Electra Meccanica Provides Production Update for SOLO EV’s

Electra Meccanica (NASDAQ:SOLO) provided a production update for its SOLO electric vehicle with the company stating that it remains on-track to commence production and delivery of its car to customers in 2019.

As quoted in the press release:

In October 2017, Electra Meccanica signed a manufacturing agreement with their strategic partner, Zongshen Industrial Group Co., Ltd, to produce mass quantities of the Company’s SOLO all-electric vehicle at their manufacturing factory based in Chongqing, China. This manufacturing facility recently shipped its first two 2019 SOLO EV’s to the the Company’s headquarters in Vancouver for on-road testing. An additional 48 SOLO EV’s are scheduled for shipment from the Zongshen factory to Los Angeles, Portland and Vancouver in the first quarter of 2019.

“I am very pleased with our team’s progress to date,” said Electra Meccanica COO, Henry Reisner. “Having driven the 2019 SOLO myself, I’m convinced we have a winning car on our hands. Now we get to the business of final calibration, initiation of production and delivering them in significant numbers in 2019 and beyond.”

Vehicle production and delivery from the Zongshen factory will ramp up throughout 2019 and the Company remains on track to commence deliveries of vehicles to customers.

As of December 20, 2018, Electra Meccanica had a total of 64,154 vehicle pre-orders across all models, representing $2.4 billion in potential sales at the targeted MSRP. These pre-orders consist of 23,030 pre-orders for the SOLO single-passenger electric vehicle, which has a $15,500 target MSRP, and 41,124 pre-orders for the Tofino two-seat roadster sports car, which has a $50,000 target MSRP.

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