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Technology Stocks : AYRO =MC $38 M /Shares Out 12.5 M =Next TESLA ? MEGA OPP
AYRO 5.405-1.7%Apr 13 3:59 PM EDT

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To: BioHero who wrote (4)7/6/2020 11:29:13 AM
From: Glenn Petersen   of 9
 
Up 140% this morning.

AYRO, Inc (AYRO) Completes Factory Expansion, Electric Vehicle Production Capacity Increases 200%

July 6, 2020 8:16 AM EDT

AYRO, Inc. (NASDAQ: AYRO), a manufacturer of light-duty, emissions-free electric vehicles, today announced the completion of its factory expansion in Austin from 10,000 square feet to 24,000 square feet. The expansion includes new assembly lines and additional engineering and product development facilities to accommodate new staffing in battery technology, powertrain, supply chain, service and application services solutions.

"Our previous facility was only capable of producing up to 200 vehicles per month and we knew that we would soon outgrow its capabilities if we met our projected growth targets," said Rod Keller, Chief Executive Officer of AYRO. "The capital infusions we received over the past few months have enabled us to complete the new expansion and accelerate our growth plans. The new manufacturing facility was designed to allow us to handle up to 600 electric vehicles per month, representing a 200% increase in production against a 140% expansion of floor space.

Rod Keller added, "Our position within the electric vehicle market should be strengthened by our manufacturing capacity expansion and our presence in Austin. Tesla is on the verge of finalizing its newest and largest $1 billion "gigafactory" in Austin, while Hyliion, an Austin-based electric-powered heavy-duty truck company is expected to merge with Tortoise Acquisition Corp. later this year. Austin is fast becoming a powerful force in the electric vehicle industry and we are thrilled to be right in the middle of it with our great product line-up and fleet sales orientation for purpose-built vehicles. Underlying the expected demand for our vehicles - both existing models and newly engineered designs nearing completion - is the coronavirus pandemic which continues to force businesses to rethink campus and urban mobility relative to accelerating on-demand delivery models. Our electric vehicles have the potential to be a part of this changing landscape for how food, goods, equipment, materials and related items are transported."

AYRO is positioning itself as an emerging leader in the purpose-built electric vehicle market by partnering with institutional brands like Club Car and other global leaders in marketing, manufacturing, and other strategic areas to serve a large growing global market.

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