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Electrameccanica Vehicles Corp. (SOLO)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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2.8150-0.0050 (-0.18%)
As of 2:42PM EDT. Market open.
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Neutralpattern detected
Previous Close2.8200
Open2.8700
Bid2.8000 x 3100
Ask2.8100 x 3000
Day's Range2.7400 - 2.8799
52 Week Range0.8900 - 6.0000
Volume2,553,224
Avg. Volume6,146,512
Market Cap218.978M
Beta (5Y Monthly)1.73
PE Ratio (TTM)N/A
EPS (TTM)-0.3800
Earnings DateMay 12, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est5.86
  • Here’s Why SOLO Could Be Your Next 1,000% Winner
    InvestorPlace

    Here’s Why SOLO Could Be Your Next 1,000% Winner

    Small cars have never sold well in the United States. ElectraMeccanica (NASDAQ:SOLO) – an electric vehicle pioneer that is on the cusp of bringing a purpose-built, single-seat, three-wheel electric car (dubbed Solo) to market in late 2020 – hopes to change this reality and sell a bunch of “tricycle” EVs over the next few years. If the company does that, SOLO stock will turn into a 1,000% winner. This will be mostly because ElectraMeccanica’s valuation today hovers at a mere $175 million (versus $10+ billion valuations for traditional, four-wheel EV makers). Source: Luis War / Shutterstock.com Of course, that’s a huge “if.” After all, it’s never happened before. A small car has never sold well in the United States. But times are changing, and thanks to fundamentally shifting demographic and economic trends, ElectraMeccanica’s Solo car has a compelling opportunity to be the first mainstream and widely successful small car in America.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Of course, that also means SOLO stock has a compelling opportunity to be your next 1,000% winner – and this blockbuster journey will all start in just a few months. So, hold your horses. What comes next for SOLO stock could jolt you out of your seat. A New Era of Car Buying Yes, it’s true that small cars have never sold well in the U.S. Suzuki in the early 2010s. The Toyota Scion iQ in 2015. Mercedes’ mini-Smart Car in 2019. None of them sold widely and none of them are sold new in the U.S. today. But that was in the old era of car buying, and we are quickly sprinting into a new era of car buying, wherein small, electric cars should sell like wildfire. This shift toward a new era of car buying is predicated on a shift in who is buying the cars. The prospective car buyer demographic has traditionally been dominated by older folks and families, who live in spacious suburban neighborhoods, with sizable incomes and good credit, and who don’t care as much about saving the environment. That crowd likes, needs and can afford bigger, gas cars. But the prospective car buyer demographic in the 2020s will increasingly include a larger and larger number of young, single folks, who live in urban neighborhoods, with smaller incomes and shaky credit, and all of whom are hyper-obsessed with climate change – a crowd for which small, single-seater, cheap electric cars are an optimal solution. Why the shift in car buyer demographics? Because for years and years, those young folks put off buying cars. They relied on ride-sharing to get around. But the novel coronavirus pandemic shook their faith in ride-sharing. This came around the same time that their purchasing power and commitment to environmental friendliness are meaningfully growing. The result? Young consumers are finally entering the car market, so much so that they are turning into the driving force of the auto market these days. These young consumers want small cars. They want cheap cars. They don’t need SUVs. And, above all else, they want electric cars. Who sits at the overlap of all those features? ElectraMeccanica, with its sub-$20,000, single-seater, electric Solo car. Accelerating Business Momentum Importantly, ElectraMeccanica is more that just a Solo car concept. The company is executing strongly against its growth roadmap. It is accelerating business momentum today, and clear visibility to bringing these cars to market very, very soon. Specifically, ElectraMeccanica has finalized design of the Solo car, and started mass production of the vehicles in China in August. Deliveries are expected to commence by late November to early December. At the same time, ElectraMeccanica has three retail locations in U.S. markets which have a high number of potential Solo car buyers: Los Angeles, Phoenix and Portland, Oregon. These locations should help drum up brand awareness, and allow for demand of Solo cars to build over the next few months alongside ramping supply. Plus, ElectraMeccanica has finalized design on its Solo utility and fleet vehicle, which is a modified version of the original Solo car that is purpose-built for the food delivery, small parcel and post distribution end-markets. This vehicle is expected to hit the market in early 2021, and potential commercial adoption here could be enormous. It was offer the clear value-prop of a single-seater, cheap EV with sufficient cargo space to last-mile delivery and security companies, as well as first responders. Overall, the long-term bull thesis on SOLO stock has never been so clear and compelling – and it will all start to come to life in less than two months. Huge Upside for ElectraMeccanica Stock ElectraMeccanica’s order book back in late 2018 included over 64,000 pre-orders, totaling about $2.4 billion in revenue. I think it’s very likely that – by 2030 – ElectraMeccanica is selling about 50,000 of these Solo cars per year. At a $20,000 price point, that implies $1 billion in 2030 projected revenue for ElectraMeccanica. Assuming 10% operating margins and a 20% tax rate, that should be around $80 million in net profits. A market-average 17X forward multiple on that implies a $1.4 billion market cap for ElectraMeccanica by 2029. At the current SOLO stock price, the company is worth just $175 million in late 2020. That $1.4 billion market cap doesn’t include any upside from the company’s Tofino concept, or the eRoadster concept. The latter looks like it could a huge seller given that it’s the first EV concept which blends electric technology with vintage car design. All in all, then, SOLO stock has more than 1,000% upside potential over the next decade. Bottom Line on SOLO Stock The long-term growth narrative on ElectraMeccanica has never looked so good. And that growth narrative – which, to-date, has been just a vision – is just two months away from materializing into a tangible reality. The investment implication is that SOLO stock is just two months away from starting on an enormous, multi-year upward trajectory in which the share price could rise more than 1,000%. So, if you’re looking for the “next big thing” in EVs, I’d say it’s time to start seriously considering SOLO stock. On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.  The New Daily 10X Stock Report: 98.7% Accuracy – Gains Up to 466.78%.  InvestorPlace’s brand-new and highly controversial newsletter… is rocking the industry… delivering one breakthrough stock recommendation each and every trading day… delivered straight to your inbox. 98.7% Accuracy to Date – Gains Up to 466.78%. Now for a limited time… you can get in for just $19. Click here to find out how. More From InvestorPlace Forget The Election… Pick These Stocks for the Win in 2021 Why Everyone Is Investing in 5G All WRONG America’s #1 Stock Picker Reveals His Next 1,000% Winner Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company The post Here’s Why SOLO Could Be Your Next 1,000% Winner appeared first on InvestorPlace.

