LOS ANGELES, March 24, 2022 (GLOBE NEWSWIRE) -- EVmo, Inc. (OTC: YAYO) (the "Company'), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced a agreements with leading automobile manufacturers to supply the Company with approximately 400 new vehicles quarterly.
"We are thrilled to have agreements with multiple leading OEMs to provide a steady supply of new vehicles to grow our fleet, an important component of our expansion strategy as we enter new markets in the months ahead," commented Steven Sanchez, CEO of EVmo. "The commitments for these vehicles were made possible by the non-dilutive financing we announced earlier in March. These agreements give us tremendous confidence in our ability to achieve our goal of adding 400 vehicles to our fleet each quarter during 2022. This month's order gives us EV availability in all of our operating markets, and ultimately, our anticipated fleet growth this year will help us deliver on our commitment to have an EV dominant vehicle fleet."
Gig economy drivers with ICE vehicles who work for ride-hailing and delivery companies like Uber, Lyft and DoorDash have been hit hard by rising gas prices in recent weeks. EVmo's growing EV fleet provides a much-needed solution for these drivers to address the challenges of increasing fuel costs.
EVmo currently has 600 cars on its platform and anticipates expanding to more than 2,000 vehicles within the next 12 months. The Company expects to be operationally profitable at approximately 950 cars and cash flow positive at approximately 1,600 cars, which remains in-line with EVmo's internal forecast and business plan, with the difference being the initial down payments for the car purchases.
An estimated 25% of the US population uses ridesharing services one or more times monthly, according to PolicyAdvice, a vehicle insurance researcher.
