Electra Meccanica Vehicles Corp. (NASDAQ: SOLO) (“Electra
Meccanica” or the “Company”), a designer and manufacturer of
electric vehicles, today released a letter to shareholders from
Jerry Kroll, Cofounder and CEO.
Dear Fellow Shareholders,
2018 was monumental year for Electra Meccanica
in many ways, most notably that we’ve built a strong foundation for
future success. With our high-volume manufacturing facility now
on-line, combined with a solid balance sheet we are on track
to accelerate deliveries of SOLO’s through to 2019 to the 23,030
pre-order customers.
2019 marks the 60th anniversary of
Intermeccanica, our Italian automotive legacy, and the 20th year
since we began working on electric vehicle systems. This rich
legacy will come to fruition this year as we scale production with
our strategic manufacturing partner Zongshen to deliver the initial
SOLO single-seat EVs to our customers – targeting 5,000 in total by
year-end 2019 and 20,000 in 2020.
Our timing in entering this exciting new market
could not have been better. The automotive industry is undergoing
transformational changes throughout, with legacy automakers being
disrupted by new EV entrants who are uniquely providing
aspirational electric vehicles that consumers actually want to
purchase. Our SOLO EV is perhaps one of the most unique and
distinctive vehicles ever produced. The SOLO addresses key trends
by providing a compact, zero-emissions vehicle perfectly suited to
the everyday urban commuter at a starting price of just USD$15,500.
The vehicle has passed several key safety tests with flying colors
and is fully certified for sale in the United States.
In conjunction with our strategic partners, we
are better positioned than ever to address these structural changes
to the automotive market. In October, we opened our first
dealership in the ideal launch market, Los Angeles, California. Now
that volume production is underway with our strategic manufacturing
partner and we have the infrastructure in place to distribute SOLO
EVs to our consumer and commercial partners – we are truly on the
road to success.
In 2018, the Company produced over 40 SOLO
vehicles at our first manufacturing facility in Vancouver, BC and
delivered them to customers in the United States and Canada. These
vehicles were delivered to paying customers and potential customers
in efforts to conduct pilot tests for commercial use, as well as
for use in Global Compliance testing, such as crash tests. As we
announced in December 2018, we received the first two 2019 SOLO EVs
from Zongshen, our strategic manufacturing partner, which will be
used for testing, with an additional 48 SOLO EVs to be delivered to
pre-order customers in Q1 2019. We expect our daily production rate
to ramp considerably over the course of 2019 to deliver a total of
5,000 vehicles by year-end. An update video of the high-volume
factory can be viewed by clicking here.
I believe that once consumers begin to see our
distinctive vehicles increasingly often during their daily
commutes, buzz will continue to build. The fact that we have over
23,000 SOLO EV preorders (and growing) and hundreds of test drive
requests is extremely encouraging.
Our uplisting to the Nasdaq stock exchange,
combined with our financing efforts, have provided us with both
greater visibility to the investment community, as well as the
capital necessary to execute upon our vision through 2019.
Development of the Tofino two-seat electric
sportscar, for which we have over 41,000 reservations, is well
underway in our Canadian facilities alongside our strategic design,
engineering and production partners. We expect to deliver our first
pre-production car in late 2019 with initial customer deliveries to
follow in 2020. We have several other exciting product concepts
that we look forward to sharing once Tofino development has reached
a more advanced stage.
To increase transparency, we will also commence
quarterly earnings conference calls in 2019 to provide our
investors with consistent communications regarding our financial
and operational progress. In addition, we will continue to further
our dialogue with the investment community worldwide at leading
investment conferences, non-deal roadshows and at our “SOLO World”
annual general meeting in Vancouver, Canada in 2019.
I remain proud of our team’s accomplishments in
2018 and look forward to continued execution into 2019 and
beyond.
On behalf of the entire Team at Electra
Meccanica, we thank you very much for your continued support!
Sincerely,
Jerry Kroll, CEOElectra Meccanica Vehicles
Corp.
About Electra Meccanica Vehicles
Corp.Electra Meccanica is a designer and manufacturer of
electric vehicles. The Company builds the innovative, all-electric
SOLO, a single passenger vehicle developed to revolutionize the way
people commute, as well as the Tofino, an elegant high-performance
two seater electric roadster sports car. Both vehicles are tuned
for the ultimate driving experience while making your commute more
efficient, cost-effective and environmentally friendly.
Intermeccanica, a subsidiary of Electra Meccanica, has successfully
been building high-end specialty cars for 59 years. For more
information, visit www.electrameccanica.com.
Forward Looking Statements
Some of the statements contained in this press
release are forward-looking statements and information within the
meaning of applicable securities laws. Forward-looking statements
and information can be identified by the use of words such as
“expects”, “intends”, “is expected”, “potential”, “suggests” or
variations of such words or phrases, or statements that certain
actions, events or results “may”, “could”, “should”, “would”,
“might” or “will” be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond the Company’s
control. Actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
Media Contact:Sean Mahoney
(310) 867-0670sean@ElectraMeccanica.com
Investor Relations:Greg
FalesnikManaging DirectorMZ Group - MZ North America(949)
385-6449greg.falesnik@mzgroup.us
www.mzgroup.us
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