Corporation Transitions to OEM Position with Commercial and Customer Deliveries of Flagship SOLO EV
ElectraMeccanica 2021 CEO Letter to Shareholders
ElectraMeccanica 2021 CEO Letter to Shareholders
VANCOUVER, British Columbia, Jan. 11, 2022 (Globe NEWSWIRE) — ElectraMeccanica Motor vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric motor vehicles revolutionizing the city driving knowledge, has issued a letter to shareholders from CEO, Kevin Pavlov, Travel & Tips.
2021 was transformational for ElectraMeccanica as we transitioned from a improvement stage company to a very well-capitalized, large-top quality automotive OEM. Most notably, we efficiently commenced the 1st-at any time industrial deliveries of our flagship, solitary-seat electric car (EV) – the SOLO to retail and fleet clients. Today, our mission is to fast scale production and keep on SOLO’s recognition by considered leaders, entertaining-seekers, metropolis planners and environmentally mindful consumers all around the globe.
In early 2021, our concentrate revolved around commercialization and an elevated direct-to-client retail footprint across the United States, and by the close of the initially quarter, we expanded our retail presence in strategic markets in the course of California, Arizona, Colorado, Washington, and Oregon to interact probable prospects.
To support our expected fast expansion, we broke floor in August 2021 on a 235,000 sq. foot facility in Mesa, Arizona this spring, which will serve as ElectraMeccanica’s U.S. primarily based assembly and engineering technical centre for the 2023 product 12 months SOLO. The construct-out of this facility—which has the initial capacity to develop 20,000 SOLOs per year—remains on observe with an believed completion in Summer 2022. Not only will this facility offer substantial job growth for Individuals but will allow for for localized assembly and supply to our speedily growing U.S. consumer foundation. When thoroughly operational and taken in tandem with our focused facility by way of our strategic production lover, Zongshen, we will have the potential to make up to 40,000 SOLOs each year.
During the year, we ongoing test drive activities nationwide and showcased the SOLO at leading business occasions, such as the LA Vehicle Show, the Advanced Cleanse Transportation (ACT) Expo and Specialty Gear Current market Affiliation (SEMA), the world’s top automotive trade function. Although in attendance, we released thought convertible and functionality variants, opportunity future customized solutions of our automobiles, and the SOLO Cargo EV, which was developed with a uniquely expanded cargo box dependent on direct input from potential business and fleet prospects.
As we strategically planned our commercial shipping ramp up, we regarded the have to have for a trusted world-wide companion to handle service, repairs and routine maintenance for the SOLO. To that end, we signed a strategic agreement with Bosch, a top worldwide mobility remedies and industrial engineering firm, to set up a pilot service community of authorised unbiased vehicle repair service outlets. These days, The Bosch Auto Assistance Network will assistance support and supply upkeep to SOLO buyers all through the western U.S., which will eventually grow nationwide.
Most notably, in October we accomplished a 10 years-extended dream as we shipped the initial business SOLO’s in the Company’s record as part of an invite-only unveiling party held in Los Angeles for early reservation holders and fleet operators. Considering that then, we have ongoing to scale deliveries for our shoppers and fleet operators, and the initial shopper response to the good quality and knowledge of the SOLO has been exceptional.
We are getting into 2022 in a more robust position than at any time. Not only do we be expecting output to ramp substantially, but we have the essential infrastructure surrounding profits, promoting, logistics and assistance networks in location to make sure achievement. Backed by a balance sheet with above $228 million to execute on our strategic priorities, we are self-confident in our means to revolutionize the transportation place by providing individuals, fleets and journey share buyers a purpose-developed remedy to fix present-day city driving difficulties.
Thank you to all our shareholders, companions, and employees for your guidance on our journey. I appear ahead to yet another breakthrough 12 months at ElectraMeccanica.
CEO of ElectraMeccanica
About ElectraMeccanica Autos Corp.
