AYRO, Applauded

Frost & Sullivan AYRO Texas California

11.01.2023 - 15:03:33

AYRO Applauded by Frost & Sullivan for Meeting Last-mile Delivery, Micro-distribution, and Facility Mobility Needs with Its New Zero-emission LSVs

with the 2023 North American New Product Innovation Award. The company offers sustainable LSV solutions that maximize payload reconfigurability, payload capacity, and the ability to traverse and operate in environments without harming them through air or noise pollution. AYRO's LSV solutions are designed and purpose-built to automotive OEM standards, as its product line roadmap engenders a family of derivative platforms utilizing common subsystems.

AYRO

AYRO Vanish has several stand-out features, such as the highly customizable and adaptable bed configurations that make it suitable for both light-duty and heavy-duty applications. The vehicle is equipped with a lithium-ion battery that has a range of around 50 miles on a single charge, and its expected starting price will be competitive. The first test vehicles were rolled out in 2022 and pre-orders will open in early 2023. AYRO Vanish's compact, efficient, and sustainable design fits diverse use cases and is versatile enough for any micro-distribution task, such as serving food on university campuses, supporting local delivery for restaurants, and moving goods and equipment around local areas.

Marshall Martin, best practices research analyst, observed, "When compared to small gas- or diesel-powered trucks or vans, the Vanish features a 50% reduction in weight, approximately 49% reduction in annual operating expenses, and 47% reduction in overall volume or size, allowing it to maneuver in tight spaces and go where other LSVs cannot."

AYRO's vehicle fleet navigates campuses and narrow urban streets seamlessly while also carrying significant loads for meeting last-mile distribution challenges—features that most other EVs are not designed to handle. A true reflection of AYRO's reliability and quality is its patent files. It has now filed two new design patents, multiple underlying seminal patents in sustainability, four US utility patents, and has two US utility patent applications in process.

"AYRO has remained at the forefront of technological innovation since its inception, making it quite challenging for competitors to replicate its unique solutions. It has the ability to locate the perfect white spot and offer a product in a hybrid market that fulfills its customers' requirements and reduces carbon emissions," added Martin. With its strong overall performance, AYRO earns the 2023 North American Frost & Sullivan New Product Innovation Award in the electric low-speed vehicle industry.

Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased return on investment (ROI) it gives customers, which, in turn, raises customer acquisition and overall market penetration potential.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

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Contact:
Lindsey Whitaker
P: 210.247.3823
E: Lindsey.Whitaker@frost.com

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 on the space itself. From tire tread, fuel cells, sound emissions and even discordant visuals, we apply engineering and artistry to every element of our product mix. The AYRO Vanish is the first of a family of vehicles in our new product roadmap. For more information, visit ayro.com.

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

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

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