EVmo, Inc, formerly YayYo, Inc (“EVmo” or the “Company”) a leading provider of vehicles to the rideshare and delivery gig economy, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced that it has taken delivery of its first fleet of Tesla vehicles through its Fleet Partnership Agreement. The Company is now ahead of schedule in converting its entire fleet to EV’s by year end 2021. According to Global Market Insights, the ride sharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026. EVmo is well-positioned to emerge as a leader in the ride share industry as it executes on an aggressive organic and acquisition growth strategy.
Stephen Sanchez, CEO of EVmo, stated, “Our owned fleet and managed fleet are now comprised of 14% electric vehicles (EVs). We are proud to be one of the first Tesla ride share fleet partners in the U.S. 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.”
Mr. Sanchez also added, “I believe our business model gives us a competitive advantage over our peers, as we intend to be the first ride share 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.”
He concluded, “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.”
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.