ElectraMeccanica Motor vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and company of environmentally successful electric powered automobiles (EVs). The company’s flagship motor vehicle is the innovative, objective-developed, single-seat EV termed the SOLO. This 3-wheeled automobile will revolutionize the city driving working experience, which include commuting, shipping and shared mobility. Engineered for a solitary occupant, it features a one of a kind driving working experience for the environmentally mindful purchaser. The SOLO has a selection of 100 miles and a prime velocity of 80 mph, creating it harmless for highways. The SOLO also options front and rear crumple zones, facet influence security, roll bar, torque-restricting command as effectively as electrical power steering, ability brakes, air conditioning and a Bluetooth & XM entertainment program. It blends a contemporary appear with basic safety capabilities at an accessible cost point of $18,500. The SOLO is presently accessible for pre-orders listed here. For a lot more facts, be sure to check out www.electrameccanica.com.
Protected Harbor Statements
Besides for the statements of historical truth contained herein, the information offered in this news launch constitutes “forward-seeking statements” as these expression is used in applicable United States and Canadian securities guidelines. These statements relate to analyses and other facts that are dependent on forecasts of long run outcomes, estimates of amounts not still determinable and assumptions of management. Any statements that categorical or involve conversations with respect to predictions, expectations, beliefs, designs, projections, objectives, assumptions or foreseeable future gatherings or general performance (frequently, but not always, using words and phrases or phrases such as “anticipates”, “estimates”, “projects”, “expects”, “contemplates”, “intends”, “believes”, “plans”, “may”, “will”, or their negatives or other equivalent words and phrases) are not statements of historic point and should be considered as “forward-seeking statements”. This kind of forward searching statements include acknowledged and unidentified threats, uncertainties and other variables which might result in the true results, general performance or achievements of the Firm to be materially distinctive from any future effects, efficiency or achievements expressed or implied by such ahead-on the lookout statements. These risks and other components involve, between other individuals, the costs of other electric cars, expenses related with producing cars, the availability of funds to fund business strategies and the ensuing dilution prompted by the increasing of capital by means of the sale of shares, adjustments in the electric car market, alterations in governing administration regulation, developments in substitute systems, inexperience in servicing electric vehicles, labour disputes and other hazards of the electric vehicle marketplace which includes, devoid of limitation, individuals associated with the delays in getting governmental approvals and/or certifications. Though the Organization has tried to determine important factors that could induce precise steps, events or effects to differ materially from individuals described in ahead-looking statements, there may be other elements that induce steps, functions or outcomes not to be as expected, approximated or meant. There can be no assurance that this kind of statements will confirm to be accurate as genuine success and foreseeable future occasions could differ materially from individuals anticipated in these kinds of statements. Accordingly, readers must not place undue reliance on ahead-looking statements contained in this information launch and in any document referred to in this news release. Ahead-seeking statements are built dependent on management’s beliefs, estimates and thoughts on the day the statements are built, and the Enterprise undertakes no obligation to update forward-on the lookout statements if these beliefs, estimates and viewpoints or other situation really should modify, besides as needed by applicable law. These types of ahead-seeking statements mirror our recent views with regard to foreseeable future situations and are topic to specified pitfalls, uncertainties and assumptions, including, the hazards and uncertainties outlined in our most recent money statements and stories and registration statement submitted with the United States Securities and Trade Commission (the “SEC”) (out there at www.sec.gov) and with Canadian securities administrators (obtainable at www.sedar.com). Whilst the Company thinks that the beliefs, designs, expectations and intentions contained in this news release are reasonable, there can be no assurance all those beliefs, ideas, expectations or intentions will confirm to be precise. Investors should really take into consideration all of the information established forth herein and really should also refer to the hazard aspects disclosed in the Company’s periodic stories submitted from time-to-time with the SEC. This news launch shall not constitute an offer you to market or the solicitation of an give to buy securities of the Corporation nor shall there be any sale of these securities in any jurisdiction in which such provide, solicitation or sale would be unlawful prior to registration or qualification beneath the securities regulations of any these kinds of jurisdiction.
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