ElectraMeccanica Responds to Economic Re-Opening with Planned Retail Expansion of its Flagship SOLO EV into Arizona and Orego...
June 16 2020 - 8:31AM
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
("ElectraMeccanica" or the "Company"), a designer and manufacturer
of electric vehicles, today announced the accelerated expansion of
the Company’s retail footprint for its flagship
SOLO EV with new locations planned for Arizona and
Oregon.
In recent weeks, individual states and counties
have begun the process of re-opening storefronts and businesses at
varying rates and times. In recognition of this evolving situation,
ElectraMeccanica has responded with an updated retail awareness
strategy focused on dynamically entering select, new markets where
interest and consumer demand is greatest.
“As we emerge from the pandemic, the public is
looking for transportation alternatives that allow for personal
independence in a safe, secure and self-contained driving
environment—a solution that our flagship SOLO EV
fully embodies,” said Paul Rivera, Chief Executive Officer of
ElectraMeccanica. “To continue to build awareness and meet consumer
demand, we are pleased to announce that we are accelerating our
expansion into key markets – Arizona and Oregon – by bringing
our SOLO EV to Macerich’s upscale Scottsdale
Fashion Square and next, Portland. Our updated plan to open new
direct-to-consumer retail locations at high-traffic retail centers
in EV-friendly cities provides a unique opportunity for potential
customers to learn more about ElectraMeccanica and the
SOLO.”
The Company also currently maintains a
SOLO EV storefront at Westfield Century City in
Los Angeles with a second location under contract at Westfield
Fashion Square, a premier shopping center in Sherman Oaks, CA.
Rivera continued, “We remain committed to
California with the significant market opportunity it presents. As
the state begins to reopen, we will pursue our planned rollout
throughout the Southern and Northern regions in accordance with
proper health and safety regulations. Going forward, production for
existing orders remains on target, and we expect to begin
deliveries of the SOLO to U.S. customers starting
this fall.” The SOLO is a purpose-built
three-wheeled solution for the modern 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 vehicle features front and rear crumple zones,
side impact protection, roll bar, torque-limiting control and many
comfort features of a modern passenger car, such as power steering,
power brakes, air conditioning and a Bluetooth entertainment
system. The SOLO blends a cool, modern look with
state-of-the-art technology at an attractive price point. The
SOLO is currently available for pre-orders at
https://electrameccanica.com/product/solo-reservation/.
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 ContactKarina
St. JeanR&CPMK(323)
252-4725karina.stjean@rogersandcowanpmk.com
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