ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”
or the "Company"), a designer and manufacturer of electric vehicles
revolutionizing the urban driving experience, today announced a
non-binding partnership agreement with Faction Technology, Inc.
(“Faction”) to demonstrate a pilot deployment of Faction’s
driverless and remote vehicle operation technology on the
SOLO EV Platform.
Powered by the patent pending DriveLink™
Platform, Faction is focused on autonomous driving AI that is
supported by teleoperation. The AI is task-designed with specific
patterning to know when a vehicle needs help from the operator.
Faction plans to utilize the
SOLO EVs to test their autonomous driving
technology as it relates to micro-logistics and ride-on-demand. A
test pilot program is currently underway with customers in both the
food delivery and vehicle on demand verticals in which the light
electric vehicle is right-sized for delivery and shared
mobility.
Post-Covid, food delivery and shared ride
services remain in high demand in the United States; however, the
nation continues to face driver and chip shortages, which is
forcing businesses in these industries to increase costs. Faction’s
technology embedded in the already competitive price point of the
SOLO EV, will allow consumers to pay a lower cost
for these services per mile.
Under the memorandum of understanding,
ElectraMeccanica and Faction will work on a best-efforts basis to
expand the partnership toward the pilot deployment of a driverless
demonstration fleet of up to 24 SOLO EVs over the
next 12 months. To-date, 3 SOLO EVs have been
delivered to Faction.
“Faction was one of our first customers to
receive a SOLO EV for its development fleet, and
this partnership represents the next step in our ongoing
collaboration,” said Kevin Pavlov, CEO of ElectraMeccanica. “We
believe Faction’s technology is essential in the evolution towards
full autonomous driving, enabling vehicles to deliver cargo through
a combination of autonomy and a remote worker using teleoperations
to assist. We look forward to working with the team at Faction to
test our vehicle with its technology platform and to promote urban
micro delivery.”
Ain McKendrick, Founder and CEO of Faction
Technology, added, “We have been impressed with our
SOLO EVs and this partnership will help to further
expand the future of urban mobility. The SOLO EV
is an excellent candidate for Faction’s mission to right-size urban
delivery and transportation, well suited for our unique approach to
combine driverless technology with lightweight vehicle systems. We
are excited to move toward implementing our driverless and remote
vehicle operation technology into several SOLO EVs
in the coming months so that we can begin real world testing and
data collection.”
About Faction
Technology, Inc.
Faction Technology, Inc. is a Silicon Valley
startup that develops driverless solutions based on light electric
vehicles. Founded in February 2020, Faction is on a mission to
revolutionize micro-logistics and vehicle-on-demand. The company
believes the future of sustainable transportation is to develop
driverless vehicles that are safe, cost-effective, and right-sized
to serve a range of use cases for both business and passenger
transportation needs. For more information, visit
www.faction.us.
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
entertainment system.
It blends a modern look with safety features at
an accessible price point of $18,500 for the consumer model and
$24,500 for the delivery-oriented SOLO Cargo
model, which features an expanded cargo box to accommodate a wide
variety of fleet and commercial applications. The
SOLO is currently available for order 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
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