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ElectraMeccanica Reports Third Quarter 2021 Financial Results
Friday, November 26, 2021Company Profile | Follow Company
Vancouver, BC, November 26, 2021--(T-Net)--ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), a designer and manufacturer of electric vehicles, reported financial results for the third quarter ended September 30, 2021, in conjunction with its Quarterly Report on Form 6-K filed today.
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Management Commentary
Kevin Pavlov, Chief Executive Officer and Director, ElectraMeccanica Vehicles Corp.
"During the third quarter of 2021, our efforts surrounded the preparation for the biggest moment in our Company's history, first deliveries of the commercial SOLOEV to reservation holders and fleet customers, which was successfully held at our 'Key Moment" event on October 4, 2021," said Kevin Pavlov, CEO of ElectraMeccanica.
"We are more focused than ever on ramping production to meet the significant demand for our flagship SOLO EV. To support this rollout, we remain on track to complete our new U.S. Assembly and Engineering Technical Center in Mesa, Arizona in summer 2022—which will have the ability to produce up to 20,000 vehicles annually—while also forming a partnership with the Bosch Car Service Network to provide industry-leading service and maintenance operations for the growing number of customers taking to the road across the western United States. Today, ElectraMeccanica stands at a very exciting inflection point as we transition into a scaled production enterprise with an infrastructure, balance sheet and world-class team to execute upon our growing customer deliveries and fleet partnerships that will build long-term shareholder value well into the future."
Third Quarter 2021 Financial Summary (All amounts reported in USD)
Bal Bhullar, ElectraMeccanica's CFO, added, "Revenues from our initial commercial SOLOdeliveries are being recognized in the fourth quarter and we expect these to begin scaling in the coming year. With over $228 million on our balance sheet at the end of the third quarter, we've set the stage for growth as all of our focus turns towards ramping production and the buildout for our U.S. base of operations in Mesa, Arizona. Our ability to leverage our strong balance sheet and world-class infrastructure to deliver SOLOs to reservation holders and fleet operators have positioned us to deliver long-term, sustainable value for our shareholders."
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.
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 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 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 here. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 61 years. For more information, please visit www.electrameccanica.com.
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ElectraMeccanica Vehicles Corp.
Vancouver (CleanTech & Energy)
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