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ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has transitioned to OEM status, marking a pivotal moment as it begins commercial deliveries of the SOLO electric vehicle (EV). In early 2021, the company expanded its retail presence across several U.S. states, while breaking ground on a 235,000 square foot assembly facility in Arizona to support future production. With a goal of producing 40,000 SOLOs annually, the company emphasizes its commitment to scaling operations and enhancing customer service through a strategic partnership with Bosch. The financial backing stands at $228 million, ensuring robust growth for 2022.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announced its participation in the 24th Annual Needham Growth Conference from January 10-14, 2022. The company's management will engage in one-on-one meetings with investors and host a virtual presentation on January 10 at 3:30 p.m. Eastern time. The conference is invitation-only, requiring registration. ElectraMeccanica specializes in electric vehicles, notably the SOLO, a single-seat EV designed for urban commuting, boasting a range of 100 miles and a top speed of 80 mph, priced at $18,500.
ElectraMeccanica (NASDAQ: SOLO) will showcase innovative electric vehicles at CES 2022 from January 5-8 at the Las Vegas Convention Center. The exhibition will feature three variants of the SOLO EV, including a refreshed conceptual model focused on enhancing user experience. The company will also present the SOLO Cargo, designed for commercial use, and the SOLO O2 concept, a convertible variant. With 20 retail locations in the Western U.S., ElectraMeccanica aims to address the inefficiencies of urban commuting.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) provided an update on its Mesa Assembly Facility in Arizona, which is set to be commissioned in summer 2022. This facility will be 235,000 square feet and is designed to produce up to 20,000 SOLO electric vehicles annually, aiming to meet U.S. manufacturing standards. CEO Kevin Pavlov emphasized the team's dedication toward efficient production as they ramp up vehicle deliveries and establish support networks for sales and logistics.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has announced that the 2023 SOLO EV is currently undergoing validation testing at a temporary facility in Rochester Hills, Michigan, in partnership with GLV Automotive. The vehicle will be assembled at the Mesa Manufacturing Facility in Arizona, with plans for public delivery in late 2022. The testing is focused on implementing upgrades based on customer feedback to ensure compliance with specifications. CEO Kevin Pavlov emphasized the importance of this partnership and the company's commitment to creating long-term value for shareholders.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announced the delivery of a total of 42 SOLO EVs to reservation and fleet holders as of November 30, 2021. Deliveries started on October 4, 2021. CEO Kevin Pavlov noted an increase in consumer excitement, highlighted by over 900 test drives at the LA Auto Show. The SOLO EV is designed for urban driving, featuring a range of 100 miles and a top speed of 80 mph, priced at $18,500. The company continues its growth trajectory in the electric vehicle market.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) will participate in the Sequire Clean Tech & EV Conference on December 6, 2021. The management will conduct a virtual investor presentation at 3:00 p.m. Eastern time, followed by one-on-one meetings with institutional investors. ElectraMeccanica is known for its innovative electric vehicle, the SOLO, a single-seat, three-wheeled EV designed for urban commuting. With a range of 100 miles and a top speed of 80 mph, the SOLO is priced at $18,500 and is currently available for pre-orders.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announced the appointment of Michael Richardson to its Board of Directors. With nearly 50 years of experience in the automotive sector, Richardson has held executive roles at notable companies, including Dura Automotive and General Motors. His expertise in vehicle electrification and strategic growth aligns with ElectraMeccanica's shift from product development to scaling production of its SOLO electric vehicle. The company aims to enhance its market presence and create long-term value for shareholders through Richardson's insights and industry knowledge.
ElectraMeccanica (NASDAQ: SOLO) announced it will showcase its flagship SOLO electric vehicles at the LA Auto Show from November 17-28, 2021. The company aims to deliver additional SOLO EVs to early reservation holders and fleet customers at the event. The ElectraMeccanica eRoadster was also nominated as a finalist for the Zero-Emission Vehicle Awards (ZEVAS). CEO Kevin Pavlov highlighted the significance of the LA Auto Show in promoting electric vehicles, noting a 79% increase in consumer interest in zero-emission vehicles. A corporate conference call is scheduled for November 17, 2021, at 4:30 p.m. Eastern time.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported its Q3 2021 financial results, highlighting significant developments. The company delivered 21 SOLO electric vehicles in October, totaling 182 since August 2020. A strategic partnership was established with Bosch for EV service, and Zongshen Industrial Group exercised 1.4 million warrants. Financially, cash equaled $228.8 million, while operating losses increased to $17.2 million due to rising expenses. Management anticipates revenue growth from commercial deliveries in Q4 and aims to ramp up production at its Mesa, Arizona facility by summer 2022.
