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AYRO, Inc. (NASDAQ:AYRO) shares are trading higher on Wednesday after the company received its first U.S. Government order for the utility low-speed electric vehicle, the AYRO Vanish, for a United States Embassy in South Asia.
This represents the first Government order since AYRO entered into low-rate initial production, passed California Air Resources Board confirmatory testing, and completed all applicable homologation requirements in the United States and Canada, the company said in a release.
"We believe that these vehicles can be deployed on the embassy compound for a plurality of uses and charge overnight from a standard electrical outlet, requiring no specialized charging infrastructure or the need for noisy generators," noted David Hollingsworth, Interim President of AYRO's Operating Division.
On Dec. 5, the company received the first fleet order of AYRO Vanish for a Fortune 100 Retailer.
"With $48 million in cash on our balance sheet, we are focused on penetrating this exciting market..," concluded Hollingsworth.
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Price Action: AYRO shares are trading higher by 11.630% to $1.92 on the last check Wednesday.
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Posted In: AYRO
