ElectraMeccanica Vehicles Corp. (NASDAQ:
SOLO) ("ElectraMeccanica" or the "Company"), a designer
and manufacturer of electric vehicles, today announced that it has
selected Mesa, AZ, in the greater Phoenix area, for its U.S. based
assembly facility and engineering technical center. Phoenix ranks
as the fifth largest city in the U.S. according to 2020 census
data, with nearly 1.8 million residents. Mesa, a suburb of Phoenix,
ranks 35th nationally. The Company’s selection marks the end of a
comprehensive, year-long site search conducted by ElectraMeccanica
and its partner, BDO USA’s Site Selection & Incentives Practice
(“BDO”).
Since late February 2020, the Company has been
engaged in a nationwide review of potential locations that matched
ElectraMeccanica’s technical and workforce criteria. BDO initially
identified seven candidates and sent requests for proposals to the
chief economic development entities and local authorities in each
state who in turn responded with detailed bids. In June, following
comprehensive reviews and site visits, the Company narrowed the
candidate list to five. In August, the list was further narrowed to
three states and in October, the Company named Arizona and
Tennessee as the two finalist states. The last few months of the
selection process involved rigorous proposal reviews and
negotiations to select the most well-suited partner.
The proposed facility in Mesa will support
ElectraMeccanica’s strategic plan to meet anticipated demand for
their flagship SOLO EV. When fully operational,
the facility is expected to create up to 500 new jobs and will be
capable of producing up to 20,000
SOLOs per year. Altogether it
will feature both a light vehicle assembly plant along with a
state-of-the-art engineering technical center, including multiple
labs to support comprehensive research facilities as well as
vehicle chassis, battery pack and power electronics testing
workshops. ElectraMeccanica also expects this new facility to
generate second order effects that will positively impact the local
and state economies. In addition to strong consumer interest in the
SOLO EV, the Company has seen growing interest in
commercial fleet and utility applications. Beyond working to
address commuting and traffic congestion challenges in the region,
the Company intends to work with local municipalities to initiate a
future pilot SOLO share ecosystem in the Mesa and
the greater Phoenix region. Plans for this program will be
forthcoming.
“I want to thank Governor Ducey, his team, the
state of Arizona and everyone who’s been involved in this process
for helping to bring ElectraMeccanica’s U.S. operations to life,”
said Company CEO Paul Rivera. “This decision is monumental for our
business and will be transformative for our host city and state.
When fully operational, we anticipate creating hundreds of new jobs
for the local economy. We believe Mesa’s population size and
density provides a great talent pool as we look forward to
contributing to the growing high-tech environment.”
"Arizona is thrilled to be selected as the home
of ElectraMeccanica's first U.S.-based assembly facility and
engineering technical center," said Governor Doug Ducey. "Arizona
has fast become the electric vehicle center of America thanks to
our robust and growing workforce, vibrant innovation ecosystem, and
ideal business environment. My thanks to ElectraMeccanica, the
Arizona Commerce Authority, the City of Mesa and all involved in
bringing this exciting project to Arizona.”
"We couldn't be more excited to welcome
ElectraMeccanica to Arizona as the latest electric vehicle
innovator to choose our state," said Sandra Watson, President and
CEO of the Arizona Commerce Authority. “No other state in the
country provides a better environment for ElectraMeccanica to scale
its leading-edge technology, and we look forward to continuing to
be a partner in the company’s long-term success.”
Tom Stringer, Leader for the National Site
Selection & Business Incentives Practice, BDO USA, added, "This
has been an extraordinary economic development project that proves
Arizona's strategic high-tech investments are bringing jobs and
major capital investments from cutting-edge companies that directly
benefit Arizona taxpayers. This project will mean so much to the EV
and shared mobility community, and we look forward to announcing
more details at a later date. For now we wish to especially thank
the Arizona Commerce Authority's Sandra Watson, Brad Smidt of the
Greater Phoenix Economic Council, the City of Mesa's Lori Collins,
Kevin Cosca at CBRE, the Reef Group’s Blake Garrett and Marwest
Enterprises' David Martens for their help bringing all the pieces
together.”
“Southeast Mesa is growing, and we’re excited to welcome dynamic
and innovative businesses like ElectraMeccanica,” said Mesa Mayor
John Giles. “I’m looking forward to watching their state-of-the-art
facility take shape.”
“ElectraMeccanica’s decision to make a
significant foreign direct investment and anchor its North American
operation in Greater Phoenix showcases the region’s ability to meet
the needs of the high-tech industry,” said Chris Camacho, President
& CEO of the Greater Phoenix Economic Council.
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. The SOLO is currently available
for pre-orders here.
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 Statement
Except 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
Public Relations ContactMichelle
RaveloR&CPMK for ElectraMeccanica(714)
403-9534michelle.ravelo@rogersandcowanpmk.com
Investor Relations ContactGateway Investor
RelationsMatt Glover and Tom Colton(949)
574-3860SOLO@gatewayir.com
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