AYRO updates stakeholders on current business strategy

AYRO (AYRO) provided a letter to stakeholders, which read in part, ” Clearly, 2024 was a transformational year for AYRO. The purpose of this letter is to update you on our progress and how these developments help set our course for 2025…Following these recent accomplishments, we believe we are better positioned to continue to expand our reach as a contract manufacturer by leveraging both our low cost facilities in Texas and GLV’s low-cost facilities, thereby underscoring a Made in America guarantee. These milestones also help ensure that we can and will continue with the development and marketing of our Vanish vehicle, which remains a top opportunity. We remain focused on revamping our business and expanding into additional markets, which we believe will drive profitability and revenue growth. Given that we are now a recognized supplier to GM, one of the largest auto manufacturers in the world, we believe that it will also enable us to further expand our capabilities and secure design and manufacturing projects. As such, we are also keenly focused on building a pipeline of non-GM opportunities. With a revamped management team, a much lower cost structure, a valuable partnership with GLV, expanded capabilities, all which are supported by a strong cash position sufficient to support our current plans, we believe that our business outlook continues to improve and should improve our ability to successfully execute on our evolving business strategy to meet the demands of the changing EV market. As always, our priority is to increase stockholder value, and we look forward to updating our stockholders on our continued progress throughout 2025.”