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As a B2B company, AYROP’s EVs have been highly demanded from businesses nationwide given the rising need for robust delivery systems. The company plans to produce and deliver 20,000 light-duty trucks and electric delivery vehicles over the next three years in partnership with Karma Automotive’s Innovation and Customization Center. In this regard, AYRO has expanded its Austin manufacturing facility to build approximately 600 vehicles per month.
While the company’s operations look good on paper, AYRO is a relatively unknown name in a highly competitive industry. Many well-known companies, such as Tesla, Inc. (NASDAQ:TSLA) and Nikola Corporation (NKLA), have diversified portfolios of electric trucks, with extensive pre-orders. With limited earnings growth potential in a highly crowded industry, AYRO’s stock is relatively overvalued. Because of an ongoing sector rotation by investors away from overvalued stocks, shares of AYRO have declined 7.2% year-to-date, and 19.8% over the past month.
