ElectraMeccanica Vehicles Corp. (NASDAQ:
SOLO) ("ElectraMeccanica" or the "Company"), a designer
and manufacturer of electric vehicles, today announced that it will
open six (6) new retail locations across the western U.S. within
the next month. The Company also announced that the initial
shipment of its production vehicles for its flagship
SOLO EV have arrived in North America. In-line
with the Company’s ongoing vehicle rollout strategy, these
SOLO EVs have been designated for corporate use in
marketing, advertising and retail activities.
ElectraMeccanica officially began production of
the SOLO EV in late August alongside its
manufacturing partner and strategic investor, Zongshen Industrial
Group (“Zongshen”).
The first two of the newly arrived
SOLOs were introduced at a ‘ride-and-drive’ press
event in Los Angeles on October 13 and 14, 2020. At this exclusive
event, reporters from major media outlets were able to test the
first production vehicles and “Drive SOLO”
alongside CEO Paul Rivera in Santa Monica.
ElectraMeccanica also used vehicles from the
first batch to test the international shipping logistics and port
processing. Vehicles are currently being used for similar corporate
and marketing purposes as well as ongoing road verification and
testing.
The Company also announced that it is expanding
its retail footprint by opening six (6) new locations in prominent
shopping centers in addition to the four (4) locations currently up
and running. These new locations will be strategically positioned
in high-visibility areas alongside notable name-brand anchor stores
and are set to open by Thanksgiving in the following cities:
- San Diego, CA – Westfield UTC
- Brea, CA – Brea Mall
- Scottsdale, AZ – Kierland Commons
(seasonal)
- Glendale, AZ – Arrowhead Towne
Center
- Santa Clara, CA – Westfield Valley
Fair Mall
- Walnut Creek, CA – Broadway
Plaza
“I am pleased to share that the first production
SOLO EVs have officially made it onto U.S. soil,”
said ElectraMeccanica CEO Paul Rivera. “Consistent with our roll
out strategy, the first wave off the line will be used specifically
for high ROI activities, including marketing, retail distribution,
customer test drives and fleet demonstrations. We are continuing
with our planned, methodical ramp up in production to ensure
quality and consistency. While we have encountered certain hurdles
through this growth process, our team is hard at work making select
supply chain and technical improvements. We have extended our
customer delivery schedule into early 2021. Safety, customer care
and the ‘Drive SOLO’ experience are paramount.
With the help of our experienced partner, we are confident we can
continue to move quickly and meet our increasing customer
demand.”
The SOLO is a purpose-built,
three-wheeled, all-electric solution for the urban environment.
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
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 $18,500. The SOLO is currently available
for pre-orders at
https://electrameccanica.com/product/solo-reservation/.
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. 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 61 years. For more information, please visit
www.electrameccanica.com.
Safe Harbor Statement
Except 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.
Company ContactMs. Bal Bhullar, CPA, CGA,
CRMChief Financial Officer & Director(604)
428-7656Bal@electrameccanica.com
Investor Relations ContactGateway Investor
RelationsMatt Glover and Tom Colton(949)
574-3860SOLO@gatewayir.com
Public Relations ContactAmy
PandyaR&CPMK(310) 967-3418amy.pandya@rogersandcowanpmk.com
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b1c7368-6d4f-4d75-8d35-64f9ac067a0d
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