Zenn to stop making LSV in 2010
TORONTO - Electric car maker Zenn Motor Company Inc. (TSXV:ZNN) announced Monday it plans to cease production of its low-speed vehicles by the end of April 2010.
The Toronto-based company said its Zenn LSV 2010 model will be the final version of the electric car produced as it turns its attention to the ZENNergy drive solutions product.
In mid-September, Zenn said it was moving its focus to commercializing its drive solutions product, as interest in electric vehicle solutions grows in the automotive industry.
The drive product provides smaller, lighter, longer-lasting and less expensive energy storage for electric cars.
The current Zenn vehicle - Zero Emission No Noise - is intended for urban commuters and applications such as resorts, gated communities, airports and campuses. It has been produced since 2006.
Earlier this year, Zenn was excluded from an Ontario electric car rebate program, which offers up to $10,000 when buying plug-in hybrid and battery electric vehicles, because its cars have not been deemed safe for highway use.
The little three-door hatchback, made in St-Jerome, Que., can attain 40 kilometres an hour, with a range of up to 80 kilometres.
Zenn said it will continue to fulfil service requirements for the vehicles already sold.
"We are now confidently turning the page in the evolution of Zenn Motor Company from a manufacturer of LSVs into a Tier 1 supplier to automotive and specialty vehicle companies," said Ian Clifford, Zenn's chief executive officer.
"Recognizing the significant emphasis government, industry and consumers are placing on the electrification of transportation, we believe that our ZENNergy strategy is extremely well-positioned."
Zenn's shares were up 4.65 per cent or 20 cents to $4.50 Monday morning on the TSX Venture Exchange. 10:05ET 07-12-09
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