ElectraMeccanica Appoints New CEO to Accelerate Onshoring and Commercialization

Rhea-AI Summary

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announces major leadership changes as Susan Docherty takes on the roles of both CEO and Interim COO, effective immediately. The resignation of Kevin Pavlov and Joe Mitchell was also confirmed. The company is set to commission its new manufacturing facility in Mesa, Arizona on December 12, 2022, signaling a shift towards onshore manufacturing. Furthermore, an investor day is scheduled for February 15, 2023 to engage with stakeholders about the company's future.

Positive

• Susan Docherty brings over 30 years of experience, potentially enhancing leadership stability and growth.
• The commissioning of the Mesa facility signals a commitment to onshore manufacturing, which may reduce costs and improve efficiency.

Negative

• The immediate resignation of key executives may create uncertainty regarding leadership continuity and direction.

Seasoned Growth Executive Susan Docherty Assumes Both CEO and Interim COO Roles

Kevin Pavlov and Joe Mitchell Resign Effective Immediately

Mesa Manufacturing Facility to be Commissioned on December 12, 2022, Become New Corporate HQ

First-Ever Investor Day Confirmed for February 15, 2023

VANCOUVER, British Columbia--(BUSINESS WIRE)-- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today announced substantial leadership and operating changes in order to accelerate its transition to onshore manufacturing and commercialization of its unique horizontal market. Susan Docherty, a proven CEO, executive and board member with three-plus decades of experience driving growth, transforming brands and defining markets – including over 25 years at General Motors – assumes both the CEO and Interim COO roles effective immediately. Kevin Pavlov and Joe Mitchell, respectively the outgoing CEO and COO, have resigned to pursue other opportunities. In connection with this leadership change, the Company also announced that it will officially commission its Mesa, Arizona manufacturing facility on December 12, 2022; and hold its first-ever investor day on February 15, 2023.

For more information, please visit: https://bit.ly/3H7eSbZ.

About ElectraMeccanica Vehicles Corp.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a 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. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. Depending on driving conditions, temperature and climate controls, the SOLO has a range of up to 100 miles and a top speed of up to 80 mph. The SOLO 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. It blends a modern look with safety features at an accessible price point of $18,500 (MSRP) for the consumer model and $24,500 (MSRP) for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005266/en/

John Franklin

Sinter

ir@emvauto.com

Source: ElectraMeccanica Vehicles Corp.

FAQ

Who is the new CEO of ElectraMeccanica (SOLO)?

Susan Docherty is the new CEO and Interim COO of ElectraMeccanica, effective immediately.

What are the implications of the leadership change for SOLO shareholders?

The leadership change may affect company strategy and operations, creating potential volatility in shareholder confidence.

When will ElectraMeccanica's new manufacturing facility be commissioned?

The Mesa manufacturing facility is set to be commissioned on December 12, 2022.

What is the date for ElectraMeccanica's first investor day?

ElectraMeccanica has scheduled its first-ever investor day for February 15, 2023.