ElectraMeccanica Vehicles Corp.
(NASDAQ: SOLO) ("ElectraMeccanica" or the
"Company"), a designer and manufacturer of electric vehicles, today
provided an update on the opening of six (6) new retail locations
this past Fall. In addition, Company management has issued a status
report regarding its decision on the site search for a U.S.-based
assembly and engineering technical facility. ElectraMeccanica is
also announcing an early-adopter test drive program called the
“
SOLO Drive Tour” as part of the expansion of its
ongoing integrated marketing campaign.
Since October, ElectraMeccanica has opened six
(6) new retail locations in: San Diego, CA; Brea, CA; Scottsdale,
AZ; Glendale, AZ; Santa Clara, CA and Walnut Creek, CA. All retail
storefronts are fully operating and have expanded the Company’s
existing footprint from four (4) to 10 locations in five (5) key
markets with more announcements planned for 2021.
“We have been encouraged by the success of our
ongoing retail awareness campaign and the overwhelmingly positive
response from consumers, especially in our new locations,” said
Rivera. “The strong early performance we’re seeing speaks to a
readiness in the broader market for the SOLO as a
solution that addresses urban driving challenges. As we emerge from
the pandemic, we believe the SOLO is uniquely
positioned to provide owners a safe, reliable and completely
self-contained transportation alternative.”
The Company is also providing a status report
regarding its decision for a U.S. assembly facility and engineering
technical center location.
Rivera added: “Regarding our site selection
decision for an assembly plant, representatives from the two
finalist locations in Tennessee and Arizona have been overwhelming
in their enthusiasm for this project,” added Rivera. “Their
detailed plans to develop the SOLO ecosystem have
presented us with exciting opportunities that we continue to
evaluate with the latest updated proposals being received as
recently as last week. One of the key considerations in making this
decision is to ensure for the viability and support for our overall
vision of a SOLO ecosystem and pilot test program.
Our ultimate selection will mean a long-term commitment for both
sides. We look forward to making a formal announcement early in the
new year and appreciate the patience and consideration of all
interested parties while we work to do so.”
As previously announced, the Company has been
introducing extensive and multi-channel new marketing initiatives
intended to boost awareness of the ElectraMeccanica brand and the
SOLO EV. As part of a broader campaign that will
be introduced in the first quarter of 2021, the Company will debut
their exclusive early adopter “SOLO Drive Tour.”
The invitation-only events in selected markets will include
individualized test-drives for early reservation holders to provide
these first customers with the opportunity to look, see and “Drive
SOLO.” These demonstrations, which will be
conducted in accordance with all local COVID-19 safety protocols,
will be hosted at new and existing retail locations including a
kickoff event scheduled for Scottsdale, AZ in January followed by
events at California and other locations later in the quarter
subject to local and state government orders.
The SOLO is a purpose-built,
three-wheeled, all-electric solution for the urban environment.
Engineered for a single occupant, it offers a unique driving
experience for the environmentally conscious consumer. The
SOLO has a range of 100 miles and a top speed of
80 mph, making it safe for highways. The SOLO
features front and rear crumple zones, side impact protection, roll
bar, torque-limiting control, as well as power steering, power
brakes, air conditioning and a Bluetooth entertainment system. It
blends a modern look with safety features at an accessible price
point of $18,500. The SOLO is currently available
for pre-orders at
https://electrameccanica.com/product/solo-reservation/.
About ElectraMeccanica Vehicles
Corp. ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a
Canadian designer and manufacturer of environmentally efficient
electric vehicles (EVs). The company’s flagship vehicle is the
innovative, purpose-built, single-seat EV called the
SOLO. This three-wheeled vehicle will
revolutionize the urban driving experience, including commuting,
delivery and shared mobility. The SOLO provides a
driving experience that is unique, trendy, fun, affordable and
environmentally friendly. InterMeccanica, a subsidiary of
ElectraMeccanica, has successfully been building high-end specialty
cars for 61 years. For more information, please visit
www.electrameccanica.com.
Safe Harbor StatementExcept for
the statements of historical fact contained herein, the information
presented in this news release and oral statements made from time
to time by representatives of the Company are or may constitute
“forward-looking statements” as such term is used in applicable
United States and Canadian laws and including, without limitation,
within the meaning of the Private Securities Litigation Reform Act
of 1995, for which the Company claims the protection of the safe
harbor for forward-looking statements. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any other statements that express or
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as “expects” or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans”, “estimates” or
“intends”, or stating that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved) are not statements of historical fact and should be
viewed as forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the availability of capital to fund programs
and the resulting dilution caused by the raising of capital through
the sale of shares, accidents, labor disputes and other risks of
the automotive industry including, without limitation, those
associated with the environment, delays in obtaining governmental
approvals, permits or financing or in the completion of development
or construction activities or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information
is subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those projected.
Many of these factors are beyond the Company’s ability to control
or predict. Important factors that may cause actual results to
differ materially and that could impact the Company and the
statements contained in this news release can be found in the
Company’s filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. Accordingly, readers should not place
undue reliance on forward-looking statements contained in this news
release and in any document referred to in this news release. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
Company ContactMs. Bal Bhullar, CPA, CGA,
CRMChief Financial Officer & Director(604)
428-7656Bal@electrameccanica.com
Investor Relations ContactGateway Investor
RelationsMatt Glover and Tom Colton(949)
574-3860SOLO@gatewayir.com
Public Relations ContactAmy
PandyaR&CPMK(310)
967-3418amy.pandya@rogersandcowanpmk.com
Electrameccanica Vehicles (NASDAQ:SOLO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Electrameccanica Vehicles (NASDAQ:SOLO)
Historical Stock Chart
From Sep 2023 to Sep 2024