ElectraMeccanica Provides Corporate Update
February 24 2020 - 8:31AM
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”
or the “Company”), a designer and manufacturer of electric
vehicles, has provided a corporate update on the production of its
flagship, trend-setting single-seat
SOLO electric
vehicle (EV), as well as preliminary unaudited financial results
for the fourth quarter ended December 31, 2019.
Corporate UpdateIn 2019,
ElectraMeccanica took delivery of 50 pre-production vehicles from
its strategic manufacturing partner, Zongshen Industrial Group. The
vehicles were used for final on-road validation testing, which led
to engineering upgrades that include an advanced liquid-cooled
motor incorporating torque-limiting electronic stability control, a
wider front steering track, a revised electronic power steering
software and additional occupant safety protection. Additional
upgrades include a more robust and rugged appearance, a more
comfortable seat design, an enhanced entertainment system and
display with Bluetooth technology and reduced interior cabin
noise.
ElectraMeccanica is currently preparing for a
mid-year 2020 launch of its unique SOLO EV, with a
strategic launch in the Los Angeles market first, followed by other
west coast cities later in the year.
“Upon joining as CEO late last year, our goal
was to launch the production-ready SOLO EV in
2020, which would include significant safety, comfort, and design
enhancements,” said Paul Rivera, CEO of ElectraMeccanica. “Due to
the tireless efforts of our team and strategic partners, we expect
to reach our goal. Delivering our single-seat SOLO
EV to consumers will revolutionize the urban driver experience and
provide a solution for ‘SOLO Mobility.’
Undoubtedly, commercial production will be the single biggest
milestone in the Company’s history, which will be followed by a
production ramp up throughout the year.”
Q4 2019 Preliminary Unaudited
RevenuesThe Company expects revenues to range between
$140,000 to $160,000 in the fourth quarter of 2019, compared to
$141,901 in the same year-ago quarter. Revenue was primarily
derived from sales of the Company’s Roadster custom vehicles.
“As we move through 2020, we are confident in
the demand for our production ready SOLO EVs,”
said Bal Bhullar, CFO of ElectraMeccanica. “We remain focused on
the execution in the coming quarters on the delivery and production
of the SOLOs.”
Revenue information is based on preliminary
data, which has not been subjected to normal year end closing and
review procedures. The Company expects to report its audited year
end results in March 2020.
About ElectraMeccanica Vehicles
Corp.ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a
Canadian designer and manufacturer of electric vehicles. The
company’s flagship vehicle is the innovative purpose built;
single-seat electric vehicle called the SOLO. This
vehicle will revolutionize 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 60 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.
Investor Relations: Greg Falesnik Managing
Director MZ Group - MZ North America (949) 385-6449 SOLO@mzgroup.us
www.mzgroup.us
Media Contact: Sean Mahoney C. 310-867-0670
sean@electrameccanica.com
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