AYRO Receives 40 Unit Fleet Order for Fortune 100 Retailer for Newly Released Adaptable Low-Speed Electric Vehicles

New order represents significant milestone following production launch.

ROUND ROCK, TX / ACCESSWIRE / December 5, 2023 / AYRO, Inc. (NASDAQ:AYRO) ("AYRO" or the "Company"), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro distribution, micromobility and last-mile delivery, announces that the Company received the first fleet order of the Company's utility low-speed electric vehicle ("LSEV"), the AYRO Vanish (the "Vanish"), for a Fortune 100 Retailer.

"This fleet order is thanks to the work of one of our newest dealers Garage Carts/Golf Cars of Northwest Arkansas and their relationships with manufacturers and distribution centers," said Terry Kahl, vice president of channel sales. "The vehicles will be used on this organization's corporate campus for operations, landscaping, maintenance, material handling and more."

The Vanish offers adaptable bed configurations to meet myriad needs for fleet, commercial and personal use. This order represents the first fleet 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.

"We are honored to be the first in the United States to place such an order for the Vanish," said Jeff Olsen, partner at Garage Carts/Golf Cars of Northwest Arkansas. "The customer immediately saw the value in creating a more sustainable fleet for their facilities, as well as the impact that adaptable bed configurations can have on fleet management. This is the first of many opportunities we hope to have with AYRO to change the way manufacturers and distributors utilize LSEVs for on-campus fleets."

In addition to Garage Carts/Golf Cars of Northwest Arkansas, AYRO has also publicly announced other dealers and channel partners including Cruising Kitchens, an upfitter for custom food trucks and mobile business fabricator; U.S. Fleet Source, a vehicle and fleet service distribution partner for commercial, government, and municipal fleets; and Masters Golf and Utility Vehicles, a regional dealer and fleet solutions provider located in Ontario, Canada.

"We have been very strategic in selecting and partnering with our dealer and channel partners," noted Tom Wittenschlaeger, CEO of AYRO. "We believe choosing quality partners like Garage Carts/Golf Cars of Northwest Arkansas who have existing relationships in their regional markets leads to orders like this one, which is earmarked for one of the top U.S. retailers, and allows us to only further our reach and expand low-speed electric fleet usage throughout North America."

About AYRO
AYRO designs and produces zero emission vehicles and systems that redefine the very nature of sustainability. Our goal is to craft solutions in a way that leaves minimal impact on not only carbon emissions, but the space itself. From tire tread, fuel cells, sound and even discordant visuals, we apply engineering and artistry to every element of our product mix. The AYRO Vanish is the first in this new product roadmap. For more information, visit 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 which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Words such as "anticipate," "believe," "could," "estimate," "intend," "expect," "may," "plan," "will," "would" and their opposites and similar expressions are intended to identify forward-looking statements and include the development and launch of the AYRO Vanish. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. 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; the ability of the purchaser to terminate or reduce purchase orders; 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 may be unable to replace lost manufacturing capacity on a timely and cost-effective basis, which could adversely impact its operations and ability to meet delivery timelines; the market for AYRO's products is developing and may not develop as expected and AYRO, accordingly, may never meet its targeted production and sales goals; AYRO's limited operating history makes evaluating its business and future prospects difficult and may increase the risk of any investment in its securities; AYRO may experience lower-than-anticipated market acceptance of its vehicles; developments in alternative technologies or improvements in the internal combustion engine may have a materially adverse effect on the 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 become 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, disruption of supply or shortage of raw materials, in particular lithium-ion cells, chipsets and displays, could harm AYRO's business; AYRO may be required to raise additional capital to fund its operations, and such capital raising may be costly or difficult to obtain and could dilute AYRO stockholders' ownership interests, and AYRO's long term capital requirements are subject to numerous risks; AYRO may fail to comply with evolving environmental and safety laws and regulations; and AYRO is subject to governmental export and import controls that could impair AYRO's ability to compete in international market due to licensing requirements and subject AYRO to liability if AYRO is not in compliance with applicable laws. A discussion of these and other factors with respect to AYRO is set forth 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.

Media Inquiries:
Nick Kastner
Forum Communications
678-943-3859
nick@forumspeaks.com

Investor Inquiries:
Joey Delahoussaye
CORE IR
516-222-2560
investors@ayro.com

SOURCE: AYRO, Inc.