ElectraMeccanica Reveals Awaited Utility and Fleet Version of Flagship SOLO EV
September 16 2020 - 8:31AM
ElectraMeccanica Vehicles Corp. (NASDAQ:
SOLO) (“ElectraMeccanica” or the "Company"), a designer
and manufacturer of electric vehicles, announced today that the
Company is planning to produce an alternative “utility and fleet”
version of its flagship
SOLO EV, which is expected
to become available in early 2021. These modified vehicles are
being developed based on direct input from potential commercial and
fleet partners and will be equipped with a stylish and functional
cargo “cap,” offering additional capacity and versatility to suit a
variety of different, single-occupant commercial and utility fleet
applications.
Last month, ElectraMeccanica announced that it
had commenced assembly line production of the consumer version of
the SOLO EV through its manufacturing partner and
strategic investor Zongshen Industrial Group. As part of the next
step in the Company’s long-term product development roadmap,
ElectraMeccanica has been engineering upgrades and modifications
over the past few months, which are designed to make the
SOLO purpose-built for utility and fleet
applications, including food delivery, small parcel and post
distribution, technician transportation for service calls and
security. The Company’s primary focus is to provide single-person
transportation where larger vehicles, e.g., trucks and vans are
either unnecessary, inefficient and/or costly.
“Our continued expansion of the
SOLO portfolio and its applications was borne from
our ongoing mission to establish a complete SOLO
‘ecosystem’ that would support personal, commercial, utility and
fleet usage,” said ElectraMeccanica CEO Paul Rivera. “Following
direct conversations with select fleet owners and small parcel and
food delivery operators, we have been working hard to create an
equally revolutionary vehicle comparable to our current
SOLO that will provide utility and fleet operators
a whole new, superior, efficient and cost effective driving
option compared to traditional models as well as current EV
alternatives.”
The SOLO utility and fleet EV
is a purpose-built, three-wheeled, all-electric solution for the
urban environment and will offer a low total cost of
ownership. Engineered for a single occupant, it offers a unique
driving experience for the environmentally conscious fleet, utility
and commercial operator. The SOLO utility and
fleet EV has a range of 100 miles and a top speed of 80 mph, making
it safe for highways. It also 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. In addition to the “rear-loading”
version pictured above, the Company is also considering a
“side-loading” version to fit additional applications. Interested
parties should reach out to ElectraMeccanica for more
information.
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 Contact Ms. Bal Bhullar, CPA, CGA, CRM
Chief Financial Officer & Director (604) 428-7656
Bal@electrameccanica.com
Investor Relations Contact Gateway Investor
Relations Matt Glover and Tom Colton (949) 574-3860
SOLO@gatewayir.com
Public Relations ContactAmy
PandyaR&CPMK(310) 967-3418amy.pandya@rogersandcowanpmk.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9aa339b-f7e8-44e8-a450-e601c894730f
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