LOS ANGELES, March 24, 2022 (GLOBE NEWSWIRE) — EVmo, Inc. (OTC: YAYO) (the “Company’), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced a agreements with leading automobile manufacturers to supply the Company with approximately 400 new vehicles quarterly.
“We are thrilled to have agreements with multiple leading OEMs to provide a steady supply of new vehicles to grow our fleet, an important component of our expansion strategy as we enter new markets in the months ahead,” commented Steven Sanchez, CEO of EVmo. “The commitments for these vehicles were made possible by the non-dilutive financing we announced earlier in March. These agreements give us tremendous confidence in our ability to achieve our goal of adding 400 vehicles to our fleet each quarter during 2022. This month’s order gives us EV availability in all of our operating markets, and ultimately, our anticipated fleet growth this year will help us deliver on our commitment to have an EV dominant vehicle fleet.”
Gig financial system drivers with ICE autos who work for ride-hailing and supply corporations like Uber, Lyft and DoorDash have been hit laborious by rising fuel costs in current weeks. EVmo’s rising EV fleet supplies a much-needed resolution for these drivers to tackle the challenges of rising gas prices.
EVmo at present has 600 vehicles on its platform and anticipates increasing to greater than 2,000 autos inside the subsequent 12 months. The Company expects to be operationally worthwhile at roughly 950 vehicles and money circulation constructive at roughly 1,600 vehicles, which stays in-line with EVmo’s inside forecast and marketing strategy, with the distinction being the preliminary down funds for the automobile purchases.
An estimated 25% of the US inhabitants makes use of ridesharing providers a number of instances month-to-month, in accordance to PolicyAdvice, a car insurance coverage researcher.
About EVmo, Inc.
EVmo, Inc. bridges the hole between rideshare and “last mile” supply drivers in want of appropriate autos and the businesses in the rideshare, supply and logistics companies that rely upon attracting and retaining drivers. EVmo, Inc. is a number one supplier of rental autos to drivers and supply corporations in this ever-expanding gig financial system. The Company uniquely helps drivers in each the upper and decrease financial classes with revolutionary insurance policies and packages.
The Company supplies a web based rideshare car reserving platform to service the ridesharing and supply gig financial system which incorporates each our owned and maintained passenger and cargo supply fleet and third-party fleets. We additionally present fleet administration providers with our trade main know-how platform to fleet suppliers. EVmo supplies cargo storage vans to the last-mile supply and logistics trade.
The Company supplies SEC filings, investor occasions, press and earnings releases about our monetary efficiency on the investor relations part of our web site (www.evmo.com).
Forward-Looking Statements
This press launch comprises forward-looking statements inside the that means of the secure harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements aside from statements of historic truth in this press launch are forward-looking statements. These forward-looking statements contain recognized and unknown dangers and uncertainties and are primarily based on present expectations and projections about future occasions and monetary tendencies that the Company believes could have an effect on its monetary situation, outcomes of operations, enterprise technique and monetary wants. Investors can determine these forward-looking statements by phrases or phrases similar to “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” ” intend,” “plan,” “believe,” “potential, ” “continue,” “is/are likely to” or different related expressions. The Company undertakes no obligation to replace forward-looking statements to replicate subsequent occurring occasions or circumstances, or modifications in its expectations, besides as could also be required by legislation. Although the Company believes that the expectations expressed in these forward-looking statements are cheap, it can’t guarantee you that such expectations will end up to be right, and the Company cautions traders that precise outcomes could differ materially from the anticipated outcomes.
Investor Relations Contact
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
YAYO@redchip.com
Company Contact
Email: traders@evmo.com