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Start-up Etioca sees Nasdaq listing next year as it unveils electric taxi.
MILAN: Shared mobility start-up Etioca aims to go public in the United States in the spring, its co-CEO said Thursday as it unveiled a prototype of its all-electric seven-seater plus driver’s taxi in Milan.
Etioca, founded and led by Israeli engineer Mark Ishakov and headquartered in Gibraltar, 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 will be given to drivers for use for an extended fee,” said co-CEO Roberto Fiorello, adding that Etioca currently plans to generate revenue of approximately $1 billion for every 15,000 vehicles produced.
“We want to list on 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 about $1.2 billion over the next three years and plans to start production between late 2024 and early 2025, with a target of 45,000 vehicles by 2025 and 100,000 by 2027.
Renowned Italian designer Giorgetto Giugiaro will assist Etioca in the development of its vans, which are equipped with battery exchange technology and a modular platform that allows them to serve a variety of purposes, including as an ambulance and for fire, police or defense vehicles.
The company said it is currently in talks on about 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.
