Welcome to our dedicated page for AYRO news (Ticker: AYRO), a resource for investors and traders seeking the latest updates and insights on AYRO stock.
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.
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