Hi I’m Rod Keller and I’m the CEO of AYRO, Inc., a NASDAQ listed company trading under the ticker symbol AYRO, and I’m here to introduce you to our company because I believe that the value we bring to a stagnant industry merits the attention of smallcap investors everywhere.

As (EVs) gain wider adoption over the next decade or two, I see a lot of good long-term opportunities owning high-quality companies throughout the entire EV supply chain.

But that's not all...

We’ll also reveal an undervalued, overlooked investor opportunity a new market within the EV space projected to generate $7B in annual sales!

Seth Goldstein
Chair of Morningstar’s Electric Vehicle Committee

AYRO, INC.     NASDAQ: AYRO

ELECTRIC VEHICLE Spotlight

Forward-Looking Statements: This letter 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,” “expect,” “may,” “plan,” “will,” “would” and other similar expressions are intended to identify these forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: 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; the market for AYRO’s products is developing and may not develop as expected; 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 relies on and intends to continue to rely on a single third-party supplier for the sub-assemblies in semi-knocked-down for all of its vehicles; 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, could harm AYRO’s business; AYRO will 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 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 the registration statement on Form S-4 filed by AYRO on February 14, 2020, as amended. 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. 

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Officially listed on the NASDAQ under ticker symbol AYRO

Electric Vehicle Disruptor Completes Merger

From the desk of Rod Keller, CEO of AYRO, Inc.

The electric vehicle industry as a whole focuses almost exclusively on straight to consumer vehicles -- ignoring a massive market of buyers who need all the benefits of EVs but don’t want to pay for the expensive comfort and luxury features billed into the cost of standard electric vehicles.

The EV market continues to gain traction. Sales are on the rise, and consumer demand is driving increased supply from automakers. However, while most automakers are trying to compete with Tesla, AYRO is targeting the low speed electric vehicle (LSEV) market... market that is projected to reach more than $23.9 billion by 2026.

AYRO is not only targeting this market, we're establishing ourselves as an industry leader along with our strategic partnership with Club Car, a subsidiary of Ingersoll-Rand, the multibillion dollar conglomerate based out of Ireland. (Details about this partnership below).

Our Low Speed Electric Vehicles provide a much-needed solution for business owners, college and university campuses, and even state and city administrations desperately searching for sustainable, affordable, effective transportation solutions. With such a huge demand for LSEVs, it’s no wonder that the industry is projected to generate $23.9 billion in annual sales by 2026. And AYRO is ready to stand out in the LSEV market with quality vehicles that offer powerful profit margins, unparalleled operational efficiency, and an established automotive supply chain.

Currently, many purpose-built electric vehicle manufacturers have negative gross margins. But AYRO’s proprietary production methods generate north of 20% gross margins on our 411 truck, and more than 30% profit on our model 311. Those margins are projected to grow as production volume increases and new distribution channels are finalized.

AYRO currently produces two LSEV models, with a third in concept phase.

Meet the Fleet

Model 311

The 311 runabout is an extremely compact consumer model that allows drivers to traverse spaces previously inaccessible to vehicles. This makes it perfect not only for campuses and communities, but for a market that desperately needs help: restaurant delivery.

Morgan Stanley predicts that more than 40% of restaurant sales will be through deliveries within the next decade, and sales are

expected to increase by 20% per year to $365B worldwide by 2030.

Now, most people know (and have most likely used) 3rd party delivery services like GrubHub, Doordash or UberEats to order food to their home. But what most people do not know about these delivery services is that they cut into participating restaurants’ profits by as much as 30%, which forces restaurant brands to invest heavily into their own vehicle fleets.

This presents a massive opportunity for AYRO and our custom built Model 311 to fill a growing need within the food delivery market. Many nationwide brands invest in gas-powered vehicles, which cost the restaurant $7,718 to operate annually versus the 311’s $3,960 annual operating expense; a 49% reduction in operating expense per vehicle -- as well as a reduction of CO2 emissions by 44%.

The 311 runabout is an extremely compact consumer model that allows drivers to traverse spaces previously inaccessible to vehicles. This makes it perfect not only for campuses and communities, but for a market that desperately needs help: restaurant delivery.

