ElectraMeccanica Concludes 2021 with SOLO EV Commercial Delivery Milestone
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) announced the delivery of 61 SOLO EVs in 2021, including 19 EVs in December. CEO Kevin Pavlov highlighted this milestone as a foundation for scaling production and sales in 2022. The interest generated from showcases at events like SEMA, LA Auto Show, and CES 2022 was emphasized, with 900 test drives contributing to consumer demand. The company is finalizing a 235,000 sq ft assembly facility in the U.S. to meet growing demand for its electric vehicles, which are priced at $18,500.
- 61 SOLO EVs delivered in 2021, signaling consumer interest.
- Plans to scale production with a new 235,000 sq ft facility.
- Significant engagement at auto shows, including 900 test drives.
- None.
Company Initiated First Deliveries in Q4 2021, Shipping a Total of 61 Vehicles to Consumers & Fleets
VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today announced the Company has delivered 19 SOLO EVs during the month of December, and a total of 61 SOLO EVs to reservation and fleet holders for the 2021 year.
“Beginning with our first deliveries in early October to reservation holders and fleets, we ended 2021 with the delivery of 61 SOLO EVs,” said Kevin Pavlov, CEO of ElectraMeccanica. “This achievement lays the groundwork for increasing deliveries as we continue to scale both our sales and production efforts. In the last few months, we have received tremendous interest during our showcases at the SEMA Show, LA Auto Show and most recently at CES 2022. The 900 test drives at the LA Autoshow alone further fueled consumer interest in our elegantly bold EV offering.
“As we continue to deliver our award-winning SOLO EV to eager customers, we are concurrently working to finalize our new 235,000 square foot U.S. assembly and engineering technical center to meet growing demand. Our sales, logistics and service networks to support all near-term delivery targets are all being finalized to scale alongside our planned mass-production – positioning us for a successful 2022. We look forward to continued operational execution in the quarters ahead as we build sustainable, long-term value for our shareholders,” concluded Pavlov.
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. 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 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
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian securities laws. 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 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 “anticipates”, “estimates”, “projects”, “expects”, “contemplates”, “intends”, “believes”, “plans”, “may”, “will”, or their negatives or other comparable words) 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 prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. 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. 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. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Investor Relations Contact
MZ Group
(949) 259-4987
SOLO@mzgroup.us
Public Relations Contact
Amy Pandya
R&CPMK
(310) 967-3418
amy.pandya@rogersandcowanpmk.com
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