ElectraMeccanica Reports Third Quarter 2021 Financial Results

$SOLO
Auto Manufacturing
Consumer Discretionary
Get the next $SOLO alert in real time by email

VANCOUVER, British Columbia, Nov. 09, 2021 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, reported financial results for the third quarter ended September 30, 2021, in conjunction with its Quarterly Report on Form 6-K filed today.

Recent Company Highlights

  • Delivered 21 SOLO EVs to reservation holders and fleet customers during the month of October. Since August 2020, ElectraMeccanica has produced 182 SOLO EVs.
  • Held "Key Moment" event on October 4, 2021, in Los Angeles, marking the Company's first commercial deliveries of SOLO EVs to early reservation holders and fleet customers.
  • Signed a strategic agreement with Robert Bosch LLC ("Bosch"), a leading global mobility solutions and industrials technology firm, to establish a pilot service network of independent automobile repair shops approved by Bosch (the "Bosch Car Service Network"). The Bosch Car Service Network will support service and maintenance operations for the SOLO EV, beginning with the initial commercial launch locations throughout the western United States.
  • Strategic Partner Zongshen Industrial Group exercised 1.4 million warrants of ElectraMeccanica into common stock as a confirmation of the Company's go forward strategy.
  • SOLO EV received an honorable mention in Fast Company's Innovation by Design Awards for 2021 in the General Excellence and Mobility categories.
  • SOLO EV selected as the exclusive vehicle in a celebrity race at the Canadian E-Fest, a three-day festival that showcases the latest innovations in the EV space that precedes the 2022 Vancouver E-Prix.
  • SOLO EV was showcased during U.S. Secretary of Energy, Jennifer Granholm‘s, Michigan Manufacturing Tour.
  • The Company debuted "Cargo" Version of its flagship SOLO EV at Advanced Clean Transportation (ACT) Expo 2021.

Management Commentary

"During the third quarter of 2021, our efforts surrounded the preparation for the biggest moment in our Company's history, first deliveries of the commercial SOLO EV to reservation holders and fleet customers, which was successfully held at our ‘Key Moment" event on October 4, 2021," said Kevin Pavlov, CEO of ElectraMeccanica. "We are more focused than ever on ramping production to meet the significant demand for our flagship SOLO EV. To support this rollout, we remain on track to complete our new U.S. Assembly and Engineering Technical Center in Mesa, Arizona in summer 2022—which will have the ability to produce up to 20,000 vehicles annually—while also forming a partnership with the Bosch Car Service Network to provide industry-leading service and maintenance operations for the growing number of customers taking to the road across the western United States. Today, ElectraMeccanica stands at a very exciting inflection point as we transition into a scaled production enterprise with an infrastructure, balance sheet and world-class team to execute upon our growing customer deliveries and fleet partnerships that will build long-term shareholder value well into the future."

Third Quarter 2021 Financial Summary (All amounts reported in USD)

  • Cash and cash equivalents and short-term deposits were $228.8 million as of September 30, 2021, compared with $129.5 million as of December 31, 2020.
  • General and administrative expenses in the third quarter of 2021 were $7.4 million, compared to $1.9 million in the prior year-ago quarter. The increase in G&A expenses was primarily due to increased rent related to the opening of retail locations and the Company's Mesa, Arizona office, consulting services related to the Mesa assembly facility, office expenses as a result of the Company's Enterprise Resource Planning ("ERP") system, and salary expenses related to a severance payment in addition to a number of new employees.  
  • Research and development expenses in the third quarter of 2021 were $5.3 million, compared to $1.5 million in the same year-ago quarter. The increase in R&D expenses was primarily due to expenses for the Company's pre-production vehicles, the SOLO and eRoadster, whose costs are attributed to research and development.
  • Sales and marketing expenses in the third quarter of 2021 were $2.5 million compared to $525,660 in the prior year-ago quarter. The increase is a result of our sales team expanding significantly, the opening of multiple retail locations and the implementation of new branding and marketing strategies.
  • Operating loss in the third quarter of 2021 was $17.2 million, compared to an operating loss of $6.5 million in the same year-ago quarter. The increase in operating loss was primarily due to the forementioned increases in G&A, R&D and sales and marketing expenses.

