EVmo, Inc formerly YayYo, Inc, announces a Fleet Acquisition of Tesla (TSLA) Vehicles

March 10, 2021 8:35 AM EST
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EVmo, Inc, formerly YayYo, Inc ("EVmo" or the “Company") (OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced that it is partaking in a fleet acquisition of Tesla (NASDAQ:TSLA) vehicles, and has committed to go all electric by year end of 2021.

Steven Sanchez, CEO of EVmo said “The future of mobility is electric. Tesla is an obvious choice and we are excited to be one of the first Tesla rideshare fleet partners in the US that will deploy electric vehicles rather than gasoline-powered vehicles, for services like Uber and Lyft. Our EV commitment provides outsized climate benefits. The explosive growth in the gig economy and evidence that it's cannibalizing more climate-friendly mass transit makes it important for EVmo to go all electric”. There are a small number of electric vehicles used by drivers, yet electric vehicle adoption is on the rise. We recognize that the timing is right to go electric. The environmental and emission reduction benefits are high for electric vehicle usage by gig economy drivers and we want to be a catalyst for that transition.

In recent press, rideshare companies and carmakers are increasing the number of electric vehicles used in the transportation industry. Both Uber and Lyft announced they are going 100% electric vehicles on their platform. General Motors plans to completely phase out vehicles using internal combustion engines by 2035, More than half of GM’s capital spending and product development team will be devoted to electric and electric-autonomous vehicle programs. Ford, VW and Volvo are making a serious play in electric as well. But it’s Tesla that is the unparalleled EV market leader in the world that makes the product such an excellent strategic choice.

Further, Mr. Sanchez stated, “We are confident our all electric fleet will drive a successful business model for the future, becoming the first to exclusively deploy electric vehicles (EVs) for the gig economy will position us as a leader in the space and is a natural evolution from our mixed energy fleet.” As previously announced, the company deployed 40 electric vehicles (EVs) in December of 2020, as part of a car-sharing program in LA. Since then, we acquired 12 EV’s in February of 2021, and discovered there was a strong demand for them. We were encouraged that they rented quickly.” Drivers have given great reviews, and are finding the charging easy. Not only did they save money on gas, which is their biggest cost, they received an additional $0.50 directly from a $1.00 rider surcharge for every Uber Green trip completed. Drivers also found that there was sufficient range and ample charging stations in the LA market where the vehicles were launched. And most importantly, it did not limit the number of rides or deliveries. To diversify our EV fleet, we tested the market with Hyundai Kona Electric units, which offers solid tech and safety features at only $10 more a day for drivers, it more than covered the gas savings.” Sanchez continued, “By EVmo’s acquisition and deployment of electric vehicles, drivers did not have higher up-front costs compared to them having to purchase EV’s . We have 10 Tesla Model 3’s and more Hyundai Kona’s being delivered in the next few weeks and there are plans to establish our EV fleet further through the ordering of more Tesla Model 3’s. We plan on using future funding and resources in a way that supports our EV future plans. Sanchez continued “The Tesla Model 3 Standard Range Plus is highest rated in every category. It offers Tesla prestige at a lower price, is most technologically advanced and is best in class on range, performance and handling. Equally important is the Tesla supercharger network access. With a range at 263 miles, Tesla Model 3 makes it affordable and profitable for both the driver and us. The drivers get the benefits of the gas savings; plus, they can drive at a higher level both Uber and Lyft’s platform, where they can earn more money.

EVmo, Inc. (formerly YayYo, Inc.)

EVmo, Inc. bridges the gap between rideshare drivers in need of a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. Rideshare Rental uniquely supports drivers in higher and lower economic categories with innovative vehicle offerings and programs. Rideshare Rental is a leading provider of rental vehicles to drivers in the gig economy.

Our wholly-owned subsidiary, Rideshare Car Rentals, LLC, is an online rideshare vehicle booking platform created to service the ridesharing, delivery gig economy and the logistics market place, which includes both our owned-fleet vehicles and third party fleet vehicles. Distinct Cars LLC, our other wholly-owned subsidiary, maintains a fleet of vehicles that are commercially available for rent by gig-economy drivers and the logistics market place.

Rideshare Rental provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (EVmo.com)

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