Electra Meccanica (NASDAQ:SOLO) released a letter to shareholders with the company’s CEO Jery Kroll highlighting the pre-orders of SOLO and initial deliveries of the cars from its production factory in China. As quoted in the letter: 2018 was monumental year for Electra Meccanica in many ways, most notably that we’ve built a strong foundation for … Continued
Electra Meccanica (NASDAQ:SOLO) released a letter to shareholders with the company’s CEO Jery Kroll highlighting the pre-orders of SOLO and initial deliveries of the cars from its production factory in China.
As quoted in the letter:
2018 was monumental year for Electra Meccanica in many ways, most notably that we’ve built a strong foundation for future success. With our high-volume manufacturing facility now on-line, combined with a solid balance sheet we are on track to accelerate deliveries of SOLO’s through to 2019 to the 23,030 pre-order customers.
2019 marks the 60th anniversary of Intermeccanica, our Italian automotive legacy, and the 20th year since we began working on electric vehicle systems. This rich legacy will come to fruition this year as we scale production with our strategic manufacturing partner Zongshen to deliver the initial SOLO single-seat EVs to our customers – targeting 5,000 in total by year-end 2019 and 20,000 in 2020.
Our timing in entering this exciting new market could not have been better. The automotive industry is undergoing transformational changes throughout, with legacy automakers being disrupted by new EV entrants who are uniquely providing aspirational electric vehicles that consumers actually want to purchase. Our SOLO EV is perhaps one of the most unique and distinctive vehicles ever produced. The SOLO addresses key trends by providing a compact, zero-emissions vehicle perfectly suited to the everyday urban commuter at a starting price of just USD$15,500. The vehicle has passed several key safety tests with flying colors and is fully certified for sale in the United States.
In conjunction with our strategic partners, we are better positioned than ever to address these structural changes to the automotive market. In October, we opened our first dealership in the ideal launch market, Los Angeles, California. Now that volume production is underway with our strategic manufacturing partner and we have the infrastructure in place to distribute SOLO EVs to our consumer and commercial partners – we are truly on the road to success.
In 2018, the Company produced over 40 SOLO vehicles at our first manufacturing facility in Vancouver, BC and delivered them to customers in the United States and Canada. These vehicles were delivered to paying customers and potential customers in efforts to conduct pilot tests for commercial use, as well as for use in Global Compliance testing, such as crash tests. As we announced in December 2018, we received the first two 2019 SOLO EVs from Zongshen, our strategic manufacturing partner, which will be used for testing, with an additional 48 SOLO EVs to be delivered to pre-order customers in Q1 2019. We expect our daily production rate to ramp considerably over the course of 2019 to deliver a total of 5,000 vehicles by year-end.