ZAP is an acronym for Zero Air Pollution, according to the US company.
The new name ZAP is said to be more in line with the company's recently announced repositioning plans. The company is shifting from what has been perceived by the public as primarily an electric scooter company, banking on its leading product the ZAPPY, an electric powered scooter, capable of going up to 13 mph, to a more comprehensive marketer and distributor of a variety of EVs, including a fuel-cell powered bicycle in 2002.
CEO Gary Starr said: "Although our Internet business operates on very high margins and its revenues have been growing, up 40% in the first quarter of 2001, ZAP is not a dot-com company. Since everyone knows us as ZAP and it has always been our abbreviated pet name for the company, we decided it is catchy and accurate enough to stand on its own.''
The name change will be presented at the annual shareholders meeting, 16th June in California.