BREAKING NEWS – 08.08.2023

In the press release of August 3rd, 2023, Pasquarelli Auto SpA, a company operating in the trade of new and used cars and commercial vehicles, short, medium and long-term rental as well as service and sale of spare parts, announces that it has signed an agreement with the Municipality of Pescara regarding the provision of a car-sharing service in the city for the duration of 18 months. Under the terms of the agreement, which involves Kinto Share as a collaborator in the role of sharing service operator, the Company will be responsible for the supply of an initial fleet of 9 hybrid cars to be used in the sharing project, with the possibility of extending the supply up to the introduction of 20 cars, Toyota- and Lexus-branded.  The purpose of the agreement is reported to be the enrichment of the Company’s offering, integrating new emerging brands in the global market and consolidating its positioning in the sustainable mobility market, through the implementation of a wider range of full-electric vehicles in the Company’s offering. Specifically, Kinto Share is a station-based car-sharing service, developed in 2019 with the aim of providing support for the evolution of the Toyota brand into a “Mobility Company,” enabling flexible mobility and allowing cars to be rented, with durations from one minute to one month, through the dedicated App.  To date, the car-sharing service has been made available to the public at the Toyota Pasquarelli Auto dealership in San Giovanni Teatino (CH) and at the Abruzzo International Airport. The agreement provides for the installation of additional sites, located near a number of strategic points in the city of Pescara, including the Pescara Centrale Railway Station and at the Pescara campus of the “Gabriele D’Annunzio” University of Studies, as well as in the cities of Lanciano, Vasto, San Salvo and Campobasso. Taking the press release into consideration, we confirm our recommendation: target price € 5.25, rating BUY and risk MEDIUM.

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