AYRO Seeks to Lead the Small Vehicle Sector in Clean Transportation

Electric vehicle company AYRO (NASDAQ: AYRO) focuses on designing and building compact, purpose-built, street-legal electric vehicles that can be optimized for the needs of any sustainable fleet. Its vehicles are designed to traverse streets, narrow passages and campus walkways safely and offer automotive controls for familiarity and ease of operation.

Saving Capital and the Environment Simultaneously

“AYRO operates as a bridge between the electric scooter market and the mass electric vehicle market. We’re doing very well in this segment and feel strongly that we’re leading in this B2B space, thanks to our ecosystem approach of implementing strategic partnerships. We plan to continue leading this sector of the market,” commented CEO Rod Keller.

AYRO aims to help higher-ed, corporate and government entities eliminate volatile fuel storage and CO2 emissions from its vehicle fleets as well as reduce noise signatures by up to 75%. Its light-duty electric vehicles are also designed for short-haul, last-mile and food delivery markets that are growing amid COVID-19.

Comparatively, AYRO’s electric vehicles have fewer moving parts than an internal combustion engine vehicle and are up to 50% less costly to maintain.

The Austin-based company was founded in 2017, grew revenue over 80% in 2020 compared to 2019, and currently has over $90 million in cash following a series of equity offerings. “We’re in a better position than most would expect for a company in the early stages like we are,” Keller concluded.

In September 2020, AYRO solidified a partnership with Karma Automotive. The deal secured the development of 20,000 light-duty trucks and electric vehicles over the next three years and is worth over $300 million in anticipated revenue.

AYRO closed a $10 million strategic investment in November 2020 that was led by Carnegie Hudson Resources, an arm of Wanxiang America. The company believes that this investment further expands its relationship with Karma Automotive, as well as provides access to Wanxiang’s global supply chain that includes leading lithium battery technology for its next generation of vehicles.

In 2021, AYRO closed on two different registered direct offerings that together raised an additional $61.8 million. The company announced a strategic partnership in March 2021 with Element Fleet Management, the world’s largest fleet management company, to provide custom, end-to-end electric vehicle fleet management services for commercial customers such as roadside assistance and vehicle financing.

Multipurpose Vehicles and a Medical Service Truck

AYRO’s electric vehicles are designed for a wide variety of applications including supporting local delivery for restaurants, moving goods and maintenance equipment around government or corporate campuses, hospitals, hotel resorts, sports stadiums and airports, and catering on university campuses. It currently offers two products: Club Car 411, an electric light-duty work truck that can be optimized for the needs of any sustainable fleet, and AYRO 311, an electric three-wheel delivery vehicle that can be configured for a variety of urban last-mile transportation needs.

In partnership with Club Car, a subsidiary of Ingersoll-Rand, AYRO has relationships with hundreds of Club Car’s commercial dealerships in the U.S. and Canada to distribute its Club Car 411.

With regard to AYRO’s choice to partner with Club Car, Keller commented, “There are 1,800 U.S. universities with at least 10,000 students and about 400 university vehicles. All have published sustainability initiatives with plans to convert from gas to electric. The No. 1 supplier for the vehicles at these universities is Club Car.”

AYRO’s 311 three-wheeled delivery vehicle has been mostly used by the restaurant industry, which experienced a large increase in deliveries during 2020 due to the coronavirus pandemic. “We like to say that the market moved faster and it came to us,” mentioned Keller during Benzinga’s Cleantech Small Cap Conference in April. He added, “I think delivery is here to stay and will continue to be a much bigger piece of restaurants’ revenue versus what it was pre-COVID.”

AYRO developed its Electric Vaccine Vehicle (EVV), which is designed and built specifically to meet the needs of on-demand and mobile clinics for COVID-19 virus testing and vaccine administration.

The EVV features integrated power to support medical-grade freezers and refrigerators, lighting systems and drop-down treatment tables that are highly configurable to meet each customer’s needs. Its customized vehicle branding will help make it identifiable as a mobile medical center. The EVV meets the Centers for Disease Control’s vaccine storage requirements, is outfitted with medical-grade equipment, sets up quickly, and can administer medical treatment from both sides of the vehicle.

AYRO believes it is the first to develop this type of vehicle. Find out more at https://ayro.com.

AYRO is a partner of Benzinga. The information in this article does not represent the investment advice of Benzinga or its writers.