Electra Meccanica Provides Production Update for Model SOLO EV’s From High-Volume Manufacturing Facility
December 20 2018 - 9:15AM
Electra Meccanica Vehicles Corp. (NASDAQ: SOLO) (“Electra
Meccanica” or the “Company”), a designer and manufacturer of
electric vehicles, has provided a corporate update.
The Company also released a video on the
Zongshen factory in China, showcasing the production of the 2019
SOLO electric vehicle (EV), which can be accessed by clicking
here.
Corporate UpdateIn 2018,
Electra Meccanica produced over 40 manually-built vehicles at their
first manufacturing facility in Vancouver, BC and delivered them to
customers throughout the United States and Canada. These vehicles
were delivered to paying customers and potential customers in
efforts to conduct pilot tests for commercial use, as well as used
for Global Compliance testing, such as crash tests. The Company
revealed an image gallery of the first SOLO EV’s that were
delivered to customers during 2018, which can be viewed at
https://electrameccanica.com/gallery/.
In October 2017, Electra Meccanica signed a
manufacturing agreement with their strategic partner, Zongshen
Industrial Group Co., Ltd, to produce mass quantities of the
Company’s SOLO all-electric vehicle at their manufacturing factory
based in Chongqing, China. This manufacturing facility recently
shipped its first two 2019 SOLO EV’s to the the Company’s
headquarters in Vancouver for on-road testing. An additional 48
SOLO EV’s are scheduled for shipment from the Zongshen factory to
Los Angeles, Portland and Vancouver in the first quarter of 2019. A
picture of one of the first SOLO EV’s produced at Electra
Meccanica’s Zongshen factory in Chongqing, China can be seen below
(Figure 1).
An update video of the high-volume Zongshen
factory can be accessed here, or by clicking the following link:
https://electrameccanica.com/2019-solo. The video showcases the
assembly of the 2019 SOLO EV’s, as well as testing, which includes
a bumpy road test, charging test, three-wheel alignment test,
sideslip and steering angle test, headlamp test, horn sound level
test, speedometer and brake force test.
Vehicle production and delivery from the
Zongshen factory will ramp up throughout 2019 and the Company
remains on track to commence deliveries of vehicles to
customers.
As of December 20, 2018, Electra Meccanica had a
total of 64,154 vehicle pre-orders across all models, representing
$2.4 billion in potential sales at the targeted MSRP. These
pre-orders consist of 23,030 pre-orders for the SOLO
single-passenger electric vehicle, which has a $15,500 target MSRP,
and 41,124 pre-orders for the Tofino two-seat roadster sports car,
which has a $50,000 target MSRP. All retail pre-orders
require a refundable deposit totaling $250 for the SOLO and $1,000
for the Tofino. Dealer pre-orders require a letter of credit or
letters of interest and all orders are non-binding. Reservations
can be made at www.emvauto.com.
“I am very pleased with our team’s progress to
date,” said Electra Meccanica COO, Henry Reisner. “Having driven
the 2019 SOLO myself, I’m convinced we have a winning car on our
hands. Now we get to the business of final calibration, initiation
of production and delivering them in significant numbers in 2019
and beyond.”
About Electra Meccanica Vehicles
Corp.Electra Meccanica (NASDAQ: SOLO) is a designer and
manufacturer of electric vehicles. The Company builds the
innovative, all-electric SOLO, a single passenger vehicle developed
to revolutionize the way people commute, as well as the Tofino, an
elegant high-performance two-seater electric roadster sports car.
Both vehicles are tuned for the ultimate driving experience while
making your commute more efficient, cost-effective and
environmentally friendly. Intermeccanica, a subsidiary of Electra
Meccanica, has successfully been building high-end specialty cars
for 59 years. For more information, visit
www.electrameccanica.com.
Forward Looking StatementsSome
of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
“expects”, “intends”, “is expected”, “potential”, “suggests” or
variations of such words or phrases, or statements that certain
actions, events or results “may”, “could”, “should”, “would”,
“might” or “will” be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond the Company’s
control. Actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
Media Contact:Sean Mahoney
(310) 867-0670sean@ElectraMeccanica.com
Investor Relations:Greg
FalesnikManaging DirectorMZ Group - MZ North America(949)
385-6449greg.falesnik@mzgroup.us www.mzgroup.us
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/26ce93c2-db1a-4380-8c41-bbf208987f9c
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