Just days after the Al-Yousuf Group bought $475,000 of Zap's convertible debt, the president of that group, Eqbal Al Yousuf, was named chairman of Zap. This is not the first time Zap and Al-Yousuf came together: last November, the group (based in the United Arab Emirates) bought $5 million worth of ZAP shares and Eqbal Al-Yousuf has been on ZAP's Board of Directors since December. Al-Yousuf will become Zap's chairman on June 2. According to Zawya, Zap is the only non-UAE company the Al-Yousuf Gr
There's some interesting financial activity going these days in the electric vehicle realm and it wouldn't be surprising to see some consolidation happen soon. In the past year Phoenix Motorcars and Zap have trailed only the Tesla Roadster and Chevy Volt in attention for battery-propelled vehicles. Unfortunately for both companies (and Tesla) revenues have not been in proportion to press coverage and as we all know building a complete vehicle is not a trivial challenge.