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ElectraMeccanica Vehicles reports preliminary Q4 revenue growth; gears up for SOLO electric vehicle launch

It plans to launch its flagship three-wheeled EV in Los Angeles later this year before expanding to other west coast cities

ElectraMeccanica's SOLO vehicle
The company expects fourth-quarter revenue to range between $140,000 to $160,000, compared to $141,901 a year earlier

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) offered a corporate update on Monday that projected year-over-year revenue growth and teased a mid-2020 launch for its single-seater electric vehicle. 

The Vancouver company expects revenue for the fourth quarter to range between $140,000 to $160,000, compared to $141,901 a year earlier. 

ElectraMeccanica said it plans to launch its flagship EV, the SOLO, in Los Angeles later this year before expanding to other west coast cities.

“Upon joining as CEO late last year, our goal was to launch the production-ready SOLO EV in 2020, which would include significant safety, comfort, and design enhancements,” Paul Rivera said in a statement. “Due to the tireless efforts of our team and strategic partners, we expect to reach our goal.”

READ: ElectraMeccanica unveils final features of new SOLO EV car and prepares for its Los Angeles debut

In 2019, ElectraMeccanica took delivery of 50 pre-production vehicles from its strategic manufacturing partner, Zongshen Industrial Group. The vehicles underwent final on-road validation testing and received upgrades including an advanced liquid-cooled motor incorporating torque-limiting electronic stability control, a wider front steering track, a revised electronic power steering software and additional occupant safety protection. 

The company also unveiled a more robust and rugged appearance, a more comfortable seat design, an enhanced entertainment system and display with Bluetooth technology and reduced interior cabin noise.

“Delivering our single-seat SOLO EV to consumers will revolutionize the urban driver experience and provide a solution for ‘SOLO Mobility,’ Rivera said. “Undoubtedly, commercial production will be the single biggest milestone in the company’s history, which will be followed by a production ramp up throughout the year.”

CFO Bal Bhullar also believes 2020 will be a banner year for the SOLO.

“As we move through 2020, we are confident in the demand for our production-ready SOLO EVs,” Bhullar said. “We remain focused on the execution in the coming quarters on the delivery and production of the SOLOs.”

The SOLO is a three-wheeled single-passenger car that boasts a top range of 100 miles and speeds of 82 miles per hour on a 17.3-kilowatt hour battery pack.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: ElectraMeccanica

Price: 2.475 USD

NASDAQ:SOLO
Market: NASDAQ
Market Cap: $158.7 m
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