VANCOUVER, British Columbia, January 11, 2022 (GLOBE NEWSWIRE) – ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, issued a letter to shareholders from CEO, Kevin Pavlov.
2021 has been a transformation for ElectraMeccanica as we have grown from a development stage company to a well-capitalized, high-quality automotive supplier. In particular, we have successfully started the very first commercial deliveries of our flagship single-seater electric vehicle (EV) – the SOLO retail and fleet customers. Today our mission is to rapidly increase production and continue SOLORecognized by thought leaders, entertainment enthusiasts, city planners and environmentally conscious consumers around the world.
In early 2021, we were focused on marketing and increasing our direct-to-consumer retail presence across the United States, and at the end of the first quarter, we expanded our retail presence into strategic markets across California, Arizona, Colorado, Washington, and Oregon to engage potential customers.
To support our planned rapid expansion, in August 2021 we opened a 235,000 square foot facility in Mesa, Arizona this spring, which will serve as ElectraMeccanica’s assembly and engineering technology center in the United States for the model year 2023. SOLO. The construction of this facility, which has the initial capacity to produce 20,000 SOLOs per year – remains on track with estimated completion in summer 2022. Not only will this facility provide significant job growth for Americans, but also allow localized assembly and delivery to our expanding US customer base. fast. Once fully operational and associated with our dedicated facility through our strategic manufacturing partner, Zongshen, we will have the capacity to produce up to 40,000 SOLOs annually.
Throughout the year, we continued nationwide test drive events and showcased the SOLO at industry-leading events including the LA Auto Show, Expo Advanced Clean Transportation (ACT) and the Specialty Equipment Market Association (SEMA), the world’s premier automotive trade event. During our participation, we presented convertible and performance concept variants, potential future custom options of our vehicles and the SOLO Cargo EV, which was developed with a uniquely enlarged cargo box based on direct feedback from potential commercial and fleet customers.
As we strategically plan our commercial delivery acceleration, we recognized the need for a trusted global partner to manage service, repairs and maintenance for the SOLO. To this end, we have signed a strategic agreement with Bosch, a world leader in mobility solutions and industrial technologies, to establish a pilot service network of authorized independent auto repair shops. Today, Bosch Car Service Network will take over the service and maintain the SOLO customers throughout the western United States, which would eventually expand nationwide.
Most notably, in October, we fulfilled a decade-long dream by delivering the first SOLOis in the company’s history as part of an invitation-only unveiling event in Los Angeles for early bird holders and fleet operators. Since then, we have continued to increase deliveries for our customers and fleet operators, and the initial response from customers to the quality and experience of the SOLO was exceptional.
We enter 2022 in a stronger position than ever. Not only do we expect production to increase significantly, but we have the necessary infrastructure in place around the sales, marketing, logistics and service networks to ensure success. With a track record of more than $ 228 million to execute our strategic priorities, we are confident in our ability to revolutionize the transportation space by offering consumers, fleets and ridesharing users a solution specifically designed to solve the problems. challenges of today’s urban driving.
Thank you to all our shareholders, partners and employees for your support throughout our journey. I look forward to another decisive year at ElectraMeccanica.
CEO of ElectraMeccanica
About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of fuel-efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative single-seater electric vehicle, specially designed for this purpose, called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Designed 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, which makes it safe for freeways. the SOLO Also 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 and XM entertainment system. It combines a modern look with safety features at an affordable price of $ 18,500. the SOLO is currently available for pre-order here. For more information, please visit www.elecrameccanica.com.
Safe Harbor declarations
With the exception of the statements of historical fact contained herein, the information presented in this press release constitutes “forward-looking statements” as the term is used in applicable securities laws in the United States and the United States. Canada. These statements relate to analyzes and other information which are based on forecasts of future results, estimates of amounts not yet determinable and management’s assumptions. All statements that express or involve discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions or future events or performance (often, but not always, using specific words or phrases such as “anticipates”, “estimates”, “plans”, “expects”, “considers”, “intends”, “believes”, “considers”, “may”, “will”, or their negatives or other comparable words) are not statements of historical fact and should be considered “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company are materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. These risks and other factors include, among others, the prices of other electric vehicles, the costs associated with manufacturing vehicles, the availability of capital to finance business plans and the resulting dilution caused by raising capital through the sale of shares, changes in the market for electric vehicles, changes in government regulations, developments in alternative technologies, inexperience in servicing electric vehicles, labor disputes and other risks in the electric vehicle industry, including, without limitation, those associated with delays in obtaining government approvals and / or certifications. Although the Company has attempted to identify material factors which could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors which may cause actions, events or results are not as expected, 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. Accordingly, readers should not place undue reliance on any forward-looking statements contained in this press release and in any documents referred to in this press release. Forward-looking statements are made based on the beliefs, estimates and opinions of management at the date the statements are made, and the Company does not undertake to update any forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change, except as required by applicable law. These forward-looking statements reflect our current opinions regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties described in our most recent financial statements and reports and the registration statement filed with the United States. Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and from the Canadian securities regulators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should take into account all information contained in this document and should also refer to the risk factors disclosed in the periodic reports of the Company filed from time to time with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be. illegal before registration or qualification. under the securities laws of such jurisdiction.
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