ElectraMeccanica Vehicles Corporation (NASDAQ: SOLO)
(“ElectraMeccanica” or the “Company”), a designer and manufacturer
of electric vehicles, has engaged BDO USA’s Site Selection &
Business Incentives Practice (“BDO”), to lead the Company’s search
for an assembly facility and engineering technical center in the
United States.
After a nationwide review of potential locations
that matched ElectraMeccanica’s criteria, BDO has identified seven
states as finalists and sent initial request for proposals to the
chief economic development entities in each of Arizona,
Colorado, Florida, North Carolina, South Carolina, Tennessee and
Texas. The leading location and backup sites are expected
to be announced in the third quarter of 2020.
ElectraMeccanica intends to maintain a
capital-light model and begin commercial production and delivery of
its flagship, single-seat, three wheeled SOLO EV
during 2020 with its contract manufacturing partner and strategic
investor, Zongshen Industrial Group (Zongshen), in Chongqing,
China. In conjunction with the proposed new ElectraMeccanica U.S.
facility, Zongshen will continue to manufacture
SOLO EVs for the global market, while also
supplying knock-down kits for assembly in the United States.
The proposed new U.S. facility is expected to
employ up to 200 people and feature a state-of-the art engineering
technical center. Collectively, the operation would be expected to
meet the growing demand for SOLO EVs throughout
the United States, where EVs are expected to exceed more than 30%
of all passenger vehicles by 2040. In addition, the proposed new
U.S.-based facility would allow ElectraMeccanica to reduce or
potentially eliminate tariffs, as well as benefit from logistical
efficiencies.
Paul Rivera, CEO of ElectraMeccanica, said:
“This strategic initiative will not only allow us to limit
uncertainties in the global supply chain, but also grow our talent
pool of engineering resources and seize the tremendous market
opportunities in the USA.”
Sleek, maneuverable and environmentally
friendly, the three-wheeled SOLO redefines the
mobility space, offering a trendy, fun and safe vehicle that will
solve many of the challenges of urban driving. The vehicle is also
ideal for the exponentially growing commercial fleets that have a
single occupant making deliveries of their merchandise, as well as
ride share companies looking to offer a sleek option for
individuals driving alone.
Tom Stringer, Leader for the National Site
Selection & Business Incentives Practice, BDO USA, said: “We
are delighted to have been selected by ElectraMeccanica to assist
them in finding the ideal U.S. location that will serve as a
partner for this strategic expansion. The company offers a unique
mobility solution that’s exciting and incomparable to other EV
companies.”
About ElectraMeccanica Vehicles
Corp.ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a
Canadian designer and manufacturer of environmentally efficient
electric vehicles. The company’s flagship vehicle is the innovative
purpose built; single-seat electric vehicle called the
SOLO. This three-wheeled vehicle will
revolutionize the urban driving experience, including commuting,
delivery and shared mobility. The SOLO provides a
driving experience that is unique, trendy, fun, affordable and
environmentally friendly. InterMeccanica, a subsidiary of
ElectraMeccanica, has successfully been building high-end specialty
cars for 61 years. For more information, please visit
www.electrameccanica.com.
About BDO Site Selection &
IncentivesBDO’s Site Selection & Incentives practice
works with clients to identify the ideal locations for new or
relocating operations, analyze business climates and labor markets,
and maximize economic development incentives. In the last decade
they have secured over $2 Billion in state and local support for
their clients, including noteworthy transportation startups,
multiple Fortune 500 Corporate Headquarters, major national defense
projects and several professional sports leagues.
Safe Harbor StatementExcept for
the statements of historical fact contained herein, the information
presented in this news release and oral statements made from time
to time by representatives of the Company are or may constitute
“forward-looking statements” as such term is used in applicable
United States and Canadian laws and including, without limitation,
within the meaning of the Private Securities Litigation Reform Act
of 1995, for which the Company claims the protection of the safe
harbor for forward-looking statements. 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 other 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 “expects” or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans, “estimates” or
“intends”, or stating that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved) 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 availability of capital to fund programs
and the resulting dilution caused by the raising of capital through
the sale of shares, accidents, labor disputes and other risks of
the automotive industry including, without limitation, those
associated with the environment, delays in obtaining governmental
approvals, permits or financing or in the completion of development
or construction activities or claims limitations on insurance
coverage. 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. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information
is subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those projected.
Many of these factors are beyond the Company’s ability to control
or predict. Important factors that may cause actual results to
differ materially and that could impact the Company and the
statements contained in this news release can be found in the
Company’s filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise. 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. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
ElectraMeccanica: Paul
Rivera Chief Executive
OfficerPaul.Rivera@electrameccanica.com734-272-2934
Investor Relations:Greg
FalesnikManaging DirectorMZ Group - MZ North America(949)
385-6449SOLO@mzgroup.uswww.mzgroup.us
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