ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
("ElectraMeccanica" or the "Company"), a designer and manufacturer
of electric vehicles including the single-occupant, three-wheeled
SOLO EV, today provided an update related to its
ongoing search for 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 & Business Incentives
Practice (“BDO”) in a nationwide review of potential locations that
matched ElectraMeccanica’s criteria. BDO initially identified seven
candidates and sent initial requests for proposal to the chief
economic development entities in each state. Earlier in June, the
Company narrowed the candidate list to five.
Following comprehensive proposals and site
visits at select candidate locations, the Company has narrowed the
list to three finalists (in alphabetical order): Arizona,
Florida, and Tennessee.
As part of the latest phase in the site
selection process, ElectraMeccanica’s executive management team
travelled to BDO-identified sites in the greater Nashville, Orlando
and Phoenix areas. The Company is now entering the final stages of
its review process and anticipates selecting a location by the end
of November.
The proposed new U.S. facility is expected to
employ up to 250 people 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. 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
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.
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.
“As we continue to progress through the review
process for identifying our future U.S. base of operations, we
would like to express our appreciation for the hospitality and
great interest we’ve received from all candidate states and
locations,” said ElectraMeccanica CEO Paul Rivera. “In further
narrowing our finalist list, we remain focused on the key areas
that will have a materially positive impact on our long-term
production efforts: access to a top-tier talent pool, global supply
chain cost protection, and the best opportunity for us to pursue
our larger goal of a multi-use, urban SOLO
ecosystem for personal, commercial, utility and fleet applications.
We firmly believe that the remaining finalists offer us these
benefits and are looking forward to maintaining an ambitious
campaign schedule which will have us making a final decision by the
end of November.”
Tom Stringer, Leader for the National Site
Selection & Business Incentives Practice, BDO USA, added: “Our
hosts across the country have been extremely excited about this
project and the significant economic impact that it will have on
their communities. Now that the process has entered its final
decision making phase, we’re looking forward to helping the Company
and the selected community bring this project to life in
conjunction with our state and local partners.”
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. 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.
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.
Company ContactMs. Bal Bhullar,
CPA, CGA, CRMChief Financial Officer & Director(604)
428-7656Bal@electrameccanica.com
Investor Relations
ContactGateway Investor RelationsMatt Glover and Tom
Colton(949) 574-3860SOLO@gatewayir.com
Public Relations
ContactMichelle Ravelo-Santos R&CPMK(310)
854-4755michelle.ravelo@rogersandcowanpmk.com
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