Morgan Stanley predicts that more than 40% of restaurant sales will be through deliveries within the next decade, and sales are expected to increase by 20% per year to $365B worldwide by 2030.

Now, most people know (and have most likely used) 3rd party delivery services like GrubHub, Doordash or UberEats to order food to their home. But what most people do not know about these delivery services is that they cut into participating restaurants’ profits by as much as 30%, which forces restaurant brands to invest heavily into their own vehicle fleets.

This presents a massive opportunity for AYRO and our custom built Model 311 to fill a growing need within the food delivery market. Many nationwide brands invest in gas-powered vehicles, which cost the restaurant $7,718 to operate annually versus the 311’s $3,960 annual operating expense; a 49% reduction in operating expense per vehicle -- as well as a reduction of CO2 emissions by 44%.

Model 411

The model 411 is a light duty, compact, all-electric and emissions-free utility truck vehicle, which is currently being sold in the US, Canada and Mexico. This truck replacement was designed for a multitude of applications ranging from campus environments, warehouse and logistics usage, city governments, utilities and university markets.

Model 511

The Model 511 is a concept truck for the multi-billion dollar outdoor market. With improvements in energy density and battery technologies over the coming years, we plan on testing the 511 in rugged off-road places where other EVs simply can not go. Form, function, and aesthetics.

Currently in concept phase, the 511 is an ambitious undertaking to take over the outdoor/rugged terrain market.

If fully developed, this new market would present AYRO with the opportunity to become a nationwide household name in a niche market known for brand loyalty.

Watch the Investor Video Presentation below to learn more about the progress of AYRO, Inc. 

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Continued… From the desk of Rod Keller, CEO of AYRO, Inc.

AYRO has taken steps to ensure long lasting success through an announced strategic partnership with one of the largest distributors of low speed vehicles in the country, industry titan Club Car®, to expand all-electric utility vehicle innovation to commercial markets around the globe. Custom Club Car/AYRO LSEVs have already begun shipping to the US, Canada and Mexico.

Club Car®, a global leader in golf, consumer and utility vehicles and a brand of Ingersoll Rand, the $13 billion conglomerate, has announced a much-anticipated partnership with AYRO that will provide new, all-electric utility vehicle opportunities for both companies.

The partnership leverages AYRO’s expertise in efficiently manufacturing and designing high quality, automotive-grade electric vehicles and combines that with Club Car’s extensive, established, and proven, global dealer distribution network.

Club Car has more than 60 years of experience in providing innovative solutions that meet ever-evolving customer needs, making them the perfect distribution partner for AYRO’s low cost, high quality LSEVs.

Even though Club Car is known around the world for its golf carts, what many consumers may not know about Club Car is that they are also a major supplier of gas-powered maintenance utility vehicles to universities all over the country, many of whom have committed to going green.

The market for transitioning gas-powered vehicles at universities to custom-built LSEVs is currently more than $2 billion annually and growing rapidly. We believe we can become the dominant player in this industry over the next 5 years because of our strategic partnership with Club Car who already has relationships in-place with these universities.

And to keep up with this need, we have recently completed a factory expansion to increase vehicle production capacity by 200%.

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Straight to the Top of the Distribution Food Chain

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As CEO of AYRO, I couldn’t be more proud of what we’ve already accomplished, but more importantly, I couldn’t be more optimistic about the direction in which our company is guiding the industry.

The key focus that drives the AYRO team is efficiency, and that is the underlying theme of this letter.

Whether we’re looking at efficient production

Efficient partnerships

Efficient distribution

Or efficient expansion

Efficiency is AYRO’s secret weapon. It leads to lower production costs, increased speed to market, and higher margins in all aspects of our business.

By proving our model, AYRO can disrupt and improve the entire LSEV market -- and potentially the EV industry as a whole.

Thank you for taking the time to read this letter, and for being a part of our journey.

So buckle up and enjoy the ride, because we’re not pulling over anytime soon.

Sincerely,

Rod Keller
CEO, AYRO

In other words, we make better, more affordable vehicles in record time!

That’s where AYRO can fill this void.

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The expansion more than doubled our factory space from 10,000 square feet to 24,000, and includes new assembly lines, additional engineering, and product development facilities to accommodate new staffing in battery technology, powertrain, supply chain, service and application services solutions.