Monday, March 21, 2022 8:52:41 AM
"This is another major milestone in the evolution of EVmo that should drive accelerated revenue growth in the quarters ahead as we expand our fleet to meet increasing demand," commented Steven Sanchez, CEO of EVmo. "The financing partners we have secured will enable us to add up to 400 new vehicles to our fleet every quarter for the next year, and we hope to more than double those quarterly purchases in 2023. The vehicles we add through these financing agreements will help us to deliver on our goal of having EV and hybrid options available for our drivers in each market we serve. Together with the $13.7 million in gross proceeds from our January 2022 offering our financial position has never been stronger, and we are in a great position to execute our business plan."
"We have begun 2022 from a position of significant strength, and we fully expect continued efficient growth over the coming months. We have built a strong operating team and formed strategic partnerships. This combination is unmatched in the ridesharing, last mile delivery and logistics space," added Sanchez.
According to Global Market Insights, the ridesharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026.
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