ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”
or the “Company”), a designer and manufacturer of electric
vehicles, today released a letter to shareholders from Chief
Executive Officer, Paul Rivera.
Dear Shareholders,
2019 was a transformational year for
ElectraMeccanica. Since joining the Company as Chief Executive
Officer and Director in the summer, I have remained laser focused
on preparing a mass-market ready SOLO EV for its
strategic 2020 launch in Los Angeles, California, which is expected
to revolutionize the commuter, delivery and shared mobility
markets.
In early 2019, we took delivery of 50 pilot
production vehicles from our strategic manufacturing partner in
China, Zongshen Industrial Group, and deployed these for on road
validation testing throughout the United States and Canada. The
“real world” tests resulted in engineering changes to the vehicles
including; switching to a liquid cooled electric drive, modifying
the steering geometry and additional fine-tuning of the Electronic
Power Steering calibration. As these changes took time, we also
refined the SOLO in subtle, but important, ways as
well – integrating notable performance and driver-comfort
improvements. For instance, the production SOLO’s
will offer a new seat design, enhanced stereo system with Bluetooth
technology, and reduced interior cabin noise. All of these upgrades
have taken time to integrate but will ultimately prove invaluable,
helping to ensure the successful launch of the
SOLO and positive consumer feedback.
In Los Angeles, we have been hard at work to
finalize preparations for the US launch. We opened our first retail
kiosk in late 2019 at the Westfield Century City Shopping Mall near
Beverly Hills. The kiosk model provides customers with the
opportunity to view, test drive and place pre-orders in a modern
sleek storefront. We will incorporate lessons learned from our
initial retail endeavor as we open additional kiosks over the next
calendar in more Southern CA locations, as well as the San
Francisco area, Washington, and Oregon. Ultimately, we believe our
strategic launch in the Los Angeles area will be very successful
given the area is home to more than 4M commuters and a leading
location in the U.S. for EV adoption. Our focus on
“SOLO-Mobility” is a perfect solution to the
challenges commuters face, providing an experience that is unique,
trendy, fun, affordable and environmentally friendly.
To ensure that the SOLO is
accessible to consumers, ElectraMeccanica recently entered into an
agreement with FreedomRoad Financial, a national lending
institution providing retail vehicle loans to the nation’s leading
vehicle manufacturers. Freedom Road Financial will provide
SOLO customers with attractive financing options.
Additional state incentives and rebates lower the upfront costs for
SOLO making the vehicle more affordable. To that
end, state agencies in both California and Oregon, provide our
customers with rebates as high as $2,500 per vehicle, whereas a
federal tax credit provides up to 10% of the vehicle cost up to
$2,500.
On the corporate governance front, we continued
to strengthen our Board of Directors with the appointment of Mr.
Peter Savagian, Former Director of Electrified Propulsion at GM who
oversaw the launch of multiple electrified vehicle platforms
including the EV1, the plug-in hybrid Chevy Volt, and the
industry’s first long-range EV, the Chevy Bolt. Peter’s deep
expertise in electric vehicle development and production, makes him
an invaluable addition. In December, we also appointed Chief
Financial Officer Ms. Bal Bhullar to the Board. Ms. Bhullar brings
significant expertise with over 25 years of experience in financial
and strategic planning for public companies.
I firmly believe the steps we have taken as an
executive team will position ElectraMeccanica to forever
revolutionize the automotive landscape and the future of commuting
– an endeavor well worth pursuing. I am proud of our team’s
accomplishments in 2019 and their continued execution into the
long-awaited commercial launch of the SOLO this
year.
On behalf of the entire team at
ElectraMeccanica, we thank you very much for your continued
support! As we move forward together, we look forward to unlocking
significant shareholder value over the long-term.
Sincerely,
Paul Rivera, Chief Executive
OfficerElectraMeccanica Vehicles Corp.
About ElectraMeccanica Vehicles
Corp.ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a
Canadian designer and manufacturer of electric vehicles. The
company’s flagship vehicle is the innovative purpose built;
single-seat electric vehicle called the SOLO.
This vehicle will revolutionize 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 60 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.
Investor Relations:Greg
FalesnikManaging DirectorMZ Group - MZ North America(949)
385-6449SOLO@mzgroup.uswww.mzgroup.us
Media Contact:Sean MahoneyC.
310-867-0670sean@electrameccanica.com
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