Source: Streetwise Reports
July 7, 2020 (Investorideas.com Newswire) Shares of AYRO Inc. traded higher after the company reported that it has expanded its factory to produce up to 600 light-duty electric vehicles per month.
Light-duty electric vehicles maker AYRO Inc. (AYRO:NASDAQ) today announced that it has completed the expansion of its factory in Austin, Tex. The company reported that upon completion of the plant expansion, its production facility has grown from 10,000 square feet to 24,000 square feet. The firm indicated that "the expansion includes new assembly lines and additional engineering and product development facilities to accommodate new staffing in battery technology, powertrain, supply chain, service and application services solutions."
The company's CEO Rod Keller commented, "Our previous facility was only capable of producing up to 200 vehicles per month and we knew that we would soon outgrow its capabilities if we met our projected growth targets...The capital infusions we received over the past few months have enabled us to complete the new expansion and accelerate our growth plans. The new manufacturing facility was designed to allow us to handle up to 600 electric vehicles per month, representing a 200% increase in production against a 140% expansion of floor space."
"Our position within the electric vehicle market should be strengthened by our manufacturing capacity expansion and our presence in Austin. Tesla is on the verge of finalizing its newest and largest $1 billion 'gigafactory' in Austin, while Hyliion, an Austin-based electric-powered heavy-duty truck company is expected to merge with Tortoise Acquisition Corp. later this year. Austin is fast becoming a powerful force in the electric vehicle industry and we are thrilled to be right in the middle of it with our great product line-up and fleet sales orientation for purpose-built vehicles. Underlying the expected demand for our vehicles - both existing models and newly engineered designs nearing completion - is the coronavirus pandemic which continues to force businesses to rethink campus and urban mobility relative to accelerating on-demand delivery models. Our electric vehicles have the potential to be a part of this changing landscape for how food, goods, equipment, materials and related items are transported," CEO Keller added.
AYRO stated that "it is positioning itself as an emerging leader in the purpose-built electric vehicle market by partnering with institutional brands like Club Car and other global leaders in marketing, manufacturing, and other strategic areas to serve a large growing global market."
AYRO is a designer and manufacturer of compact, purpose-built, automotive-grade electric vehicles based in Round Rock, Tex. The firm stated that it develops, produces and delivers emissions-free electric fleet solutions for use within the urban and short-haul markets. Some of the primary areas where the firm's vehicles are positioned and marketed to include campus management, commercial last mile and urban delivery, and closed university and corporate campus transport.
AYRO Inc. started off the day with a market capitalization of around $50.9 million with approximately 15.57 million shares outstanding. Following the July 4th holiday, AYRO shares opened more than 52% higher today at $4.98 (+$1.71, +52.29%) over last Thursday's $3.27 closing price. The stock has traded today between $4.63 to $8.18 per share and is currently trading at $5.47 (+$2.20, +67.28%).
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