AYRO Partners with GLV Ventures for Lower Cost Engineering and Manufacturing Based in the United States
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 ha annunciato una partnership strategica con GLV Ventures per l'ingegneria e la produzione del suo veicolo elettrico Vanish negli Stati Uniti. La collaborazione si concentrerà sulla riprogettazione del Vanish utilizzando metodi di produzione a basso costo presso lo stabilimento di Beeville, Texas di GLV. GLV Ventures, fondata nel 1996, porta con sé esperienza nella produzione di telai, termoformatura a vuoto e produzione di fibra di carbonio, oltre a capacità complete di omologazione e certificazione.
La partnership mira a migliorare la redditività per unità e ad aumentare la competitività nel mercato globale, mantenendo al contempo la produzione americana. Il Presidente Esecutivo di AYRO, Josh Silverman, ha sottolineato l'impegno dell'azienda per un'applicazione prudente del capitale e la loro convinzione nel significativo potenziale di mercato per i veicoli elettrici a bassa velocità.
AYRO ha anunciado una asociación estratégica con GLV Ventures para la ingeniería y fabricación de su vehículo eléctrico Vanish en Estados Unidos. La colaboración se centrará en volver a diseñar el Vanish utilizando métodos de producción más económicos en la instalación de GLV en Beeville, Texas. GLV Ventures, establecida en 1996, aporta experiencia en la fabricación de chasis, termoformado al vacío y producción de fibra de carbono, así como capacidades completas de homologación y certificación.
La asociación tiene como objetivo mejorar la rentabilidad por unidad y aumentar la competitividad en el mercado global, al tiempo que se mantiene la fabricación estadounidense. El Presidente Ejecutivo de AYRO, Josh Silverman, enfatizó el compromiso de la empresa con la aplicación prudente del capital y su creencia en el significativo potencial del mercado para los vehículos eléctricos de baja velocidad.
AYRO는 미국에서 자사의 전기차 Vanish의 엔지니어링 및 제조를 위해 GLV Ventures와 전략적 파트너십을 발표했습니다. 이 협력은 GLV의 텍사스 비빌 시설에서 저비용 생산 방법을 활용하여 Vanish를 재설계하는 데 중점을 둘 것입니다. 1996년에 설립된 GLV Ventures는 차체 제조, 진공 열형성 및 탄소 섬유 생산과 함께 전체 인증 및 동의 능력을 보유하고 있습니다.
이 파트너십은 단위 당 수익성을 개선하고 글로벌 시장에서의 경쟁력을 강화하는 동시에 미국 제조를 유지하는 것을 목표로 하고 있습니다. AYRO의 이사회 의장인 조시 실버맨(Josh Silverman)은 회사의 신중한 자본 운용에 대한 의지를 강조하며 저속 전기차의 상당한 시장 잠재력에 대한 신념을 밝혔습니다.
AYRO a annoncé un partenariat stratégique avec GLV Ventures pour l'ingénierie et la fabrication de son véhicule électrique Vanish aux États-Unis. Cette collaboration se concentrera sur la refonte du Vanish en utilisant des méthodes de production à moindre coût dans l'usine de GLV à Beeville, Texas. GLV Ventures, fondée en 1996, apporte son expertise dans la fabrication de châssis, le thermoformage sous vide et la production de fibres de carbone, ainsi que des capacités complètes d'homologation et de certification.
Ce partenariat vise à améliorer la rentabilité par unité et à renforcer la compétitivité sur le marché mondial tout en préservant la fabrication américaine. Josh Silverman, Président Exécutif d'AYRO, a souligné l'engagement de l'entreprise envers une application prudente du capital et leur conviction du potentiel significatif du marché pour les véhicules électriques à faible vitesse.
AYRO hat eine strategische Partnerschaft mit GLV Ventures für die Ingenieur- und Fertigungsarbeiten seines Elektrofahrzeugs Vanish in den Vereinigten Staaten angekündigt. Die Zusammenarbeit wird sich darauf konzentrieren, den Vanish unter Verwendung von kostengünstigeren Produktionsmethoden in der GLV-Einrichtung in Beeville, Texas, neu zu gestalten. GLV Ventures, die 1996 gegründet wurde, bringt Fachwissen in der Chassis-Herstellung, Vakuum-Thermoformen und der Produktion von Kohlefaser mit sowie umfassende Homologations- und Zertifizierungsfähigkeiten.
Die Partnerschaft soll die Rentabilität pro Einheit verbessern und die Wettbewerbsfähigkeit auf dem globalen Markt steigern, während gleichzeitig die amerikanische Fertigung erhalten bleibt. Der Executive Chairman von AYRO, Josh Silverman, betonte das Engagement des Unternehmens für einen vernünftigen Kapitaleinsatz und ihren Glauben an das erhebliche Marktpotential für Elektrofahrzeuge mit niedriger Geschwindigkeit.
