Electrameccanica Vehicles Corp (NASDAQ: SOLO) is an exciting stock in small caps that has been spiking northbound in recent months. The company manufacturer electric vehicles (EV) including its flagship the all-electric SOLO passenger vehicle and the Tofino, a two seater electric roadster sports car. The Company is well funded moving forward with $100 million in the treasury and it boasts growing revenues.
Electra is busy planning its U.S. based assembly facility and engineering technical center which will eliminate tariffs as well as benefit from logistical efficiencies as well as allowing SOLO to be classified as “Made in the USA.” Collectively, the operation would be expected to meet the growing demand for SOLO EVs throughout the United States, where EVs are projected to exceed more than 30% of all passenger vehicles by 20401. Electra is expected to benefit from stricter government fuel emission targets in 2021 and more EV tax credits.
Electrameccanica Vehicles Corp (NASDAQ: SOLO) operating out of Vancouver, British Colombia is a designer and manufacturer of electric vehicles. The Company builds the innovative, all-electric SOLO, a single passenger vehicle developed to revolutionize the way people commute, as well as the Tofino, an elegant high-performance two seater electric roadster sports car. Both vehicles are tuned for the ultimate driving experience while making your commute more efficient, cost-effective and environmentally friendly. Intermeccanica, a subsidiary of Electra Meccanica, has successfully been building high-end specialty cars for 59 years. The Electra Meccanica family is delivering next generation affordable electric vehicles to the masses.
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.
Electra is busy planning the Company’s future U.S. based assembly facility and engineering technical center. Since late February, the Company has been engaged with BDO USA’s Site Selection & Incentives Practice (“BDO”) in a nationwide review of potential locations that matched ElectraMeccanica’s criteria. Recently the Company narrowed their search to either the Phoenix, AZ metro area or the Nashville, TN region. The proposed new U.S. facility is expected to create between 200 and 500 new jobs and feature a state-of-the art engineering technical center, including plans for multiple labs to support ongoing vehicle, chassis and power electronics testing as well as comprehensive research facilities. ElectraMeccanica also anticipates this new facility will generate additional, second order effects that would positively impact the local and state economy within its selected location through increased commercial activity and its business partnerships with tier one suppliers. To date, the Company has seen strong interest in the commercial fleet and utility sectors, supporting its plans for a future pilot SOLO ecosystem in the select region.
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On November 10 SOLO reported financial results for the third quarter ended September 30, 2020. Total revenue in the third quarter of 2020 was CAD$0.3 million, compared to CAD$0.2 million in the same year-ago quarter. The increase in revenue was primarily attributable to an increase in custom-built roadsters that were produced. The Company maintained a solid cash position with cash and short-term deposits at $101.1 million CAD as of September 30, 2020, compared with CAD$11.1 million as of December 31, 2019.
Electra Meccanica recently delivered the first shipment of SOLO EVs into the U.S. In-line with the Company’s ongoing vehicle rollout strategy, these SOLO EVs will be used specifically for high ROI activities, including press events, marketing, retail distribution, test drives, corporate and advertising purposes as well as fleet demonstrations. The Company Expanded the SOLO retail footprint into 6 additional high-traffic, upscale shopping centers in EV-friendly cities, including San Diego, CA; Brea, CA; Scottsdale, AZ; Glendale, AZ; Santa Clara, CA and Walnut Creek, CA. The Company also currently maintains 4 existing locations with 2 storefronts in Los Angeles, CA as well as a location in Portland, OR and Scottsdale, AZ.
Recently the Company launched the “Drive SOLO” marketing campaign, aimed at educating and challenging consumers to reconsider their driving habits, particularly when commuting to work, the gym, or visiting friends. The campaign includes a digital storytelling operation across all social and digital media platforms, including: Facebook, Instagram, Twitter and the Company website. The “Drive SOLO” campaign is characterized by bold, minimalist visuals, which were designed by Narrative Media Group, a specialty creative experience agency that has worked with some of the country’s most high-profile influencers, organizations and iconic brands.
On Q3 results CEO Paul Rivera stated: “The third quarter of 2020 brought with it a number of key milestones for ElectraMeccanica but none more notable than the start of production for our flagship SOLO EV. Beginning last month we started shipping the first production SOLOs and have already been putting them to use in high-value commercial activities including marketing, retail distribution, test drives and fleet demonstrations. Over the next few weeks, we will be dramatically expanding our sales efforts by opening an additional six locations throughout the western U.S., bringing the ‘Drive SOLO’ movement to an even greater retail audience just in time for the holidays. As we continue to ramp our production capacity, we are continuing to ensure that safety, quality and a truly exceptional customer experience remain our core focus. Looking ahead, we expect to finalize our decision on a manufacturing partner later this month and are well on our way to making the first customer deliveries early in the new year.”
— EagleEyeKiller (@EagleEyeKiller) November 29, 2020
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SOLO is an exciting stock in small caps that has been spiking northbound in recent months. The company manufacturer electric vehicles (EV) including its flagship the all-electric SOLO passenger vehicle and the Tofino, a two seater electric roadster sports car. The Company is well funded moving forward with $100 million in the treasury and it boasts growing revenues. Electra is busy planning its U.S. based assembly facility and engineering technical center which will eliminate tariffs as well as benefit from logistical efficiencies as well as allowing SOLO to be classified as “Made in the USA.” Collectively, the operation would be expected to meet the growing demand for SOLO EVs throughout the United States, where EVs are projected to exceed more than 30% of all passenger vehicles by 20401. Electra is expected to benefit from stricter government fuel emission targets in 2021 and more EV tax credits. We will be updating on SOLO on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with SOLO.
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Disclosure: we hold no position in SOLO either long or short and we have not been compensated for this article.