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ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has appointed Kevin Pavlov as its new Chief Operating Officer, effective May 1, 2021. With over 20 years in the automotive industry, Pavlov aims to drive operational growth and enhance profitability as production ramps up for the SOLO electric vehicle. He succeeds Co-Founder Henry Reisner, who transitions to Executive Vice-President. CEO Paul Rivera expresses confidence in Pavlov's ability to scale production and improve operations at the upcoming Mesa, AZ assembly facility. This leadership change is expected to advance ElectraMeccanica's strategic goals.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported its fourth quarter and full year results for 2020, revealing an operational cash burn of $10.5 million in Q4 and a net loss of $41.1 million. Cash reserves increased significantly to $129.5 million from $8.6 million YoY. The company plans to establish an assembly facility in Mesa, Arizona, aiming to produce 20,000 SOLO EVs annually and create up to 500 jobs. Despite recent expansions in retail presence, total revenue fell to $224,000 in Q4, down from $238,000 a year prior.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announced the selection of Mesa, AZ, for its U.S. assembly facility and engineering technical center. This facility aims to meet the anticipated demand for the SOLO EV, with plans to create up to 500 jobs and produce 20,000 units annually. The facility will feature an assembly plant and multiple labs for research and testing. The decision follows a year-long site search, indicating strong consumer interest in the SOLO EV and possible future programs for shared mobility in the Phoenix area.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is expanding its retail presence with seven new locations along the U.S. West Coast, including its first stores in Colorado and Washington. This expansion aims to enhance consumer awareness of the SOLO brand and provide a personalized shopping experience. The newly opened locations will be situated in high-end malls and town centers, set to launch in May and June. The SOLO vehicle, designed for eco-conscious consumers, features a 100-mile range and is priced at $18,500. This initiative supports the company’s strategic growth plan.
ElectraMeccanica (NASDAQ: SOLO) announced the expansion of its retail presence by adding three new locations in Q1, increasing the total to 13 across Arizona, California, and Oregon. The new sites will facilitate consumer engagement and vehicle reservations. The company’s 'SOLO Drive Tour' will also host invitation-only test drives in five cities, aimed at promoting the SOLO EV's unique features. Additionally, a robust Out of Home marketing campaign will enhance consumer awareness of electric driving options. The SOLO EV is priced at $18,500, has a 100-mile range, and offers a modern, energy-efficient solution for urban transportation.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has been invited to present at the 23rd Annual Needham Growth Conference from January 11-15, 2021. The presentation is scheduled for January 12 at 5:00 p.m. Eastern time, and it will be available via live webcast. ElectraMeccanica, a Canadian manufacturer of electric vehicles, is known for its single-seat EV, the SOLO, designed for urban driving. Management will also hold one-on-one meetings throughout the conference. For more details, visit their official website.
ElectraMeccanica (NASDAQ: SOLO) announced the opening of six new retail locations across the U.S., expanding its footprint from four to ten. The new storefronts are fully operational in key markets including California and Arizona. Management highlighted strong consumer responses during its ongoing retail awareness campaign. Additionally, the company is evaluating potential sites for a U.S.-based assembly facility, with Tennessee and Arizona as finalists. An early-adopter 'SOLO Drive Tour' is set to launch in 2021, inviting select customers to test-drive the electric three-wheeled SOLO vehicle, priced at $18,500.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) will participate in virtual financial conferences in December 2020, including the Benzinga Global Small Cap Conference on December 9 and the LD Micro 13th Annual Main Event on December 15. The company, known for its innovative single-seat electric vehicle, the SOLO, aims to revolutionize urban driving. Interested parties can contact investor relations for more details or to schedule one-on-one meetings.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported its third-quarter financial results for 2020, highlighting key developments such as the commencement of production and delivery of SOLO EVs in the U.S. The company expanded its retail presence into six upscale locations across California and Arizona. Financially, cash reserves increased to CAD$101.1 million, though operating losses rose to CAD$8.8 million. Revenue slightly increased to CAD$0.3 million, attributed to custom-built roadsters. The company anticipates finalizing a U.S. manufacturing facility by the end of November 2020.
