According to reports from Reuters and GM-Volt.com, Zenn Motors has canceled plans to launch its cityZENN high-speed electric car and will slow down work on its low-speed EVs. According to Zenn Chief Executive Ian Clifford, the company will focus its efforts on becoming a supplier of ZENNergy Drive electric vehicle drivetrain components, which we assume will center around the EEStor energy storage system. Why the change in plans?
How does this make sense: ZENN recently announced that company officials had selected a manufacturer to produce a highway-speed electric vehicle, called the cityZENN. Following this, ZENN's stock fell three percent. You'd think people would be happy with an announcement like that.