  • GlobeNewswire

    ElectraMeccanica Names Arizona and Tennessee as Two Finalist States for SOLO EV U.S. Assembly Facility and Engineering Technical Center

    VANCOUVER, British Columbia, Oct. 06, 2020 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, is providing an update related to its ongoing search for the Company’s future U.S. based assembly facility and engineering technical center. Since late February, the Company has been engaged with BDO USA’s Site Selection & Incentives Practice (“BDO”) in a nationwide review of potential locations that matched ElectraMeccanica’s criteria. BDO initially identified seven candidates and sent initial requests for proposal to the chief economic development entities in each state. In June, following comprehensive proposal reviews and site visits at select locations, the Company narrowed the candidate list to five. In August, the list was further narrowed to three states.Today, ElectraMeccanica has announced the remaining two finalists as Arizona and Tennessee.Within each finalist state, the Company has selected two finalist sites within the Phoenix, AZ metro area and the Nashville, TN region, respectively. Along with BDO, the Company is now conducting final site and proposal reviews before making a selection at the end of November 2020.The proposed new U.S. facility is expected to create between 200 and 500 new jobs and feature a state-of-the art engineering technical center, including plans for multiple labs to support ongoing vehicle, chassis and power electronics testing as well as comprehensive research facilities. ElectraMeccanica also anticipates this new facility will generate additional, second order effects that would positively impact the local and state economy within its selected location through increased commercial activity and its business partnerships with tier one suppliers. To date, the Company has seen strong interest in the commercial fleet and utility sectors, supporting its plans for a future pilot SOLO ecosystem in the select region.Collectively, the operation would be expected to meet the growing demand for SOLO EVs throughout the United States, where EVs are projected to exceed more than 30% of all passenger vehicles by 20401. In addition to the SOLO being classified as “Made in the USA,” the proposed new U.S.-based facility would allow ElectraMeccanica to reduce or potentially eliminate tariffs as well as benefit from logistical efficiencies.ElectraMeccanica intends to maintain a capital-light model with its contract manufacturing partner and strategic investor, Zongshen Industrial Group (“Zongshen”), in Chongqing, China. In conjunction with the proposed new ElectraMeccanica U.S. facility, Zongshen will continue to manufacture SOLO EVs for the global market, while also supplying knock-down kits for assembly in the United States. The Company has begun commercial production with future deliveries of the SOLO EV expected this fall.“We have been very impressed with the locations and proposals we’ve reviewed and are looking forward to reaching an agreement that would mutually benefit both ElectraMeccanica as well as our future state and local partners,” said Company CEO Paul Rivera. “When fully operational, our facility should contribute hundreds of jobs to the local economy as well as have a positive impact on the community at-large. We are excited to be a part of the catalyst for local and state initiatives to drive growth for the U.S. economy and the EV sector.“For ElectraMeccanica, we remain focused on guaranteeing the key components that will position us for long-term sustainability, most notably mitigating supply chain and tariff risk, thereby enabling the SOLO to become an American-made product. We also want to select a partner that will work with us in establishing a major proof-of-concept for the SOLO ecosystem with urban solutions for personal, commercial, utility and fleet applications.”Tom Stringer, Leader for the National Site Selection & Business Incentives Practice, BDO USA, added: “Despite the challenges of COVID-19 on the economy and the limits of domestic travel this year, ElectraMeccanica’s project remains on track to select a winner prior to year-end as originally planned. Our ability to remain on track really is a tribute to how well our state and local partners have fully embraced the regional economic impact that the SOLO electrified ecosystem represents. The potential new jobs, construction of engineering and assembly centers, deployment of a pilot testing program, and the migrating supply chain to support this project will collectively serve as a game changer for the winning region.”1 Electric Vehicle Outlook 2019, Bloomberg NEFAbout 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 61 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.Company Contact Ms. Bal Bhullar, CPA, CGA, CRM Chief Financial Officer & Director (604) 428-7656 Bal@electrameccanica.comInvestor Relations Contact Gateway Investor Relations Matt Glover and Tom Colton (949) 574-3860 SOLO@gatewayir.comPublic Relations Contact Michelle Ravelo-Santos R&CPMK (310) 854-4755 michelle.ravelo@rogersandcowanpmk.com

