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.
