Stocks & Investing
Stocks and Investing
Stocks and Investing
Fri, July 31, 2009
Thu, July 30, 2009 ZAP: Cash for Clunkers Available on ZAP Electric Car
SANTA ROSA, CA--(Marketwire - July 30, 2009) - Electric car pioneer ZAP (
ZAP says it can offer up to $3,300 trade-in allowance towards a ZAP Xebra Sedan for qualifying gas vehicle trade-ins at its Voltage Vehicles dealership in Santa Rosa, California. On top of that, Xebra buyers qualify for a 10 percent Tax Credit based on the full purchase price. Only 100 Xebra sedans will be eligible for the incentive program. The offer matches the $3,500 to $4,500 saving from the US government, but expect an electric vehicle to save much more over its lifetime and provide more environmental benefits. Trade-in vehicles must have a clear title. ZAP's "Cash for Clunkers" program is good until November 1, 2009 and good only at participating dealers.
"ZAP electric cars get about 150 miles per gallon, so on a fuel cost basis alone they can save 7 times more than the fuel economy program offered by the government, plus we can offer a competitive rebate," said Schneider. "At the same time, electric cars will reduce CO2 emissions by about 75 percent over the average trade-in under the federal Cash for Clunkers program."
Schneider cited studies that an electric car reduces CO2 emissions by more than 90 percent compared to a gas car, so in place of a gas car he estimates an electric car can eliminate roughly 10,000 pounds of CO2 from a drivers' carbon footprint annually. On top of the point-of-sale incentives, electric car drivers can expect to save as much as $1,000 a year on fuel costs. Electric car owners can save even more with the elimination of oil changes, smog checks, parts replacements and other routine maintenance.
Called the Consumer Assistance Recycle and Save Act of 2009, or more commonly "Cash for Clunkers" or "Cash for Guzzlers," the $1 billion federal program will provide a voucher of up to $4,500 to help offset the cost of new car purchases or leases over the next five months. New passenger cars will qualify under the program only if they have a fuel economy of at least 22 MPG. If the new model gets four more miles to the gallon than the old car, you qualify for the $3,500 credit.
About ZAP
ZAP has been a leader in electric transportation since 1994, delivering over one hundred thousand vehicles to consumers in more than seventy-five countries. ZAP manufactures a line of electric vehicles, including electric city-cars and trucks, motorcycles, scooters, and ATVs. ZAP sells some of the only electric city-speed cars, trucks and vans in production today and is developing a freeway capable electric vehicle called the ZAP Alias. For product, dealer and investor information, visit [ www.zapworld.com ].
Forward-Looking Statement
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.
