EVmo Inc (OTCMKTS:YAYO), formerly known as YayYo, said it has taken delivery of its first fleet of Tesla Inc (NASDAQ:TSLA) vehicles through its fleet partnership agreement.
The provider of vehicles to the rideshare and gig economy said it is now ahead of schedule in converting its entire fleet to electric vehicles (EVs) by the end of 2021, adding that it is “well-positioned to emerge as a leader in the rideshare industry as it executes on an aggressive organic and acquisition growth strategy”.
The company’s EVs give drivers a choice of renting to save money on gas and get paid extra by driving green or renting a Tesla and being able to earn more by having the vehicles classed as a higher-end vehicle on Uber and Lyft’s platform. EVmo currently operates in seven markets and supplies vehicles to drivers of Uber, Lyft, DoorDash, and Grubhub.
“Our owned fleet and managed fleet are now comprised of 14% electric vehicles (EVs). We are proud to be one of the first Tesla rideshare fleet partners in the US. Additionally, our ongoing fleet partnership with Hyundai will allow us to meet our timeline of converting our fleet to all Electric Vehicles (EV) by the end of the fourth quarter 2021,” EVmo chief executive Stephen Sanchez said in a statement.
“I believe our business model gives us a competitive advantage over our peers, as we intend to be the first rideshare company to convert to all EV’s. Moreover, EVmo, unlike our peers, owns its vehicles and will not be supply chain limited. Also, most importantly, an all-EV fleet will also increase our profit margins. Drivers clearly embrace EV’s as a preferred choice in vehicles to rent. Drivers see the benefits in gas savings and the benefits of driving green,” he added.
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