SNR News - Startup Etioca

Startup Etioca is eyeing a Nasdaq listing next year with the unveiling of an electric taxi.

MILAN (Reuters) – Mobility startup Etioca aims to list on the U.S. stock market in the spring, Etioca’s co-CEO said on Thursday, unveiling a prototype of its all-electric seven-seat driver and… driver. Taxi in Milan.

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

“The vehicles are not for sale, they will be given to drivers for use for an all-inclusive fee,” CEO Roberto Fiorello said, adding that Etioca currently expects to generate about $1 billion in revenue for each of the 15,000 vehicles produced.

“We want to list on NASDAQ,” he said.

Eteuka said in a statement that it had appointed New York-based investment bank Chardin to advise on the operation.

The company said it plans to invest about $1.2 billion over the next three years and aims to start production between late 2024 and early 2025, with a target of 45,000 cars in 2025 and 2027 — 100,000 cars.

Renowned Italian designer Giorgetto Giugiaro will help Etioca develop trucks equipped with battery-swapping technology and a modular platform that allows them to serve many purposes, including ambulance and fire, police or defense vehicles.

The company said it is currently negotiating about 90,000 pre-orders in Italy, Israel and Latvia, adding that it is in talks with an Italian partner to use existing equipment to speed up production times.