Electrameccanica Vehicles Corp. - SOLO STOCK NEWS

ElectraMeccanica (NASDAQ: SOLO) is set to open its second retail location for the SOLO electric vehicle on September 1 at Washington Square Mall, Oregon. Following a successful debut in Scottsdale, AZ, this new location is strategically placed to attract the mall's 13 million annual visitors. The SOLO, a single-seat EV with a range of 100 miles, benefits from Oregon's Clean Vehicle Rebate Program, offering residents up to $2,500 in rebates. The company aims to expand its presence in eco-friendly markets as consumer interest in electric vehicles continues to grow.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) held its annual general meeting on July 9, 2020, where shareholders re-elected directors Paul Rivera, Bal Bhullar, Henry Reisner, Jerry Kroll, Steven Sanders, Luisa Ingargiola, Joanne Yan, and Peter Savagian. The shareholders also re-appointed KPMG LLP as the auditor for the year and approved the 2020 Stock Incentive Plan. Following the meeting, the Board confirmed the appointment of its executive officers, including Paul Rivera as CEO, ensuring continuity in leadership.

ElectraMeccanica (NASDAQ: SOLO) has appointed Gateway Investor Relations to enhance its investor relations initiatives. This partnership aims to refine the company's messaging and corporate positioning as it transitions to a full-scale production operation. Activities will include outreach to institutional investors and organizing financial events. CEO Paul Rivera emphasized the importance of maximizing outreach during this critical phase for the company, given the growing momentum in the electric vehicle market.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is accelerating the expansion of its retail footprint for the SOLO EV into Arizona and Oregon. As states reopen, the company is capitalizing on consumer demand for safe, electric transportation. New locations will include Scottsdale Fashion Square and Portland, complementing existing stores in Los Angeles. Production remains on target, with U.S. deliveries expected this fall. The SOLO boasts a range of 100 miles and a top speed of 80 mph, appealing to environmentally conscious consumers.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has successfully closed a registered direct offering of 10 million common shares at $2.00 per share, generating gross proceeds of approximately $20 million. After deductions, the net proceeds are around $18.65 million. Roth Capital Partners served as the sole placement agent for this transaction. The offering was conducted under the company's existing shelf registration statement with the SEC. These funds aim to support the company’s growth in the electric vehicle market, particularly focusing on its innovative SOLO vehicle.

ElectraMeccanica (NASDAQ: SOLO) announced a definitive agreement to sell 10,000,000 common shares at US$2.00 per share, raising gross proceeds of US$20 million. The offering, expected to close by June 12, 2020, will net around US$18.64 million after expenses. The funds will support sales and marketing, capital expenditures, and further product development. Roth Capital Partners is the placement agent for this transaction. The offering is conducted under existing SEC regulations.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is progressing with its search for a U.S. assembly facility and engineering center for electric vehicles. Initially, seven states were considered, and the list has narrowed to five: Arizona, Colorado, Florida, North Carolina, and Tennessee. The new facility aims to employ 250 people and enhance production efficiency. The SOLO EV, ElectraMeccanica's flagship model, is anticipated to enter commercial production in 2020, with ongoing manufacturing in China. The company plans to finalize site selection by the end of the year.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) reported Q1 2020 results with revenue increasing to CAD$116,813 from CAD$101,404 year-over-year. The company is on track for the commercial launch of its SOLO electric vehicle, including advancements in safety and performance features. Cost-effective aluminum chassis development aims to lower production costs. The company is also expanding retail presence and preparing for a potential U.S. assembly facility. However, operations face uncertainty due to COVID-19, impacting supply chains and capital access.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) has announced the development of a smartphone app for SOLO EV owners, set to launch with the production vehicle. This app will offer remote monitoring features like battery status, charging time, GPS for nearby charging stations, and direct contact with service personnel. CEO Paul Rivera emphasized the app’s importance for enhancing the connected vehicle experience. The app will be available on both iOS and Android platforms, supporting a modern user experience for SOLO drivers.