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AYRO, Inc. (NASDAQ: AYRO), founded in 2017 and headquartered in Round Rock, Texas, is a progressive company specializing in the design and manufacture of light-duty, emissions-free electric vehicles. AYRO's core business revolves around developing sustainable transportation solutions for urban and community transport, local delivery, and closed campus mobility. Their product line includes notable models like the AYRO 311, a versatile 3-wheeled vehicle for both professional and personal use; the Club Car 411, designed for low-speed logistics and cargo services on campuses; and the AYRO 511 4×4 concept vehicles.
AYRO's mission is to redefine sustainability through innovative electric vehicles. Their latest offering, the AYRO Vanish, leverages a new Common Core Chassis design platform, making it adaptable for various applications. This low-speed electric vehicle (LSEV) has garnered significant attention, especially after receiving all necessary regulatory certifications and entering Low-Rate Initial Production (LRIP). The Vanish is already in use by hospitality provider Cruising Kitchens and has been approved for easy import into Canada.
AYRO's commitment to innovation is underscored by their recent achievements, including the recognition of their first revenue from Vanish sales and the award of four additional patents. Financially, AYRO maintains a strong balance sheet with nearly $48 million in cash and marketable securities, positioning them well for future growth. The company is focused on optimizing its production processes to transition from LRIP to full production and aims to reach break-even per-unit costs by the second half of 2024.
Recent news highlights AYRO's strategic moves, such as their first fleet order for a Fortune 100 retailer and their inclusion in Transport Canada's Appendix G Pre-clearance Program, facilitating easier import of their vehicles into Canada. Additionally, AYRO's feature on the Viewpoint television series hosted by Dennis Quaid will further showcase their commitment to sustainable transportation solutions.
For more information, visit www.ayro.com.
AYRO (NASDAQ:AYRO) has secured its first purchase order from one of the top three automotive manufacturers in the United States through its partnership with GLV Ventures. This marks the company's initial success in leveraging GLV's low-cost facilities to expand into design and manufacturing projects, representing a new revenue stream. Josh Silverman, AYRO's Executive Chairman, highlighted this as a significant step in diversifying their business model.
AYRO specializes in designing and producing zero emission vehicles and systems, with the AYRO Vanish being their latest product offering. The company focuses on developing sustainable solutions that minimize both carbon emissions and environmental impact.
AYRO (NASDAQ:AYRO) has been designated as a tier one supplier for General Motors through its partnership with GLV Ventures. This development expands upon AYRO's previously announced low-cost manufacturing and engineering initiatives. The collaboration leverages GLV's low-cost facilities to pursue design and manufacturing projects, potentially leading to new revenue-generating purchase orders. Josh Silverman, AYRO's Executive Chairman, highlighted this as a significant achievement that positions the company favorably with one of the world's largest auto manufacturers.
AYRO has announced a strategic partnership with GLV Ventures for the engineering and manufacturing of its Vanish electric vehicle in the United States. The collaboration will focus on redesigning the Vanish using lower-cost production methods at GLV's Beeville, Texas facility. GLV Ventures, established in 1996, brings expertise in chassis manufacturing, vacuum thermoforming, and carbon fiber production, along with full homologation and certification capabilities.
The partnership aims to improve unit profitability and enhance competitiveness in the global market while maintaining American manufacturing. AYRO's Executive Chairman Josh Silverman emphasized the company's commitment to prudent capital application and their belief in the significant market potential for low-speed EVs.
AYRO, Inc. (NASDAQ:AYRO), a designer and manufacturer of electric delivery vehicles, has announced key management changes to revamp its low-speed electric vehicle strategy. The company has appointed Joseph Ramelli as the new Chief Financial Officer and Gilbert Villarreal as President of AYRO's operating subsidiary. Ramelli brings extensive management and capital markets experience, while Villarreal, founder of GLV Ventures, has 25 years of expertise in vehicle design and production.
AYRO's Executive Chairman, Josh Silverman, emphasized that these additions aim to reduce costs and maximize profits. With $37 million in cash as of June 30, 2024, AYRO plans to re-engineer the Vanish model for cost-effective production. The company is also exploring M&A and capital investment opportunities to enhance stockholder value.
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