The New EV program will be launched before the end of December
RideShare Rental will take delivery of the first 40 EV vehicles in December
RideShare Rental is also developing a Car Share App for EV’s, which will be completed before the end of the year
BEVERLY HILLS, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) -- RideShare Rental, Inc., formerly YayYo, Inc ("RSR" or the “Company") (Other OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, through its wholly-owned subsidiary, RideShare Car Rentals, LLC, today announced it is getting into the EV space with a model that will generate revenues and profits upon its launch.
"We have been working on an EV strategy for the rideshare space and car sharing space for a while now," commented Ramy El-Batrawi, CEO. "We are excited that we are finally launching the first 40 EV vehicles in December. Working with a few partners in this space has allowed us to fulfill a goal the company had. With funding and infrastructure coming in from our partners, we were able to make great strides both in the technology and the deployment of the vehicles.”
"We are launching two different strategies to fulfill our goal with EV vehicles. One will be a true Car Share starting in LA and will continue to expand through the country. The Car Share portion of EV will be subsidized by our partner and guaranteeing a profitable venture for the company. We should see revenues from this program hitting this quarter. The second phase of the EV strategy is with the new functionalities of the new app which includes unlocking and starting the car through the app. The problem we are solving for actual renter of vehicles for the gig economy space is the limited Distance an EV before recharging and the time to recharge a vehicle makes it not feasible for gig workers to rent EV vehicles. Our strategy will be to have EV vehicles available across the city, when a driver runs low on their battery, they can simply swap up vehicles using their app and continue driving without delay. We feel this strategy will allow the expansion to EV vehicles where driver can save money on gas, one of the biggest costs and become part of green economy. We are planning to test the model in December as well," CEO Ramy El-Batrawi added.
RideShare Car Rentals LLC, our wholly-owned subsidiary, is an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned-fleet and third party fleets.
Fleet Management
Distinct Cars LLC, our wholly-owned subsidiary, maintains a fleet of passenger vehicles that are commercially available for rent by gig-economy drivers.
About RideShare Rental, Inc. Formerly YayYo, Inc
RideShare Rental, Inc. bridges the gap between rideshare drivers in need of a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. RideShare Rental, Inc. uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. RideShare Rental, Inc. is a leading provider of rental vehicles to drivers in the ever-expanding gig economy.
RideShare Rental, Inc. provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.yayyo.com).
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Public Relations Contact
Ramy El-Batrawi
Phone: 888-209-5643
Email: investors@yayyo.com