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ElectraMeccanica Stock Jumps After Announcing SOLO Production Start Date

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Updated: 24 August 2020

Designer and manufacturer of electric vehicles ElectraMeccanica Vehicles Corp (NADAQ:SOLO) announced the official start date to commence the production for its flagship SOLOEV, sending its stock price surging.

The company said that it will start production for its purpose-built, all-electric, three-wheeled vehicle will on the 26th of August.

The SOLO vehicle has a range of 100 miles, and a top speed of 80mph, meaning that it is safe to use on the road or motorway (highway if you are in the US).

ElectraMeccanica says that it will be working with its manufacturing partner and strategic investor Zongshen Industrial Group in China, on the initial production of the vehicles.

There is already a substantial waiting list for the vehicle, according to the company and it is currently available for preorder through the company website.

“We will be working continuously with our manufacturing partners throughout the next several months to ship fully-assembled vehicles and put them into the hands of our early adopters.

“Going forward, we are making every effort to ensure that the driver experience and customer care are fully supported. We are thoughtfully considering every detail to ensure that the ‘Drive SOLO’ experience is truly exceptional,” said ElectraMeccanica CEO Paul Rivera.

SOLO Share Price…

The news sent SOLO’s share price surging as high as $2.90. It has since retraced but is still trading 5% higher in Monday trading at $2.73 per share.