ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
(“ElectraMeccanica” or the "Company"), a designer and manufacturer
of electric vehicles revolutionizing the urban driving experience,
has issued a letter to shareholders from CEO, Kevin Pavlov.
Dear Shareholders,
2021 was transformational for ElectraMeccanica
as we transitioned from a development stage company to a
well-capitalized, high-quality automotive OEM. Most notably, we
successfully commenced the first-ever commercial deliveries of our
flagship, single-seat electric vehicle (EV) – the
SOLO to retail and fleet customers. Today, our
mission is to rapidly scale production and continue
SOLO’s recognition by thought leaders,
fun-seekers, city planners and environmentally conscious consumers
around the world.
In early 2021, our focus revolved around
commercialization and an increased direct-to-consumer retail
footprint across the United States, and by the end of the first
quarter, we expanded our retail presence in strategic markets
throughout California, Arizona, Colorado, Washington, and Oregon to
engage potential customers.
To support our anticipated rapid expansion, we
broke ground in August 2021 on a 235,000 square foot facility in
Mesa, Arizona this spring, which will serve as ElectraMeccanica’s
U.S. based assembly and engineering technical center for the 2023
model year SOLO. The build-out of this
facility—which has the initial capacity to produce 20,000
SOLOs per year—remains on track with an estimated
completion in Summer 2022. Not only will this facility provide
significant job growth for Americans but will allow for localized
assembly and delivery to our rapidly expanding U.S. customer base.
Once fully operational and taken in tandem with our dedicated
facility through our strategic manufacturing partner, Zongshen, we
will have the ability to produce up to 40,000
SOLOs annually.
Throughout the year, we continued test drive
events nationwide and showcased the SOLO at
premier industry events, including the LA Auto Show, the Advanced
Clean Transportation (ACT) Expo and Specialty Equipment Market
Association (SEMA), the world's leading automotive trade event.
While in attendance, we introduced concept convertible and
performance variants, potential future customized options of our
vehicles, and the SOLO Cargo EV, which was
developed with a uniquely expanded cargo box based on direct input
from prospective commercial and fleet customers.
As we strategically planned our commercial
delivery ramp up, we recognized the need for a trusted global
partner to handle service, repairs and maintenance for the
SOLO. To that end, we signed a strategic agreement
with Bosch, a leading global mobility solutions and industrial
technology firm, to establish a pilot service network of approved
independent automobile repair shops. Today, The Bosch Car Service
Network will support service and provide maintenance to
SOLO customers throughout the western U.S., which
will eventually expand nationwide.
Most notably, in October we achieved a
decade-long dream as we delivered the first commercial
SOLO’s in the Company’s history as part of an
invite-only unveiling event held in Los Angeles for early
reservation holders and fleet operators. Since then, we have
continued to scale deliveries for our customers and fleet
operators, and the initial customer response to the quality and
experience of the SOLO has been exceptional.
We are entering 2022 in a stronger position than
ever. Not only do we expect production to ramp significantly, but
we have the necessary infrastructure surrounding sales, marketing,
logistics and service networks in place to ensure success. Backed
by a balance sheet with over $228 million to execute on our
strategic priorities, we are confident in our ability to
revolutionize the transportation space by providing consumers,
fleets and ride share users a purpose-built solution to solve
today's urban driving challenges.
Thank you to all our shareholders, partners, and
staff for your support on our journey. I look forward to another
breakthrough year at ElectraMeccanica.
Sincerely,
Kevin PavlovCEO of ElectraMeccanica
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. 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 also 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
& XM 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 here.
For more information, please
visit www.electrameccanica.com.
Safe Harbor Statements
Except for the statements of historical fact
contained herein, the information presented in this news release
constitutes “forward-looking statements” as such term is used in
applicable United States and Canadian securities laws. 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 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 “anticipates”, “estimates”, “projects”,
“expects”, “contemplates”, “intends”, “believes”, “plans”, “may”,
“will”, or their negatives or other comparable words) 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 prices of other electric vehicles, costs
associated with manufacturing vehicles, the availability of capital
to fund business plans and the resulting dilution caused by the
raising of capital through the sale of shares, changes in the
electric vehicle market, changes in government regulation,
developments in alternative technologies, inexperience in servicing
electric vehicles, labour disputes and other risks of the electric
vehicle industry including, without limitation, those associated
with the delays in obtaining governmental approvals and/or
certifications. 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. 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. Forward-looking statements are
made based on management’s beliefs, estimates and opinions on the
date the statements are made, and the Company undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law. Such forward-looking statements
reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, including,
the risks and uncertainties outlined in our most recent financial
statements and reports and registration statement filed with the
United States Securities and Exchange Commission (the “SEC”)
(available at www.sec.gov) and with Canadian securities
administrators (available at www.sedar.com). Although the Company
believes that the beliefs, plans, expectations and intentions
contained in this news release are reasonable, there can be no
assurance those beliefs, plans, expectations or intentions will
prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company’s periodic reports filed from
time-to-time with the SEC. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
of the Company nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Investor Relations ContactMZ Group(949)
259-4987SOLO@mzgroup.us
Public Relations ContactAmy
PandyaR&CPMK(310) 967-3418amy.pandya@rogersandcowanpmk.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1cfc7b3a-01f9-482c-89f6-f732c231b88a
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