  • ElectraMeccanica Reveals Awaited Utility and Fleet Version of Flagship SOLO EV
    GlobeNewswire

    ElectraMeccanica Reveals Awaited Utility and Fleet Version of Flagship SOLO EV

    Utility and Fleet SOLO EV Rendering (subject to change) Utility and Fleet SOLO EV Rendering (subject to change)VANCOUVER, British Columbia, Sept. 16, 2020 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the "Company"), a designer and manufacturer of electric vehicles, announced today that the Company is planning to produce an alternative “utility and fleet” version of its flagship SOLO EV, which is expected to become available in early 2021. These modified vehicles are being developed based on direct input from potential commercial and fleet partners and will be equipped with a stylish and functional cargo “cap,” offering additional capacity and versatility to suit a variety of different, single-occupant commercial and utility fleet applications. Last month, ElectraMeccanica announced that it had commenced assembly line production of the consumer version of the SOLO EV through its manufacturing partner and strategic investor Zongshen Industrial Group. As part of the next step in the Company’s long-term product development roadmap, ElectraMeccanica has been engineering upgrades and modifications over the past few months, which are designed to make the SOLO purpose-built for utility and fleet applications, including food delivery, small parcel and post distribution, technician transportation for service calls and security. The Company’s primary focus is to provide single-person transportation where larger vehicles, e.g., trucks and vans are either unnecessary, inefficient and/or costly.“Our continued expansion of the SOLO portfolio and its applications was borne from our ongoing mission to establish a complete SOLO ‘ecosystem’ that would support personal, commercial, utility and fleet usage,” said ElectraMeccanica CEO Paul Rivera. “Following direct conversations with select fleet owners and small parcel and food delivery operators, we have been working hard to create an equally revolutionary vehicle comparable to our current SOLO that will provide utility and fleet operators a whole new, superior, efficient and cost effective  driving option compared to traditional models as well as current EV alternatives.”The SOLO utility and fleet EV is a purpose-built, three-wheeled, all-electric solution for the urban environment and  will offer a low total cost of ownership. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious fleet, utility and commercial operator. The SOLO utility and fleet EV has a range of 100 miles and a top speed of 80 mph, making it safe for highways. It also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control, as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system. In addition to the “rear-loading” version pictured above, the Company is also considering a “side-loading” version to fit additional applications. Interested parties should reach out to ElectraMeccanica for more information.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 61 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.Company Contact Ms. Bal Bhullar, CPA, CGA, CRM Chief Financial Officer & Director (604) 428-7656 Bal@electrameccanica.comInvestor Relations Contact Gateway Investor Relations Matt Glover and Tom Colton (949) 574-3860 SOLO@gatewayir.comPublic Relations Contact Amy Pandya R&CPMK (310) 967-3418 amy.pandya@rogersandcowanpmk.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9aa339b-f7e8-44e8-a450-e601c894730f