Market Overview

An Overview Of ElectraMeccanica's Recent Company Developments Going Into 2021

An Overview Of ElectraMeccanica's Recent Company Developments Going Into 2021

ElectraMeccanica was one of the sponsors for the Benzinga Global Small Cap Conference that took place on December 8-9, 2020.

Electric vehicle stocks garnered a significant amount of attention in 2020. We had announcements from well-known automotive companies such as Ford Motor Company (NYSE: F) announcing production plans for the electric version of its popular pick-up truck, the F-150. But we also had some newer, electric-specific automotive companies announce production plans for their EVs.

Canadian electric automotive company ElectraMeccanica Vehicles Corp (NASDAQ: SOLO) is among one of the newer electric car companies that are challenging the way consumers view driving. The company is unique in its efforts to try and capture the space between passenger vehicles and micro-mobility.

And 2020 has proven to be a news-worthy year for the company. So, to stay up-to-date on all ElectraMeccanica’s recent developments, provided below is a condensed overview of everything you need to know.

Key Milestones

In what is arguably the biggest news to come from the company this year, ElectraMeccanica announced the production start date for its flagship SOLO EV — August 26th. The SOLO is a three-wheeled, purpose-built electric vehicle that was designed for a modern urban environment. Coinciding with the car’s name, the SOLO is a single-occupant vehicle that was built for the everyday commuter.

“The SOLO is the ideal commuter car that fits perfectly into your busy lifestyle being both good for you and the planet,” said Paul Rivera, CEO of ElectraMeccanica.

Towards the end of August, the company launched the “Drive SOLO” campaign, created in partnership with Narrative Media Group. The campaign video used digital storytelling to educate consumers on the SOLO EV and its functionality.

In September, the company announced its plans to produce a “utility and fleet” version of the SOLO EV which will feature a cargo “cap” for more space and versatility. This alternative version of its flagship vehicle is anticipated to be available in early 2021.

At the end of October, ElectraMeccanica announced the expansion of its retail footprint with the opening of six new retail locations in addition to its existing four locations. The Company now maintains and operates 10 locations in the following cities:

  • San Diego, CA
  • Brea, CA
  • Scottsdale, AZ — Kierland Commons and Westfield Fashion Square
  • Glendale, AZ
  • Santa Clara, CA
  • Walnut Creek, CA
  • Century City, CA
  • Sherman Oaks, CA
  • Portland, OR

That same month, the company also announced two finalist sites for its future assembly facility and engineering technical center: Arizona and Tennessee.

Looking Ahead

At the Benzinga Global Small Cap Conference, the CEO shared some of the company’s upcoming plans for the new year. 

In 2021, ElectraMeccanica will be ramping up production volumes of its flagship vehicle, establish a U.S. assembly facility, and will continue to enhance performance and improve costs of its EV.

To learn more about ElectraMeccanica, click here.


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Posted-In: Benzinga Global Small Cap Conference ElectraMeccanica Vehicles Corporation Ford Motor CompanyNews Small Cap Markets General

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