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ElectraMeccanica (SOLO) Diversifies Further, Ramps Up Ad Campaign

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Zacks Equity Research
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ElectraMeccanica Vehicles Corp. SOLO recently announced that the company is expanding its retail footprint to three new West Coast locations in the United States, slated for a March opening. These additions will make the company’s total retail location count to 13 across 10 major markets.

These new direct-to-consumer retail locations will be located at The Village at Corte Madera, CA, Los Cerritos Center in Orange County, CA and La Encantada in Tucson, AZ. The buyers will be given the opportunity explore vehicles and place reservations onsite.

Also, the latest announcement has a plan to take the company’s SOLO Drive Tour marketing and advertisement campaign to five cities in Arizona, California and Oregon. The events will be held in February and March, and provide an exclusive, invitation-only test drive experience to consumers giving them one of the first opportunities to look, see and “Drive SOLO”.

2020 — A Big Year for SOLO

ElectraMeccanica is among one of the newest electric car companies compared to its peers like Tesla TSLA, Ford F and Honda Motor HMC, which have already captured a niche market in the electric vehicle (EV) sector. Nonetheless, ElectraMeccanica, with its undisputed efforts, is trying to fortify its presence in the green mobility landscape by manufacturing unique all-EVs.

In fact, this Canadian electric automotive company has managed to garner a lot of attention in the past year.

Last August, ElectraMeccanica announced the production start date for its flagship SOLO EV. Parallel with the car’s name, the SOLO is a single-occupant, three-wheeled, purpose-built EV for the everyday commute, designed for a modern urban environment. It blends a modern look with safety features at an accessible price point of $18,500, and is currently available for pre-orders at the company website.

Toward the end of August last year, the company rolled out the “Drive SOLO” campaign, established in partnership with Narrative Media Group. The campaign video used digital storytelling to highlight features about the SOLO EV and its unique functionalities.

Last September, the company announced its plans to produce a “utility and fleet” version of the SOLO EV integrated with a cargo “cap” for more space and versatility. This alternative version of its flagship vehicle will likely be rolled out in early 2021.

ElectraMeccanica announced the expansion of its retail footprint with the opening of six new retail locations in addition to its existing four locations last October. The company also announced the opening of its assembly facility and technical center at two sites, Arizona and Tennessee.

Moreover, ElectraMeccanica has two other models underway. Preorders for the Tofino and eRoadster models, which are two-seater vehicles, are now available.

What Does the Latest News Mean for SOLO?

ElectraMeccanica is set to roll out a 3-wheel EV revolution with its flagship model SOLO. The company anticipates that it will continue to enhance its brand visibility by expanding the retail foothold, thus spurring demand for its vehicles. Remarkably, its retail locations will provide a unique opportunity for potential customers to learn more about driving SOLO.

Also, ElectraMeccanica is revamping its current “Drive SOLO” marketing campaign with the aim of educating consumers of an advanced way to drive efficiently. The campaign will display almost 300 billboard and digital mall exhibits, along with influential content across the company’s social media platforms. The campaign demonstrates everyday scenarios for driving solo with quirky but relevant tag-lines such as “Need HOV Access? Meet Your Plus One” or “Need a Getaway? Meet your #TravelBFF.”

Furthermore, expansion of the company’s successful marketing strategy would stir up its brand awareness, build up consumer enthusiasm, increase the test-drive list, and ultimately lead to increased fan fare for the brand, which will eventually buoy Solo car sales in 2021.

For the rest of 2021, ElectraMeccanica will keep on tapping new markets, where interest in and demand for EVs are the greatest. The company, in fact, plans to rev up production volumes of SOLO, and further enhance performance and improve costs of its EV.

ElectraMeccanica currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Notably, shares of the company have rallied 228.3% in the past year compared with its industry’s rise of 20.6%.

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