Alto is getting a charge out of going electric, and with good reason. By the end of 2023, the Dallas-based upscale rideshare company plans to transform its fleet to more than 3,000 electric vehicles (EVs) transporting people in a growing number of U.S. cities.
That will make Alto the first vertically integrated, 100% electric ride-hail company in the U.S.
Alto is now in discussions with top EV manufacturers on transitioning its current owned and operated fleet to EVs.
And in even more go-green news, Alto plans to build a network of EV Ops Centers that will include DC fast charging, vehicle cleaning and maintenance, and driver lounges.
First EV Ops Center being built near Dallas HQ
Alto’s first EV Ops Center is being built near its headquarters in Dallas. The center will support the charging needs of its Dallas EV fleet with over 2.5 megawatts of fast-charging capabilities.
The startup says its Dallas EV facility will be “the first ever EV-charging facility purpose-built for commercial fleets.”
“We cannot lead the industry without making it more sustainable and climate conscious,” CEO Will Coleman says of Alto’s EV push. “The future of mobility lies with reducing our carbon footprint, and we’re proud that Alto is working toward this transition with a vertically integrated solution.”
Expanding to Washington D.C. and Silicon Valley
In addition to its EV push, Alto is growing its footprint. Currently operating in Dallas, Houston, Los Angeles, and most recently Miami, the company announced today that it’s expanding to Washington, D.C. and Silicon Valley by end of this month.
“Alto is growing faster than ever before,” Coleman said in a statement, “and it’s an exciting time to bring a safe, elevated rideshare experience to more passengers across the country. The future of ridesharing is electric fleets with employee drivers, and our expansion and continued growth into new markets are important steps in helping us bring this vision to life.”
Less than a year after launching its service in Los Angeles, it completed 50,000 rides. The company, which has grown 700 percent in the last year, has placed orders for 600 luxury SUVs to support upcoming market launches.
Expansion and EV plan follow $45M Series B raise
Alto’s new moves come in the wake of its $45 million Series B fundraising round announced last June. That funding—co-led by Tuesday Capital and Goff Capital—brought Alto’s total capital raised to $60 million. At the time, Alto said the raise would more than triple its geographic footprint, making it a “coast-to-coast brand” by the end of the year. The startup’s new Silicon Valley and D.C. locations have delivered exactly that.
To support upcoming market launches, Alto has ordered 600 new luxury SUVs, tripling the company’s current fleet size. With that order, more than 1,000 Altos will be hitting the road by end of Q3 2022.
You can read more about Alto’s plans by going here.
David Seeley contributed to this report.
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