Ayro (NASDAQ:AYRO) stock is in the news Monday after announcing the completion of an expansion to its electric vehicle (EV) factory.
The expansion was for its EV factory in Austin, Texas and it has the company bumping its size up from 10,000 square feet to 24,000 square feet. This expands its monthly EV production from 200 units to a new limit of 600 units.
Ayro notes that this expansion has it adding several new facilities to its factory. Of course, that includes new assembly lines. However, other additions include additional space for engineering and product development.
Rod Keller, CEO of Ayro, said this about the EV factory news.
“Our position within the electric vehicle market should be strengthened by our manufacturing capacity expansion and our presence in Austin. Tesla is on the verge of finalizing its newest and largest $1 billion ‘gigafactory’ in Austin, while Hyliion, an Austin-based electric-powered heavy-duty truck company is expected to merge with Tortoise Acquisition Corp. later this year.”
Other Ayro news for today includes a direct offering from the EV company. It’s entered into an agreement to sell shares of AYRO stock directly to investors for $4.75 each. The stock closed at $3.27 on Thursday. This deal is set to take place on or around Wednesday. The company expects to raise $15 million in funding from this direct offering.
AYRO stock was up 63.6% as of Monday afternoon but is down 30.1% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
