Ayro, Inc. (AYRO) stock prices were up by a marginal 2.87% shortly after market trading commenced on July 1st, 2021, bringing the price per share up to USD$5.02 early on in the trading day.
Manufacturing Agreement
July 1st, 2021 saw the company announce the first Club Car Current vehicles being produced as per a contract manufacturing agreement with the Karma Innovation and Customization Center (KICC). The light-duty electric vehicles address the gap in the market between full-sized trucks and smart utility carts for low-speed logistics and cargo services in campus and urban environments. The formation of the partnership that had arranged for the production of EV vehicles took place in September of 2020.
Combined Resources
In the interest of Karma’s ongoing business to business (B2B) initiatives, the relationship with AYRO will utilize their combined OEM expertise and capabilities. The collaborative effort will seek to facilitate that provision of manufacturing, engineering, design, and other services to customers in the mobility space. AYRO’s end-user, market intelligence, and engineering expertise will be complemented by KICC’s manufacturing capabilities and development experience in order to deliver light-duty trucks and electric delivery vehicles to businesses across the U.S.
Club Car Current
The Club Car Current is designed for several bed options and accessories, including, but not limited to, van box, pickup truck with sides, flatbed configurations, in order to ensure fleet versatility. It is an ideal solution for the local market, as evidenced by its certification under the State’s California Air Resource Board (CARB) Certification, with its global warming and air quality of zero emission vehicles scoring “cleanest”.
Working Together
With AYRO having met exceptionally strong demand from fleet customers, Karma is helping the company deliver the initial run of vehicles from their Moreno facility. This is despite the supply chain challenges that have been adversely affecting production for the rest of the industry. Together, they enable AYRO to deliver on their brand promise to provide practical solutions that address the needs of various business types by providing purpose-built EVs that are fully customizable, affordable, and immediately available.
Future Outlook for AYRO
Armed with its recent collaboration, AYRO is poised to capitalize on potential opportunities to consolidate and expand its market footprint in the EV sector. Investors are hopeful that the partnership will facilitate a fruitful leveraging of resources to ensure a continued trajectory of success.
