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Marti Technologies Inc is a technology-driven company specializing in shared micro-mobility solutions, addressing the growing demand for sustainable urban transportation. Through its app-based platform, Marti operates a fleet of over 48,000 electric vehicles, including e-mopeds, e-bikes, and e-scooters, designed to provide users with convenient and eco-friendly travel options for short distances and last-mile connectivity. By leveraging proprietary software systems and IoT infrastructure, the company ensures efficient fleet management, real-time tracking, and seamless user experiences.
Marti Technologies plays a pivotal role within the micro-mobility industry, an innovative sector aimed at reducing urban congestion, minimizing carbon emissions, and enhancing accessibility in densely populated areas. The company’s technology stack is a key differentiator, enabling it to optimize vehicle utilization, enhance operational efficiency, and maintain high safety standards. Its IoT-enabled vehicles are equipped with advanced sensors and connectivity features, allowing for predictive maintenance and data-driven decision-making.
The company generates revenue primarily through ride fees, subscriptions, and partnerships with cities and municipalities. By integrating its services into urban transportation ecosystems, Marti contributes to the development of smarter, more connected cities. Its business model is supported by a scalable infrastructure, enabling it to adapt to varying market demands and regulatory environments.
Operating in a competitive landscape, Marti Technologies faces challenges such as regulatory compliance, fleet maintenance, and competition from other micro-mobility providers like Lime, Bird, and Spin. However, its focus on proprietary technology and operational efficiency positions it as a significant player in the industry. The company’s commitment to sustainability and innovation aligns with global trends favoring green transportation solutions.
In summary, Marti Technologies Inc stands out as a forward-thinking company at the intersection of mobility and technology. By addressing urban mobility challenges through its robust platform and advanced fleet, the company contributes to a more sustainable and efficient transportation future.
Marti Technologies, Inc. (NYSE American: MRT), Türkiye's leading mobility super app, has announced it will release its 2024 first half financial and operational results on September 30, 2024, before U.S. markets open. The company will host an analyst and investor conference call and live webcast to discuss these results at 3:30 p.m. Istanbul / 1:30 p.m. London / 8:30 a.m. New York time on the same day.
Interested parties can access the live webcast through a provided link, and a replay will be available on Marti's Investor Relations website following the call. The company's results presentation will also be accessible on their Investor Relations website on September 30, 2024.
Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, has exceeded its September 30, 2024 targets for ride-hailing service a month early. As of August 31, 2024, Marti has reached over 1,300,000 riders and over 205,000 registered drivers, surpassing the original targets of 1,300,000 riders and 190,000 drivers. The company has set new targets for September 30, 2024: over 1,350,000 riders and over 215,000 registered drivers.
Marti's ride-hailing service has shown significant growth, with an 18% increase in riders and a 21% increase in registered drivers from June 30 to August 31, 2024. In Istanbul alone, Marti has over 167,000 registered drivers, 8.5 times more than the city's 19,845 taxis. The company emphasizes safety with formal background checks for drivers, who maintain an average rating of 4.8 out of 5 stars.
Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, announced a significant development in the ride-hailing sector. The Ministry of Treasury and Finance has issued a ruling enabling ride-hailing drivers to pay income taxes on their earnings through the Marti app. This decision requires drivers to establish corporate entities in compliance with Türkiye's tax code.
CEO Oguz Alper Oktem views this as a positive step towards confirming the legality of ride-hailing driver income. The ruling allows Marti to digitally collect and transmit information about rides, income, and tax obligations to the authorities. To support this transition, Marti is offering legal guidance and financial support to drivers in setting up corporate entities.
McKinsey & Company estimates the potential Turkish ride-hailing market size at $15-20 billion by 2030. Marti projects that the sector could generate around $2 billion in annual tax revenue at steady state, addressing the issue of tax leakage prevalent in the traditional taxi sector.
Marti Technologies, Türkiye’s leading mobility super app, announced that its ride-hailing service exceeded its June 30, 2024 targets, reaching over 1,100,000 riders and 170,000 registered drivers. This represents a 121% increase in riders and a 60% increase in drivers from December 31, 2023. The company has now set new targets for September 30, 2024: over 1,300,000 riders and 190,000 registered drivers. In Istanbul alone, Marti boasts over 141,000 drivers compared to 19,845 taxis. Marti’s drivers undergo background checks and hold an average rating of 4.8 out of 5 stars. The Turkish ride-hailing market is projected to grow significantly, with McKinsey & Company estimating it could reach $15 billion to $20 billion by 2030.
Pershing Square Capital Management (PSCM) has announced the sale of a 10% common equity interest in Pershing Square Holdco, a new partnership owning 100% of PSCM, for $1.05 billion to strategic investors including Arch Capital Group (ACGL). This sale involves an internal reorganization of PSCM's ownership structure, resulting in a deemed assignment under the Investment Advisers Act of 1940. The reorganization has been approved by the Pershing Square Holdings (PSH) board, ensuring no changes to PSCM's management team or its investment management role. Furthermore, an independent Board of Directors has been established. Bill Ackman remains the largest shareholder of the controlling The transaction aims to accelerate growth in assets under management and maintain high long-term returns for investors.
Pershing Square Capital Management announced the sale of a 10% common equity interest in Pershing Square Holdco for $1.05 billion to a group of strategic investors, including Arch Capital Group (NASDAQ: ACGL). This strategic investment aims to accelerate Pershing Square's growth in assets under management.
Additionally, Pershing Square has established an independent Board of Directors and reorganized its ownership structure. This reorganization includes the creation of a liability company controlled by senior management. The transaction will not affect Pershing Square’s investment management services.
Bill Ackman, Pershing Square's founder and CEO, expressed enthusiasm about the new investors and the growth opportunities they bring. Key appointments following the transaction include Ben Hakim as President and Nick Botta as Vice Chairman.
Marti Technologies, Türkiye’s leading mobility app, announced substantial growth in its ride-hailing service, reaching over 925,000 riders and 155,000 registered drivers as of May 20, 2024. This surpasses its June 2024 targets of 900,000 riders and 155,000 drivers, achieved 1.5 months early. Rider numbers increased by 86% and drivers by 46% from December 2023 to May 2024.
Encouraged by this growth, Marti revised its June 2024 targets to 1,000,000 riders and 165,000 drivers. Notably, over 130,000 of these drivers operate in Istanbul, which has only 19,845 taxis. Marti ensures rider safety through formal background checks, and drivers are rated 4.8 out of 5 stars.
Despite not enabling online payments or charging fees, Marti's ride-hailing service has significantly disrupted the market. McKinsey & Company estimates Türkiye's taxi market at $9-12 billion, with potential growth to $15-20 billion by 2030 due to ride-hailing.
Marti Technologies has appointed Oguz Erkan as the new CFO, effective May 17, 2024, replacing Cem Yasar Ozey. Erkan brings extensive experience from his roles at GlaxoSmithKline and Arçelik-Beko, making him well-suited to support Marti’s growth. The company appreciates Ozey's contributions during their first year as a US public company. CEO Oguz Alper Oktem highlighted Erkan's expertise in managing large-scale finances and completing value-creation projects. Erkan holds degrees in Business Administration and an Executive MBA from Koç University.
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