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The electric car market continues to move forward through efforts from ZAP (OTC:ZAAP), Advanced Battery Technologies (OTCPK:ABAT), Azure Dynamics Corporation and DaimlerChrysler

Investors are taking notice as they are realizing that what is good for the environment can also be very good for the wallet. Leading the way to a "green" future is the electric vehicle market that offers consumers cost savings through efficiency, while at the same time giving investors following the sector, strong upside potential. Stocks in this segment have also received a boost as oil prices remain above $70 per barrel, and global warming has become a top priority among politicians and consumers.

Overcoming some of the historical challenges found within the electric car market are companies that have placed their focus on research and development to introduce next generation transportation systems to the market. Recent announcements within this market have added a sense of confidence in electric vehicles as a viable transportation alternative.

ZAP - a leader in advanced transportation technologies - has entered into a supply agreement with Advanced Battery Technologies for polymer lithium and nano batteries. The contract, valued at more than $5 million, will provide ZAP with high performance batteries to be used in their various lines of electric vehicles.

Azure Dynamics Corporation [TSX: AZD & LSE: ADC], a leading developer of hybrid-electric and electric powertrains for commercial vehicles, recently announced an agreement with FedEx Express, a subsidiary of FedEx Corp. (FDX), for the development of gasoline parallel hybrid-electric powertrains for their delivery fleet.

Global Electric Motorcars, a DaimlerChrysler company, manufactures Neighborhood Electric Vehicles (NEVs) and has been working to meet the growing demand from island resort communities, areas that can benefit from the range, speed and versatilit y of NEVs. Global Electric Motorcars vehicles were the first multipurpose NEVs available for sale from a major automaker.

Electric Automotive Stocks Sparked

ZAP has seen its share price increase over 16% this month to its recent close of $1.07

ZAAP 1-yr chart

ZAAP

Advanced Battery Technologies was up 4.3% on news of its agreement with ZAP to $2.90

ABAT 1-yr chart

abat

Altair Nanotechnologies most recently saw their shares climb on news of a joint development deal with AES Corp for energy storage products. AES is also a strategic investor in the Company. Altair shares are up 15% this month.

Global Electric Motorcars, a DaimlerChrysler company, has realized a steady climb moving up $27.42 or 44% year-to-date.

Azure Dynamic has been trading in the $0.65-$0.70 range this summer.

Disclosure: none

Source: Innovation Drives Electric Automotive Stocks: ZAP, Advanced Battery Technologies