Jul 22 2010 |
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Al Yousuf buys US carmaker
Thursday, Jul 22, 2010Dubai: Al Yousuf group, which owns dealerships for Daewoo cars and Yamaha motorcycles, has bought California-based electric vehicle maker Phoenix Motorcars and plans to launch the UAE's first battery-powered sport utility truck, or SUT.
Group president Eqbal Al Yousuf told Gulf News: "The Phoenix SUT is a full-featured, all-electric pick-up truck that can serve as a direct, cost-efficient replacement for standard passenger cars and light-duty trucks for just $75,000 (Dh275,415)."
Abu Dhabi-based Aabar Investments has a stake in electric sports carmaker Tesla Motors. Daimler, in which Aabar also holds a stake, has said that it will launch a battery-powered Mercedes model next.
Other manufacturers, including Mitsubishi and Nissan, are planning all-electric vehicles.
From being a shareholder for the past two years, Al Yousuf now owns Phoenix Motorcars, one of the first manufacturers of electric vehicles in the US, after the company went bankrupt during the global economic downturn.
"We invested around Dh100 million over the past year to produce this kind of electric low-emission vehicle," Al Yousuf said.
"I have been searching for this type of technology for a long time and the electric vehicle is a new concept not only in the Middle East but worldwide."
Challenging situation
Al Yousuf
is aiming to manufacture these vehicles in the UAE but, due to the "challenging financial situation", he is looking for a partner in addition to the kind of government support that auto companies enjoy in the US, he said.
"Bringing the SUT to the UAE market is not just passion for this new product but it is a belief in the importance of technology in improving our lives. We would like to evolve technology to serve humanity," Al Yousuf said.
By Zaher Bitar Staff Reporter© Gulf News 2010. All rights reserved.
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