ZAP execs say bailout money should go to electric startups
Tesla isn't the only electric-car company angling for some of the "bailout" billions. A couple of newly-hired execs over at ZAP! have opinions about who should get some of the money (Yeah, it came as a shock to us too) that Washington seems willing to dish out to Detroit auto makers. Rodger L. Cornish and H. Dennis Kammerer are two industry veterans who recently climbed aboard the ZAP! train to take care of the company's fleet and dealership customers. They believe that government should consider helping companies who are already
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.
[Source: ZAP!]
PRESS RELEASE:
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?"
About ZAP
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.
Reader Comments (Page 1 of 1)
Mike Z 3:24PM (12/19/2008)
Don't press releases loose all credibility when the company is listed 'OTCBB'???
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Rich 3:25PM (12/19/2008)
Yes, I agree.
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Jo 3:37PM (12/19/2008)
No, no NO!
Let's get one thing straight, ZAP does not build cars. ZAP builds neighborhood electric vehicles that are not practical, not safe, and (in many cases) not road legal.
Let ZAP do what Tesla and Fisker and Mosler and Saleen have done: build a car that can be crash tested, driven on highways, etc., and THEN they can talk bailout.
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Robert 3:40PM (12/19/2008)
Yay! Another press release from ZAP. Wonder why they didn't announce another vaporware product?
As I've said before, none of the electric car companies will break the economy any more if they fail. If any of the big 3 fail, it will be detrimental to the economy.
That said, ZAP is out of it's f**king mind. If they want to pad the pockets of their execs, that's fine. I don't want them doing it with my tax money.
So far, ZAP is a bunch of sleazy frauds. If they want to prove they can make something more useful than slow, short-range motorcycles (their production vehicles have 3 wheels, and classify as motorcycles), like a real car, then we'll talk about a bailout (that they don't seem to need because they aren't making much product).
I hate to wish ill on a company making electric vehicles, but ZAP needs to go away. They are noise obscuring the signal.
Read this if you think I'm just being an ass, then remember how many posts you've seen on ABG and AB about ZAP press releases that never show any fruit: http://www.wired.com/cars/futuretransport/magazine/16-04/ff_zapped
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Tim 3:54PM (12/19/2008)
Let's level the playing field...
NONE of them get taxpayer money!
(unless you're a corporate socialist)
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spence 4:10PM (12/19/2008)
I hear that Zap! just announced their new CEO, Bernie Madoff.
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John Rowell 5:39PM (12/19/2008)
Why is everyone bashing Zap? They're the only manufacturer currently selling a highway-capable 4-person electric car at an affordable price.
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Spence 7:47PM (12/19/2008)
"Highway-capable"? Lolz.
We bash them because they aren't a car company, they are a long running ponzi scheme that uses enthusiasm for electric cars to feed never-ending rounds of "capital investment" from gullible but good-hearted folks. The shitty Chinese golf carts they sell in small numbers are a fig leaf on a scam that has given a black eye to the whole image of electric vehicles.
That's why we bash them.
Luke 10:25AM (12/20/2008)
Granted that the Xebra isn't for everyone -- but I live in a small (but not too small) town in Illinois, and a "shitty Chinese golf cart" would actually match my commuting-needs pretty well. But we already have a Toyota Prius and a Ford Ranger -- and limited parking.
Chris 1:54PM (12/20/2008)
I died laughing when i saw "highway capable." You are more than welcome to drive that deathtrap on any highway you wish but i'd be surprised if you made it an hour without dying.
tyler 6:59PM (3/29/2009)
Can they still qualify for a government bailout if the rumour of impending bankruptcy
is true? They seem to put out more spin than product, and certainly that has been
the problem with this business since the beginning.
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