Round Rock, TX / AccessWire / December 16, 2024 / AYRO, Inc. (NASDAQ:AYRO) ("AYRO" or the "Company"), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro-distribution, micro-mobility, and last-mile delivery, announced today that GLV Ventures Through its partnership with (GLV) it has secured its first purchase order from one of the top three automotive manufacturers in the United States.

Josh Silverman, Executive Chairman of AYRO, commented, “This initial purchase order, from a top three automotive OEM, not only represents the first new business opportunity we have secured since partnering with GLV, Reflecting our intent to capitalize on their low cost. Facilities to expand our focus on securing design and construction projects is also indicative of our ability to generate new sources of revenue. The growth initiative is just the first step in diversifying our business and we look forward to providing further updates when appropriate."

About AYRO

AYRO designs and manufactures zero emission vehicles and systems that redefine the nature of sustainability. Our goal is to design solutions in a way that leaves minimal impact not only on carbon emissions but also on space. From tire treads, fuel cells, acoustics, and even obscure visuals, we apply engineering and craftsmanship to every element of our product mix. AYRO Vanish is the first in this new product roadmap. For more information, visit www.ayro.com.

Forward-looking statements

This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from any expected future results, performance or achievements. Words such as "estimate," "believe," "anticipate," "intend," "expect," "may," "plan," "will," "will," and their opposites and similar expressions are intended to be forward-looking. To identify statements and include the development and launch of AYRO Vanish. Such forward-looking statements are based on management's beliefs as well as assumptions made by management and current information. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: AYRO's success depends on its ability to complete the development of and successfully introduce new products; ; AYRO may experience delays in the development and introduction of new products; the ability of AYRO's suppliers to deliver parts and assemble vehicles; BUYER'S ABILITY TO TERMINATE OR REDUCE A PURCHASE ORDER; AYRO has a history of losses and has never been profitable, and AYRO expects to incur additional losses in the future and may never be profitable; AYRO is exposed to risks associated with litigation and claims; AYRO may be unable to replace lost manufacturing capacity on a timely and cost-effective basis, which could adversely affect its ability to meet operational and delivery deadlines; the market for AYRO's products is evolving and may not develop as expected and AYRO, accordingly, may never meet its stated production and sales goals; AYRO's limited operating history makes it difficult to assess its business and future prospects and may increase the risk of an investment in its securities; AYRO may experience lower-than-expected market acceptance of its vehicles; Developments in alternative technologies or internal combustion engine improvements could have a material adverse effect on demand for AYRO's electric vehicles; The markets in which AYRO operates are highly competitive, and AYRO may not be successful in competing in these industries; AYRO may be subject to product liability claims, which could harm AYRO's financial condition and liquidity if AYRO is not able to successfully defend or insure against such claims; increases in costs, supply disruptions or shortages of raw materials, particularly lithium-ion cells, chipsets and displays, could harm AYRO's business; AYRO may need to raise additional capital to fund its operations, and raising such capital may be expensive or difficult to obtain and may dilute the ownership interests of AYRO stockholders, and AYRO's long-term Term capital requirements are subject to a number of risks; AYRO may fail to comply with evolving environmental and safety laws and regulations; and AYRO is subject to government export and import controls that may impair AYRO's ability to compete in the international marketplace due to licensing requirements and subject AYRO to liability if AYRO is not in compliance with applicable laws. These and other factors with respect to AYRO are discussed in our most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date they are made and AYRO disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Investor Inquiries:
Core IR
investors@ayro.com
516-222-2560

Source: AYRO, Inc.

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