The Al Yousuf Group, a Dubai-based conglomerate and investor in ZAP, provided a $10 million financing arrangement the electric vehicle manufacturer for future working capital enabling it to meet growing demand for its electric vehicles. The financing arrangement allows for advances by ZAP over the next few years.
ZAP’s dealers have increased from 20 last year to 50 currently. ZAP said that demand for dealerships is growing in the US and abroad and expects the Company to add a significant number of new dealers and distributors over the next 12 months.
This is the opportunity of a lifetime for ZAP and we are ready to seize the moment.—ZAP Chairman Eqbal Al Yousuf, President of The Al Yousuf Group
The Al Yousuf Group is one of the largest distributors of automobiles in The Middle East.