75%

Less Noise

Ayro’s EVs produce 75% less noise than conventional combustion engine vehicles

2.7

Hours

Ayro’s EVs can be charged in less than 2.7 hours at higher voltage charging stations

80%

Increase

in revenue, 2019 - 2020


The Path to Drawdown: Electric Vehicles

The first electric vehicle (EV) was made in 1828, but not being able to build a lightweight, durable battery with adequate range meant that internal combustion engines have dominated the automotive and transport landscape since the 1920s.

Today that picture is changing. Thanks to supportive policies and falling costs, there are millions EVs on the road. The difference in their impact on the climate is remarkable. Compared to combustion engine vehicles, CO2 emissions drop by 50% if an EV’s power comes from the conventional grid. If powered by renewable energy, emissions are cut by 95%. Once households purchase EVs, the operating costs for those cars are often cheaper than gas-based cars, too.

What once used to be an obstacle for EVs - the question of how far the car can travel on a single charge - is now much less of a concern. The average range of a battery electric vehicle produced in 2020 is about 217.5 miles, up from 124 miles in 2015.

What’s making this increase in mileage possible is the continuing development in battery capacity. Global EV battery capacity is expected to increase from around 170 GWh per year today to 1.5 TWh per year in 2030. At the same time, the cost of batteries is on the decline as their production reaches greater scale.

To be on track to remain under 1.5ºC of warming, 100% of passenger cars and vans (p. 138) need to be running on electricity by 2050. This is a jump from 5% of cars and 0% of vans in 2020. Accomplishing this overhaul of the transportation landscape means EV production and ownership need to continue to expand over the next three decades:

  • 11 million EV cars and vans were on the road in 2020
  • 2 billion EV cars and vans (100% of total global sales) need to be on the road by 2050

This would require a CAGR of 18.94% from 2018-2050

About

AYRO, Inc. (stock ticker: AYRO) designs and manufactures purpose-built, compact all-electric vehicles for campus mobility, urban and community transport, local on-demand and last mile delivery and government use. Headquartered in Round Rock, Texas, they sell their products in the United States.

AYRO's Role in Drawdown

AYRO’s EVs are designed to traverse streets, narrow passages and college campus walkways safely and use automotive controls for familiarity and ease of operation.

In addition to being emissions-free and quiet, AYRO vehicles have fewer moving parts and are up to 50% less costly to maintain compared to internal combustion engine vehicles.

AYRO manufactures several models of compact EVs. Their AYRO Club Car 411, for example, is a family of electric, four-wheel compac, light-duty utility trucks sold exclusively through their contracted partner, Club Car. These are street legal low-speed vehicles that can reach speeds up to 25 mph.

AYRO is also developing three-wheeled EVs for last-mile delivery.

AYRO: What We Like

We’ll update this section once AYRO makes sustainability information available.

AYRO: What We Want to See Improve

Disclose Sustainability Metrics


We applaud AYRO’s role in expanding the EV market. But we still want to know AYRO’s sustainability efforts and carbon footprint. In particular, the company should track and report their direct and indirect emissions, the amount of energy consumed by source, and the amount of emissions avoided through their products and initiatives. These metrics should be included in an annual sustainability report.

Set Emissions Reduction Goals


Once AYRO discloses sustainability metrics, we want them to set targets for reducing their footprint. Targets for reducing GHG emissions are particularly important. These should be in line with the global goal to stay below 1.5°C of global warming by mid-century, and accompanied by concrete steps for how to achieve them.

Expand Faster


AYRO is a young and small company that needs time to grow. We’re encouraged by their Master Procurement Agreement (p. 8) that grants Club Car the exclusive right to sell AYRO’s four-wheeled vehicles as long as Club Car orders at least 500 vehicles a year. But AYRO will need to enter into more agreements if they’re to grow faster. We’re eager to see them expand their sales in the near future.

Other Electric Cars (EV's) Stocks in the Climate Index

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