For the year ending December 31, 2006, ZAP (OTCBB:ZAAP) reported that sales for its electric and fuel-efficient vehicles tripled. Sales for the year were $10.8 million compared to $3.6 million in 2005. The increase of $7.2 million was due to sales of advanced technology vehicles of $8.3 million for 2006 versus $432,000 in 2005.
Net loss for 2006 decreased by 50%, from $23.5 in 2005 to $11.9 million in 2006. The decrease was primarily due to a significant one-time gain on the discharge of liabilities related to an automotive distribution contract.
For ZAP, 2006 marked the launch of automotive marketing and distribution, highlighted by the introduction of the XEBRA electric sedan and truck in June through its network of automotive dealers.
ZAP is currently marketing the only production electric vehicles that meet all DOT standards for on-road use in the United States. ZAP is working to capitalize on these trends with the announcement in February 2007 that it will develop a new generation of electric vehicles, including the ZAP-X compact SUV, designed by Lotus Engineering. ZAP is also in a venture to make fuel-efficient ethanol and electric micro-sports cars with Brazilian automaker OBVIO ! Automotoveiculos S.A. of Rio de Janiero.
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