Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

MILAN (Reuters) – Shared mobility start-up Etioca aims to list on the stock market in the United States in spring, its co-CEO said on Thursday as it unveiled a prototype of its fully-electric seven-seater plus driver taxi in Milan.

Founded and led by Israeli engineer Mark Ishakov and headquartered in Gibraltar, Etioca will not sell its taxis but has a business model based on fees paid by drivers to use them and on other services including media advertising and blockchain.

“Vehicles are not for sale, they’ll be given to drivers for use under a comprehensive fee,” Co-CEO Roberto Fiorello said, adding Etioca currently planned to generate revenue of around $1 billion for every 15,000 vehicles produced.

“We want to list at Nasdaq,” he said.

Etioca has hired Chardan, a New York-based investment bank, to advise it on the process, it said in a statement.

The company said it plans to invest around $1.2 billion over the next three years and aimed to start production between the end of 2024 and early 2025, with a target of 45,000 vehicles in 2025 and 100,000 in 2027.

Renowned Italian designer Giorgetto Giugiaro will help Etioca develop its vans, which are fitted with battery-swapping technology and a modular platform allowing them to serve several purposes, including as ambulances and for firefighting, police or defence vehicles.

The company said it was currently in discussions over around 90,000 pre-orders in Italy, Israel and Latvia, adding that it is negotiating a deal with an Italian partner to use an existing facility to speed up production times.

 

(Reporting by Giulio Piovaccari; Editing by Kirsten Donovan)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts