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Electrameccanica Vehicles Corp. (SOLO)

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Previous Close4.1600
Open4.0518
Bid4.1800 x 36900
Ask4.1800 x 1800
Day's Range3.9400 - 4.2000
52 Week Range0.9000 - 13.6000
Volume4,866,096
Avg. Volume11,408,617
Market Cap474.214M
Beta (5Y Monthly)2.80
PE Ratio (TTM)N/A
EPS (TTM)-1.0800
Earnings DateNov 10, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est8.93
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • ElectraMeccanica Appoints EV Industry Trailblazer Kevin Pavlov as Chief Operating Officer
    GlobeNewswire

    ElectraMeccanica Appoints EV Industry Trailblazer Kevin Pavlov as Chief Operating Officer

    VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, has appointed Kevin Pavlov as its new Chief Operating Officer (“COO”) effective May 1, 2021. Pavlov will be responsible for overseeing operational growth as ElectraMeccanica ramps up commercial production with a focus on enhancing profitability and efficiency. Pavlov brings over two decades of automotive experience to ElectraMeccanica with an accomplished background and domain-specific expertise working with Original Equipment Manufacturers and globally recognized Tier 1 suppliers. Prior to joining ElectraMeccanica, Pavlov most recently served as the COO of Karma Automotive. Pavlov has held various other senior leadership roles in his career, most notably at Magna International where he was, at different points in time, the COO of its E-Car Joint Venture, Global President and General Manager of Magna Electronics, and Executive Vice President of Magna’s Services, Ventures, and Innovation Group. Pavlov assumes the role which had been previously held by ElectraMeccanica’s Co-Founder and Board Member, Henry Reisner, who will now become Executive Vice-President of ElectraMeccanica and President of its wholly-owned subsidiary, InterMeccanica. Reisner will continue to work actively with Pavlov to ensure a smooth transition in the coming months. “Kevin’s drive and skills will be critical in ramping up our SOLO mass production and establishing our assembly facility in the US,” said Henry Reisner. “I look forward to working with Kevin and the team to propel ElectraMeccanica to the next level, while giving me time to focus on the e-Roadster vehicle line.” In their new roles, both Pavlov and Reisner will report directly to Paul Rivera, who, as part of these changes, assumes the additional title of President along with remaining Chief Executive Officer of the Company. “On behalf of ElectraMeccanica’s Executive Team and Board of Directors, I would like to officially welcome Kevin to our organization,” said ElectraMeccanica President and CEO Paul Rivera. “Kevin’s substantial experience in electric vehicle development, production and delivery will bring a diverse and welcomed skillset to our organization. Kevin is a known entity within the industry and has worked alongside me in previous roles. For the past six months, he has served as an executive consultant to ElectraMeccanica and has already integrated into our organization. I am confident and excited in his ability to hit the ground running.” Kevin Pavlov stated, “I take great pride in joining Paul and the ElectraMeccanica organization by working alongside great people by converting individual energies into synergies. In the near term, my focus remains on rapidly scaling production of the flagship SOLO EV. In addition to ensuring near-term execution, I look forward to working with our President and CEO to build out our Mesa, AZ assembly facility and map out the next evolution of the vehicle line development.” Rivera added: “On a final note, on behalf of the entire Board, I would also like to extend my thanks and gratitude to Henry Reisner, who has built a solid foundation for ElectraMeccanica. His automotive expertise and involvement with the Company since its inception will continue to play a substantial part in our go-forward strategy.” 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. The SOLO provides a driving experience that is unique, trendy, fun, affordable and environmentally friendly. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 62 years. For more information, please visit www.electrameccanica.com. Safe Harbor Statement Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Investor Relations ContactGateway Investor RelationsMatt Glover and Tom Colton(949) 574-3860SOLO@gatewayir.com Public Relations ContactMichelle RaveloR&CPMK for ElectraMeccanica(714) 403-9534michelle.ravelo@rogersandcowanpmk.com

  • Electrameccanica: Differentiated Product Offering In The Electric Vehicle Industry
    TipRanks

    Electrameccanica: Differentiated Product Offering In The Electric Vehicle Industry

    Despite a robust growth outlook, the consumer electric vehicle (EV) industry seems to be getting overcrowded. Bloomberg estimates that by FY2022, there will be 500 different EV models available globally. The addressable market is certainly large, but for companies to be able to stand-out in the crowd, they will need to have a distinct differentiating factor. Niu Technologies (NIU), for example, is involved in the manufacturing and sales of electric scooters and has a global presence. Niu stock has surged by over 400% over the last year. Another name worth discussing from an investment perspective is Electrameccanica Vehicles (SOLO), a Canada-based, single-seat electric vehicle manufacturer. Let’s look at some of the factors that might make SOLO stock worth considering. The SOLO Electric Vehicle Electrameccanica’s first single-seat electric vehicle is called the SOLO. Last year, the company’s EV was in its pre-production stage with full scale production expected this year. So, what is the differentiating factor? First and foremost, the company cites U.S. census 2016, which estimates that 76% of people travel to work themselves in their personal vehicles. This leaves 3-5 seats open during commute. Electrameccanica intends targeting this market with a single-seat electric vehicle that’s environmentally friendly. Furthermore, the SOLO is expected at a base price of $18,500, compared to Tesla’s Model 3 which has a base price of $38,990. Therefore, the pricing is attractive and the model could serve the needs of relatively low-income households. Asset-Light Manufacturing Electrameccanica is currently pursuing an asset-light model with the SOLO being manufactured in Chongqing, China, by Zongshen Industrial Group. The key advantage here is that outsourced production lowers the company’s capital expenditure. It’s very likely that Electrameccanica will consider setting-up its own manufacturing unit if sales growth gains traction. The company has already decided to set-up an assembly facility and engineering technical center in Arizona. The facility will have the capability of assembling 20,000 SOLOs on an annual basis which is likely to cater to the near-term demand. Expanding Presence In The United States Over the last few months, Electrameccanica has gradually been expanding its retail footprint. The company currently operates 10 retail stores, with the number expected to increase to 20 by June 2021. Furthermore, the company already has 60 SOLOs deployed in the U.S. and Canada for final on-road validation testing. The key point here is that the Electrameccanica is positioned for a strong launch of its first model during the year. Therefore, the next few quarters are likely to be exciting in terms of the launch and market response. If initial sales are encouraging, the stock is likely to trend higher. It’s worth noting that Electrameccanica stock currently trades at a market capitalization of just $505 million. Additionally, the company’s long-term target is to expand into Europe and Southeast Asia and 2021 might mark the beginning of a long-term growth story. Wall Street Weighs In SOLO has a Strong Buy consensus analyst rating based on 3 unanimous Buy recommendations. The average analyst price target of $8.92 per share implies around 81% upside potential for the stock over the next 12 months. (See Electrameccanica stock analysis on TipRanks) Concluding Analysis From a financial perspective, the company ended FY2020 with a cash balance of $129 million which will help it pursue an aggressive retail expansion coupled with the construction of the U.S. assembly facility. In terms of risk, cash burn is likely to remain for the foreseeable future. Equity dilution is a possibility over the next few quarters which could possibly drag the stock price lower, however, a strong market response to SOLO’s EV could offset any dilution concerns. Overall, SOLO has seen a meaningful correction from its recent highs of $13.60 and at current price levels of around $4.93 per share, the stock may present an attractive opportunity to investors as the company prepares to launch its first model. Disclosure: On the date of publication, Faisal Humayun did not have (either directly or indirectly) any positions in the securities mentioned in this article. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.

  • Keep on Buying These 3 EV Stocks, Says Analyst Following Conference
    TipRanks

    Keep on Buying These 3 EV Stocks, Says Analyst Following Conference

    Investors are always on the lookout for the next big thing, the next industry that will bring the great returns. Predicting what stock sector will blast off is an inexact science, at best; but like politics, stocks run downstream from culture. And right now, culture is all-in for clean energy and electric cars. Observing the electric vehicle (EV) stock sector for Colliers Securities is industry expert Michael Shlisky. Shlisky had an opportunity last week to meet virtually with management from numerous EV companies, in Colliers’ Spring Alternative Transportation Conference, giving him a chance to sharpen his view of the sector. EV stocks have dropped significantly in the past six weeks. However, Shlisky believes this "may be the perfect time for investors to test the waters for stocks that may have fallen too far, too fast…" The analyst added, "In our view, institutional investors who have been circling the sector may finally be able to take a fresh look, with valuations much lower in recent weeks.” Even though Shlisky sees current conditions offering an opening for investors to buy in at attractive valuations, he does note that the EV sector is likely to continue to face challenges in the near term. He recommends a two-year time frame for investors in the sector – and goes on to note several EV stocks that that investors should consider. We’ve opened up the TipRanks database to get the latest details on three of Shlisky’s stock picks; let’s take a look at them, and find out what brought this analyst to these stocks. Arcimoto, Inc. (FUV) The first EV stock we're looking at is Arcimoto, an Oregon-based EV maker specializing in a line it calls the Fun Electric Vehicle, or FUV. The FUV is Arcimoto’s flagship design, a three-wheel vehicle that seats two in a tandem arrangement, boats a top speed of 75 miles per hour and a 102 mile range on a single charge. The vehicle is designed for short-range, casual driving, or a mid-range regular commute to and from work. Arcimoto is taking orders for FUV, and the vehicle is already available on the West Coast and in Florida. In addition to the FUV, Arcimoto markets variants of the vehicle built on the same chassis and dual-motor front wheel drive design. The chief variants are the Deliverator, a light delivery truck specialized for the urban landscape, and the Rapid Responder, marketed to fire departments and emergency medical services. The Rapid Responder’s key selling point is directly related to the vehicle’s small size and maneuverability – it can reach places where large emergency trucks cannot, making it likely to be the ‘first on the scene.’ Arcimoto has unveiled a motorcycle-inspired Roadster model for customer orders. Arcimoto’s shares have seen their ups and downs – and all in recent months. The company’s stock grew an astounding 721% in 2020, and then gained another 177% to reach its peak – and all-time high – in early February of this year. Since then, the stock has slipped 64%, leading investors to ask, ‘What gives?’ The explanations are actually simple; in Wall Street’s general view, FUV gained dramatically last year when the EV sector as a whole did well, and gave back some of those gains when the combination of inflation worries, rising Treasury bond yields, and questions about how to value equities during the pandemic recovery put downward pressure on markets in February and March. Shlisky sees potential for Arcimoto – in fact, it is one of his ‘top picks’ in the sector – for both the near and mid-term, with a focus on the eponymous Fun Vehicle. He notes that Florida is seeing early success with the FUV. “Congruent with the numerous happy social-media posts we have noted in recent weeks, FUV is shipping to Florida in earnest. Management noted that another truck full of vehicles was en route as we spoke at the conference. Given the significant number of tourist attractions, closed-village communities, campuses and golf facilities, Florida is a leading pre-order state for FUV. The company plans multiple physical locations in the state, including rental fleets,” Shlisky noted. Of the company’s overall position, the analyst adds, “We can expect ongoing improvements in the production rate this year, scaling up to the new r-AMP facility and full-scale assembly capabilities next year.” Based on all of the above, Shlisky rates Arcimoto shares a Buy, and his $20 price target suggests it has room for 57% share appreciation this year. (To check out Shlisky’s track record, click here) Overall, there are two reviews on record for FUV, and they are evenly split Buy and Hold. This makes for a Moderate Buy consensus view, and the average price target of $14 implies a 6% upside from the trading price of $13.23. (See FUV stock analysis on TipRanks) ElectraMeccanica Vehicles (SOLO) ElectraMeccanica Vehicles represents a company vying for a similar niche to Arcimoto. The company markets a single-seat commuter EV, designed for the urban market and featuring an 80 mile per hour top speed, a 100 mile range, and three-wheel configuration. The chassis comes with more automotive-traditional body work than the FUV, a door on either side of the vehicle, and trunk for cargo stowage. The Solo vehicle is available for pre-order, but ElectraMeccanica has not yet begun deliveries. The company has selected Phoenix, Arizona as the location for a proposed factory complex, that will