ZAP receive equal treatment for both the tax credit and from the loan program. I believe this is what Congress intended when they approved TARP. It seems wrong that ZAP's employees, dealers, customers and 15,000 shareholders, as tax payers, will be loaning money to the Big 3 to not build electric cars, while ZAP is actually building them. Why should the smaller electric car companies help finance their competition?" Press release after the break.
Auto Execs Say Divert Bailout to Support Electric Car Companies
Two veteran automotive executives, H. Dennis Kammerer and Rodger L. Cornish, say electric car pioneer ZAP (OTCBB: ZAAP) is already building all-electric models and the US government should offer support to companies who are already building plug-in transportation.
The two auto industry veterans were recently recruited for the development of ZAP's electric vehicle dealer and fleet markets. Kammerer has served as both National Dealer Development Manager and National Business Management Manager for Volvo Cars of North America and SAAB Cars USA. He has extensive field experience with Audi Financial Services.
"I did research on all the auto companies, large and small," said Kammerer. "ZAP has the most practical and cost-effective line of 100 percent plug-in electric cars and trucks today. The timing for this is ideal. With a Federal Tax Credit in place, auto dealers can immediately invest in an alternative profit center while contributing and accelerating the adoption and evolution of electric vehicles."
ZAP's marketing strategy is to provide a range of affordable electric vehicles through a network of authorized sales and service centers. In the past year ZAP has added to the size of its US dealer network with record electric car and truck shipments for the third quarter of fiscal 2008.
Rodger L. Cornish is a 25-year auto industry veteran appointed to help expand ZAP's presence within the fleet market. ZAP recently introduced a new four wheel electric truck to help the Company expand its fleet presence.
"I've worked for Subaru, Mazda, Chrysler as well as most of the major fleet management companies in the US," said Cornish. "It will take years for the auto industry to move into electric cars when ZAP has the electric cars and trucks we want today. If ZAP has achieved this without Federal support, imagine what they could do with just a little?"
"The federal government should ensure that small auto companies such as ZAP receive equal treatment for both the tax credit and from the loan program. I believe this is what Congress intended when they approved TARP," said ZAP Founder Gary Starr who built his first electric car in 1974. "It seems wrong that ZAP's employees, dealers, customers and 15,000 shareholders, as tax payers, will be loaning money to the Big 3 to not build electric cars, while ZAP is actually building them. Why should the smaller electric car companies help finance their competition?"
ZAP has been a leader in electric transportation since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. ZAP manufactures a line of electric vehicles, including electric city-cars and trucks, motorcycles, scooters, bicycles, and ATVs. ZAP sells some of the only electric city-cars and trucks in production today and is developing a high-performance electric vehicle called the ZAP Alias. The Company recently announced a strategic partnership with Dubai-based Al Yousuf Group to expand its international vehicle distribution. 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.