RideShare Rental says it is getting into the electric vehicle space with a model that will generate revenues and profits upon its launch

Rideshare Rental, Inc., formerly YayYo, Inc (OTCMKTS:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, has announced that it is getting into the electric vehicle (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," Ramy El-Batrawi, RideShare CEO said in a statement. "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.” READ: Rideshare Rental reports record double-digit increase in 3Q revenue El-Batrawi added: "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," the CEO concluded. RideShare Car Rentals LLC, the firm's 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. Distinct Cars LLC, its wholly-owned subsidiary, maintains a fleet of passenger vehicles that are commercially available for rent by gig-economy drivers. RideShare bridges the gap between rideshare drivers in need of a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. It uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. Contact the author at jon.hopkins@proactiveinvestors.com