include light vehicle assembly along with battery pack and power electrics testing workshops. ElectraMeccanica is also starting to diversify the product line, with a pair of two-seat vehicles. These are the Tofino sports car and the Electric Roadster. Both feature more traditional automotive styling than the Solo, as well as significantly higher performance and range per charge. Like the Solo, both are available for pre-orders. ElectraMeccanica remains a truly speculative investment; the company has yet to report more than $250,000 in quarterly revenues. At the end of the 2020, the company reported using $10.5 million in cash for operations, up from $3.6 million the year-ago quarter. However, the company also reported having $129.5 million in cash on hand as of December 31; this is a dramatic improvement from the $8.6 million reported one year earlier. The company has plans to begin vehicle deliveries later this year. In his review of SOLO shares, Shlisky focuses on the upcoming vehicle deliveries as the major catalyst for ElectraMeccanica. “SOLO reiterated that it expects to make its first retail deliveries in 2021, most likely vehicles manufactured by the company's Chinese partner. The company also continues to roll out retail locations (20 in operation or announced, in total) to generate test-drives and incremental reservations…. SOLO has finally made its choice to build its assembly facility in Arizona; what we did not expect was its first official micro-mobility announcement at the same time. That said, this was something we had expected, given the SOLO model's place between a moped and an automobile, both of which are widely rented,” the analyst wrote. At the bottom line, Shlisky says simply, “The stock has been volatile, but we would stick with it as initial deliveries begin to reach driveways.” In line with those comments, Shlisky gives SOLO a Buy rating. His $7.50 price target implies an upside of ~60% in the next 12 months. Like the Colliers analyst, the rest of the Street is bullish on SOLO. 3 Buy ratings compared to no Holds or Sells add up to a Strong Buy consensus rating. At $8.92, the average price target is more aggressive than Shlisky's and implies upside potential of ~90%. (See SOLO stock analysis on TipRanks) Forum Merger III (FIII) Last but not least is Forum Merger III, a special purpose acquisition company (SPAC), which is in the late stages of the merger business combination process with Electric Last Mile Solutions. ELMS is an EV maker based in Troy, Michigan, not far from the Detroit heart of the US automotive industry. Electric Last Mile is working on an urban delivery van, a light cargo vehicle with 170 cubic feet of cargo space, a 150 mile range per charge – and a short 2-hour span for full charging. ELMS’ EV van is specifically designed to compete with class 1 gas-powered delivery vans. While it has a shorter range than the combustion vehicles, it does boast a larger cargo space than the leading gas-powered van. In addition, the ELMS vehicle comes with an on-board over-the-air digital connection, allowing fleet managers to collect real-time data on vehicle routing, tracking, and efficiency. The Urban Delivery Vehicles are available for pre-orders. While ELMS has not begun vehicle deliveries yet, it has acquired the production capacity it needs to meet anticipated demand. The company has a 675,000 square foot factory in Mishawaka, Indiana, and is ramping production capability to 100,000 commercial vehicles per year. The company has plans to begin production on the first 45,000 orders by the end of 3Q21. As mentioned above, Forum Merger III will be taking ELMS public. The merger was announced in December; when complete, the combined entity will take the name Electric Last Mile Solutions, and list on the NASDAQ with ‘ELMS’ as the ticker symbol. The combination will produce a company worth $1.4 billion, and is expected to generate $379 million in funds available for operations and growth. The upcoming SPAC merger got the attention of Colliers’ Shlisky, who describes ELMS as another of his ‘top picks’ in the EV space. “ELMS is one of the more-promising EV-CV stories this year... ELMS plans to launch a Class 1-2 delivery vehicle in 2021… assembled from kits at its already-built Indiana facility,” Shlisky opined. Shlisky goes on to outline the advantages of the vehicle, and its potential for future profitability: “[Its] Class 1-2 product has the same upfront cost as incumbent ICE vehicles, yet offers 35% or more cargo space, plus savings on fuel and maintenance from there. Following a 2020 in which US e-commerce activity increased over 30% and van production was down 15%, along with the exit of three important competitor models (10% share) in 2020-2021, there is a dire need for capacity and ELMS appears uniquely poised to fill that need, if execution is strong on the launch timeline. In our view, it all adds up to one of the more-promising EV-CV ideas.” Based on these comments, Shlisky recommends Buying FIII before the merger. His price target on the stock is $13, which implies an upside of 30% from current levels. All in all, FIII has a small, but vocal camp of bullish analysts. Out of the 2 analysts polled by TipRanks, both rate the stock a Buy. With a return potential of ~81%, the stock's 12-month consensus target price stands at $18.(See FIII stock analysis on TipRanks) To find good ideas for EV stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.