leadf
logo-loader
viewEVmo
(
OTC:YAYO
)

EVmo receives first fleet of Tesla vehicles under partnership agreement

The provider of vehicles to the rideshare and gig economy said it is now ahead of schedule in converting its entire fleet to electric vehicles by the end of 2021

EVmo - EVmo receives first fleet of Tesla vehicles under partnership agreement
The company's EVs give drivers a choice of renting to save money on gas and get paid extra by driving green or renting a Tesla

EVmo Inc (OTCMKTS:YAYO), formerly known as YayYo, said it has taken delivery of its first fleet of Tesla Inc (NASDAQ:TSLA) vehicles through its fleet partnership agreement. 

The provider of vehicles to the rideshare and gig economy said it is now ahead of schedule in converting its entire fleet to electric vehicles (EVs) by the end of 2021, adding that it is “well-positioned to emerge as a leader in the rideshare industry as it executes on an aggressive organic and acquisition growth strategy”. 

WATCH: EVmo to go all-electric by the end of 2021 with new fleet of Tesla vehicles

The company’s EVs give drivers a choice of renting to save money on gas and get paid extra by driving green or renting a Tesla and being able to earn more by having the vehicles classed as a higher-end vehicle on Uber and Lyft’s platform. EVmo currently operates in seven markets and supplies vehicles to drivers of Uber, Lyft, DoorDash, and Grubhub. 

“Our owned fleet and managed fleet are now comprised of 14% electric vehicles (EVs). We are proud to be one of the first Tesla rideshare fleet partners in the US. Additionally, our ongoing fleet partnership with Hyundai will allow us to meet our timeline of converting our fleet to all Electric Vehicles (EV) by the end of the fourth quarter 2021,” EVmo chief executive Stephen Sanchez said in a statement.

“I believe our business model gives us a competitive advantage over our peers, as we intend to be the first rideshare company to convert to all EV’s. Moreover, EVmo, unlike our peers, owns its vehicles and will not be supply chain limited.  Also, most importantly, an all-EV fleet will also increase our profit margins. Drivers clearly embrace EV’s as a preferred choice in vehicles to rent. Drivers see the benefits in gas savings and the benefits of driving green,” he added.

Contact the author at calum@proactiveinvestors.com

Follow him on Twitter @Cal_Proac

Quick facts: EVmo

Follow
OTC:YAYO

Price: 1.285 USD

Market Cap: $49.48 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

EVmo to go all-electric by the end of 2021 with new fleet of Tesla vehicles

EVmo Inc (OTCMKTSYAYO) CEO Stephen Sanchez tells Proactive the provider of vehicles to the rideshare and delivery gig economy sector, will acquire a fleet of Tesla (NASDAQ:TSLA) electric vehicles and committed to going all-electric by the end of the year. Sanchez says the decision to double down...

on 03/10/2021

2 min read