Al Yousuf buys US carmaker

Dubai: 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)."

The vehicle will support the UAE's growing awareness and focus on renewable energy and the protection of the environment, he said. It could also be an eco-friendly solution for the transportation sector.

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.

Toyota, the global leader in hybrid vehicles due to its best-selling Prius, has announced an expanded commitment to electric vehicles with plans to manufacture an all-electric city car by 2012.

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.