- Partnership enables lower-cost US-based manufacturing
- Potential improvement in unit profitability
- Access to GLV's established production facilities and supplier relationships
- Full homologation and certification capabilities through GLV
- Current Vanish design requires re-engineering, indicating possible issues with original design
- Additional capital investment needed for redesign and manufacturing transition
Insights
The partnership with GLV Ventures represents a strategic shift in AYRO's manufacturing approach but lacks concrete financial metrics or immediate revenue impact. While moving production to GLV's Texas facility could potentially reduce costs and improve unit economics, the announcement contains no specific cost reduction targets, production volumes, or financial projections. The emphasis on "made in America" manufacturing could appeal to certain market segments and potentially qualify for government incentives, but without quantifiable details, the immediate business impact remains speculative.
The market for low-speed EVs is growing, particularly in last-mile delivery and campus environments. However, AYRO's current market cap of just over
Beginning with the Company's Vanish electric vehicle, AYRO will utilize GLV's lower cost U.S. manufacturing footprint to add new partnerships and secure new purchase orders
ROUND ROCK, TX / ACCESSWIRE / December 4, 2024 / AYRO, Inc. (NASDAQ:AYRO) ("AYRO" or the "Company"), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro-distribution, micro-mobility, and last-mile delivery, today announced a partnership with GLV Ventures for the engineering and manufacturing of the Company's electric vehicle, the Vanish. The relationship will launch with the re-engineering and manufacturing of the Vanish in the United States using its original specifications.
Josh Silverman, AYRO's Executive Chairman, commented, "We are partnering with GLV to redesign the Vanish vehicle to produce a more viable vehicle using lower-cost production and engineering methods, while also ensuring that the vehicle is made in America at GLV's Beeville, Texas manufacturing facility. We believe that there is a significant market for low-speed EVs, like the Vanish, and we are dedicated to prudent and careful application of capital and resources to optimize its manufacture and distribution, all while ensuring that these vehicles are made in America. While GLV's low-cost manufacturing should help enable us to redesign the Vanish, improve unit profitability and enhance competitiveness in the global market, our principal objective is to leverage this relationship to secure additional partnerships and drive new orders. We look forward to providing progress updates on this and future projects."
GLV Ventures has been producing high-quality niche product tooling and production vehicle assemblies since its founding in 1996. GLV has full homologation and certification capabilities from inception to completion. Its capabilities include chassis manufacturing, vacuum thermoforming, carbon fiber and open molding infusion products for exterior body panels on specialty vehicles and other niche product applications. Lower cost tooling, part design, readily available materials and faster tooling times are all value-added aspects of GLV's offering, which provides the best technology from diversified industries. GLV boasts a successful vehicle department history, deep understanding of worldwide automotive certification and homologation processes, existing production facilities and processes, and established supplier relationships.
About AYRO
AYRO designs and produces zero emission vehicles and systems that redefine the very nature of sustainability. Our goal is to craft solutions in a way that leaves minimal impact on not only carbon emissions, but the space itself. From tire tread, fuel cells, sound, and even discordant visuals, we apply engineering and artistry to every element of our product mix. The AYRO Vanish is the first in this new product roadmap. For more information, visit www.ayro.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Words such as "anticipate," "believe," "could," "estimate," "intend," "expect," "may," "plan," "will," "would" and their opposites and similar expressions are intended to identify forward-looking statements and include the development and launch of the AYRO Vanish. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: AYRO's success depends on its ability to complete the development of and successfully introduce new products; AYRO may experience delays in the development and introduction of new products; the ability of AYRO's suppliers to deliver parts and assemble vehicles; the ability of the purchaser to terminate or reduce purchase orders; AYRO has a history of losses and has never been profitable, and AYRO expects to incur additional losses in the future and may never be profitable; AYRO faces risks associated with litigation and claims; AYRO may be unable to replace lost manufacturing capacity on a timely and cost-effective basis, which could adversely impact its operations and ability to meet delivery timelines; the market for AYRO's products is developing and may not develop as expected and AYRO, accordingly, may never meet its targeted production and sales goals; AYRO's limited operating history makes evaluating its business and future prospects difficult and may increase the risk of any investment in its securities; AYRO may experience lower-than-anticipated market acceptance of its vehicles; developments in alternative technologies or improvements in the internal combustion engine may have a materially adverse effect on the demand for AYRO's electric vehicles; the markets in which AYRO operates are highly competitive, and AYRO may not be successful in competing in these industries; AYRO may become subject to product liability claims, which could harm AYRO's financial condition and liquidity if AYRO is not able to successfully defend or insure against such claims; increases in costs, disruption of supply or shortage of raw materials, in particular lithium-ion cells, chipsets and displays, could harm AYRO's business; AYRO may be required to raise additional capital to fund its operations, and such capital raising may be costly or difficult to obtain and could dilute AYRO stockholders' ownership interests, and AYRO's long term capital requirements are subject to numerous risks; AYRO may fail to comply with evolving environmental and safety laws and regulations; and AYRO is subject to governmental export and import controls that could impair AYRO's ability to compete in international market due to licensing requirements and subject AYRO to liability if AYRO is not in compliance with applicable laws. A discussion of these and other factors with respect to AYRO is set forth in AYRO's most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date they are made and AYRO disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE: Ayro, Inc.
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FAQ
What is the purpose of AYRO's partnership with GLV Ventures?
Where will AYRO's Vanish electric vehicle be manufactured under the new partnership?
What manufacturing capabilities does GLV Ventures bring to the AYRO partnership?
How will the GLV Ventures partnership affect AYRO's production costs?
