Nikada
Ayro (NASDAQ:AYRO) shot up in early trading on Wednesday after the company announced that it landed its first U.S. Government order for the AYRO Vanish model, which is its utility low-speed electric vehicle. The order came from a United States Embassy located in South Asia.
The order was the first from the U.S. Government since Ayro (AYRO) entered into low-rate initial production, passed California Air Resources Board confirmatory testing and completed all applicable homologation requirements in the United States and Canada.
“This order highlights the value a whisper quiet, high payload utility vehicle brings to an environment where noise is a principal liability,” noted Ayro (AYRO) executive David Hollingsworth. “We believe that these vehicles can be deployed on the embassy compound for a plurality of uses and charge overnight from a standard electrical outlet, requiring no specialized charging infrastructure or the need for noisy generators,” he added.
Ayro (AYRO) noted that is has $48M in cash on its balance sheet. Looking ahead, Ayro (AYRO) plans to penetrate the LSEV market in a prudent manner, optimizing costs and managing cash burn.”
Shares of AYRO rallied 14.55% in early trading on Wednesday.