Marti sets revised June 30, 2024 targets for over 1,000,000
riders and over 165,000 registered drivers
Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE
American: MRT), Türkiye’s leading mobility super app and only
multi-modal urban mobility provider, announced today that as of
May 20, 2024, Marti’s ride-hailing service has reached over 925,000
riders and over 155,000 registered drivers. These figures have
already exceeded the June 30, 2024 targets of 900,000 riders and
155,000 registered drivers and have been achieved a month and a
half earlier than planned.
Marti’s number of ride-hailing riders grew 86% from December
31, 2023 to May 20, 2024. The number of registered drivers grew 46%
during the same time period. The fast growth in both the rider
and driver sides of Marti’s ride-hailing marketplace demonstrates
the strong need for the service across Türkiye. The service intends
to provide readily available, safe, and affordable rides for
riders, while providing economic opportunities for drivers across
the income spectrum.
Encouraged by the growth in its rider and driver bases of its
ride-hailing business, Marti is increasing its June 30, 2024
targets from 900,000 to 1,000,000 riders and from 155,000 to
165,000 registered drivers.
Of Marti’s over 155,000 registered drivers, over 130,000 are
in Türkiye’s largest city, Istanbul. This is in contrast to 19,845
taxis serving the city. With 6.6 times as many registered drivers
as taxis serving the city of Istanbul, Marti is able to offer
widespread availability across the city. Furthermore, Marti’s
drivers undergo formal background checks before acceptance onto the
service, thereby contributing to rider safety. The average rating
of Marti’s ride-hailing drivers by riders is 4.8 out of 5
stars.
Marti currently does not enable online payment for the service
over its app, or charge a fee for the service.
McKinsey & Company, a consultancy group, estimates the
taxi market size in Türkiye at $9 billion to $12 billion as of
2021. Further, under the “Disruptive Scenario 2030”, ride-hailing
is expected to increase the size of the taxi market by offering
cheaper and more convenient rides. McKinsey & Company estimates
the potential size of the Turkish ride-hailing market in 2030 at
$15 billion to $20 billion(*).
(*) Expectations and targets are not necessarily indicative of
future attainment.
About Marti:
Founded in 2018, Marti is Türkiye’s leading mobility app,
offering multiple transportation services to its riders. Marti
operates a ride-hailing service that matches riders with car,
motorcycle, and taxi drivers, and operates a large fleet of rental
e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are
serviced by proprietary software systems and IoT infrastructure.
For more information, visit www.marti.tech.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, also known as the Private Securities Litigation Reform Act
of 1995. Any express or implied statements contained in this press
release that are not statements of historical fact and generally
relate to future events, hopes, intentions, strategies, or
performance may be deemed to be forward-looking statements,
including but without limitation statements regarding the
anticipated growth, including the number of riders and registered
drivers of the ride-hailing business, the ride-hailing targets by
June 30, 2024, and the expected future performance and market
opportunities of Marti and the ride-hailing business. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“might,” “possible,” “believe,” “predict,” “potential,” “continue,”
“aim,” “strive,” and similar expressions may identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expressed or
implied forwarding-looking statements, including, but not limited
to: (i) the effect of the public listing of our securities on our
business relationships, performance, financial condition and
business generally, (ii) risks that the business combination may
disrupt our current plans or divert management’s attention from our
ongoing business operations, (iii) the outcome of any legal
proceedings that may be instituted against us or our directors or
officers related to the business combination or otherwise, (iv) our
ability to maintain the listing of our securities on the NYSE
American, (v) volatility in the price of our securities due to a
variety of factors, including without limitation changes in the
competitive and highly regulated industries in which we plan to
operate, variations in competitors’ performance and success and
changes in laws and regulations affecting our business, (vi) our
ability to implement business plans, forecasts, and other
expectations, and identify opportunities, (vii) the risk of
downturns in the highly competitive tech-enabled mobility services
industry, (viii) our ability to build our brand and consumers’
recognition, acceptance and adoption of our brand, (ix) the risk
that we may not be able to effectively manage our growth, including
our design, research, development and maintenance capabilities, (x)
technological changes and risks associated with doing business in
an emerging market, (xi) risks relating to our dependence on and
use of certain intellectual property and technology and (xii) and
other important factors and risks discussed under the caption “Risk
Factors” in the Company’s Annual Report on Form 20-F filed with the
Securities and Exchange Commission (the “SEC”) on April 16, 2024,
as such factors and risks may be updated from time to time in the
Company’s other filings with the SEC, accessible on the SEC’s
website at www.sec.gov and the Investors Relations section of
Company’s website at https://ir.marti.tech. Any investors should
carefully consider the risks and uncertainties described in the
documents filed by the Company from time to time with the SEC as
most of the factors are outside the Company’s control and are
difficult to predict. As a result, the Company’s actual results may
differ from its expectations, estimates and projections and
consequently, such forward-looking statements should not be relied
upon as predictions of future events. The Company cautions not to
place undue reliance upon any forward-looking statements, including
projections, which speak only as to management expectations and
beliefs as of the date they are made. The Company disclaims any
obligation or undertaking to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, other than to the extent required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521626522/en/
Investor Contact Marti Technologies, Inc. Turgut Yilmaz
investor.relations@marti.tech
Grafico Azioni Marti Technologies (AMEX:MRT)
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