Bal Bhullar, ElectraMeccanica's CFO, added, "Revenues from our initial commercial SOLO deliveries are being recognized in the fourth quarter and we expect these to begin scaling in the coming year. With over $228 million on our balance sheet at the end of the third quarter, we've set the stage for growth as all of our focus turns towards ramping production and the buildout for our U.S. base of operations in Mesa, Arizona. Our ability to leverage our strong balance sheet and world-class infrastructure to deliver SOLOs to reservation holders and fleet operators have positioned us to deliver long-term, sustainable value for our shareholders."

Corporate Update Conference Call

Management will host a corporate update conference call on Wednesday, November 17, 2021, at 4:30 p.m. Eastern time to provide a corporate update and discuss current growth initiatives. The call will conclude with Q&A from participants.

Date: Wednesday, November 17, 2021

Time: 4:30 p.m. Eastern time

U.S./Canada Dial-in: 1-877-413-2408

International Dial-in: 1-201-689-8465

Conference ID: 13724898

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1510891&tp_key=3d0dc4c5a9

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A playback of the call will be available through Wednesday, December 8, 2021. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally. Please use the replay pin number 13724898. A webcast will also be available by clicking here: SOLO Q3 2021 Webcast.

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. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. The SOLO has a range of 100 miles and a top speed of 80 mph, making it safe for highways. The SOLO 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. It blends a modern look with safety features at an accessible price point of $18,500. The SOLO is currently available for pre-orders here. 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 Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. 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 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 "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words) 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 prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. 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. 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. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Investor Relations Contact

MZ Group

(203) 741-8811

SOLO@mzgroup.us



Primary Logo

Get the next $SOLO alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$SOLO

DatePrice TargetRatingAnalyst
More analyst ratings

$SOLO
Press Releases

Fastest customizable press release news feed in the world

See more
  • Xos, Inc. Accelerates Growth with Strategic Acquisition of ElectraMeccanica

    LOS ANGELES, March 26, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ:XOS), a leading electric truck manufacturer and fleet electrification services provider, today announced that it has closed its acquisition of ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles. Terms of the acquisition were first announced on January 11, 2024. The all-stock transaction is expected to add approximately $48 million to Xos' balance sheet and provide growth capital for the company. "The growth capital received in the transaction, combined with our reduction of cash burn, provides an important pathway to profitability as we scale deliveries ove

    $SOLO
    $XOS
    Auto Manufacturing
    Consumer Discretionary
    Auto Parts:O.E.M.
  • ElectraMeccanica Vehicles Corp. Reports Results of Special Meeting of Shareholders

    MESA, Ariz., March 20, 2024 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, today announces the results of the special meeting of shareholders of ElectraMeccanica (the "Shareholders") held virtually on Wednesday, March 20, 2024 (the "Meeting"), including the adoption of the Arrangement (as defined below) by the Shareholders. ElectraMeccanica put forward the following proposals to be voted on by the Shareholders at the Meeting, all of which were approved: (i) to pass a special resolution approving a statutory arrangement (the "Arrangement") under Division 5 of Part 9 of the Business Corporations Act (Bri

    $SOLO
    Auto Manufacturing
    Consumer Discretionary
  • ElectraMeccanica Reminds Shareholders to Vote in Favour of the Proposed Combination With Xos and Provides Additional Disclosure

    MESA, Ariz., March 14, 2024 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, reminds shareholders that it will host its special meeting (the "Meeting") of the holders of common shares of ElectraMeccanica at 11:00AM (Pacific time) on March 20, 2024 via live audio webcast online at www.virtualshareholdermeeting.com/SOLO2024SM. Shareholders are reminded and encouraged to vote well in advance of the deadline for the delivery of voting instructions at 11:00AM (Pacific time) on March 18, 2024. The purpose of the meeting will be for ElectraMeccanica's shareholders to consider a special resolution (the "Electr

    $SOLO
    Auto Manufacturing
    Consumer Discretionary

$SOLO
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$SOLO
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$SOLO
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$SOLO
SEC Filings

See more

$SOLO
Leadership Updates

Live Leadership Updates

See more
  • ElectraMeccanica Vehicles Corp. Reports Results of 2023 Annual General Meeting of Shareholders

    ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, today announces the results of the 2023 annual general meeting of shareholders of ElectraMeccanica (the "Shareholders") held virtually on Thursday, December 21, 2023 (the "Meeting"). ElectraMeccanica put forward the following proposals to be voted on by the Shareholders at the Meeting, all of which were approved: (i) to elect seven directors until our next annual general meeting of shareholders or until their successors have been duly elected and qualified; (ii) to re-appoint KPMG LLP ("KPMG") as the independent registered accounting firm of ElectraMeccanica until the close o

    $SOLO
    Auto Manufacturing
    Consumer Discretionary
  • Update on ElectraMeccanica Litigation Dispute With Tevva

    ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, today announced that the United States District Court for the District of Arizona issued an order on November 7, 2023 dismissing the previously filed complaint by Tevva Motors Limited ("Tevva") against ElectraMeccanica, 1432952 B.C. Ltd. ("Holdco"), 1432957 B.C. Ltd. ("Parentco") and Susan E. Docherty, ElectraMeccanica's Chief Executive Officer and Interim Chief Operating Officer, relating to the termination of that certain arrangement agreement, dated August 14, 2023, by and among the parties. The Arizona District Court dismissed the complaint due to the court's lack of subj

    $SOLO
    Auto Manufacturing
    Consumer Discretionary
  • Foremost Lithium Appoints Bal Bhullar as Chief Financial Officer and Corporate Secretary

    VANCOUVER, British Columbia, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ:FMST) (CSE:FAT) ("Foremost Lithium", "Foremost" or the "Company"), a North American hard-rock lithium exploration company, today announced that it has appointed Ms. Bal Bhullar as its Chief Financial Officer and Corporate Secretary effective September 07, 2023. Ms. Bhullar succeeds Cyrus Driver who is leaving the Company to pursue other interests. Ms. Bhullar has more than 25 years' experience in senior financial positions, risk management experience as an executive and/or board director, in both public and private companies. Most recently, she served as CFO and executive bo

    $FMST
    $SOLO
    Other Metals and Minerals
    Basic Materials
    Auto Manufacturing
    Consumer Discretionary

$SOLO
Financials

Live finance-specific insights

See more
  • ElectraMeccanica and Xos Host Joint Investor Call to Provide Shareholder Update

    LOS ANGELES and MESA, Ariz., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ:XOS) ("Xos"), a leading electric truck manufacturer and fleet electrification services provider, and ElectraMeccanica (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, are pleased to announce a joint conference call for shareholders that will take place on Wednesday, January 24, at 9:15am ET. During the webcast, ElectraMeccanica CEO Susan E. Docherty and Xos CEO Dakota Semler will provide further information for investors about their proposed business combination that was announced on January 11th, 2024. Interested parties can register for the event up to 15 minutes before it

    $SOLO
    $XOS
    Auto Manufacturing
    Consumer Discretionary
    Auto Parts:O.E.M.
  • Complaint Filed Against ElectraMeccanica in Connection With Termination of Arrangement

    ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica"), a designer and assembler of electric vehicles, today announced that Tevva Motors Limited ("Tevva") filed a complaint (the "Complaint") in the United States District Court for the District of Arizona on November 3, 2023 against ElectraMeccanica, 1432952 B.C. Ltd. ("Holdco"), 1432957 B.C. Ltd. ("Parentco") and Susan E. Docherty, ElectraMeccanica's Chief Executive Officer and Interim Chief Operating Officer. As previously announced, on October 4, 2023, ElectraMeccanica notified Tevva of the termination of that certain arrangement agreement (the "Arrangement Agreement") dated August 14, 2023, by and among ElectraMeccanica, Te

    $SOLO
    Auto Manufacturing
    Consumer Discretionary
  • ElectraMeccanica Vehicles Corp. to Announce Q3 2022 Earnings on November 14

    ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, will release financial results for the third quarter of 2022 on November 14 after market close. ElectraMeccanica will host a webcast and share financial and performance information on their investor relations website after the call at: ir.emvauto.com/filings/quarterly-reports. About ElectraMeccanica Vehicles Corp. ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) is a designer and manufacturer of environmentally efficient electric vehicles (EVs). The company's flagship vehicle is the innovative, purpose-built, singl

    $SOLO
    Auto Manufacturing
    Consumer Discretionary

$SOLO
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more