ZAP (fka ZAAP)

[WOLDUMAR]

Samyang Optics Takes Delivery of First Alias Electric Car from ZAP Jonway



SANTA ROSA, Calif., Sep 09, 2010 (BUSINESS WIRE) -- The first Alias electric car from industry pioneer ZAP Jonway /quotes/comstock/11k!zaap (ZAAP 0.44, 0.00, 0.00%) has been sold to distribution partner Samyang Optics (Kospi: 008080.KSE) of Korea.

Samyang Optics has taken delivery of a red Alias that first appeared at National Automobile Dealers Association Expo in New Orleans. The same Alias debuted to the public earlier this year at the Korea EV Challenge, sponsored by Samyang Optics.




Samyang Optics and ZAP Jonway have formed a business venture to introduce electric vehicles (EVs) to Korea. The government's goal is to commercialize EVs and capture 10 percent of the global market by 2015. Korea wants EVs to comprise 10 percent of domestic small car sales by 2020.

The Alias is a finalist in the Progressive Insurance Automotive XPRIZE, a global competition that will award $10 million in prizes to teams that win a rigorous stage competition for clean, production-capable vehicles and exceed 100 MPG energy equivalent (MPGe). It is among nine vehicles remaining from the original 136 that started the competition. The winners will be announced September 16, 2010 in Washington DC. Further details are available at http://progressiveautoxprize.org.

"Any car that has made it through the XPRIZE finals is a winner in our book