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ElectraMeccanica gears up for SOLO electric vehicle commercial launch in Los Angeles

The Vancouver-based company reported its first quarter 2020 results on Tuesday that showed the manufacturer generated C$116,813 while significantly narrowing its losses

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The company said it is making "significant progress" towards the launch of SOLO

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) is making “significant progress” towards launching its flagship SOLO electric vehicle in late 2020.

The Vancouver-based company reported its first quarter 2020 results on Tuesday that showed the manufacturer generated C$116,813 while significantly narrowing its losses compared to the three-month period a year prior.

ElectraMeccanica is targeting a commercial launch of SOLO in Los Angeles shortly followed by further rollouts along the West Coast later in the year.

READ: ElectraMeccanica develops mobile app for remote monitoring of its SOLO EV car

“At the beginning of the year we made considerable progress along our production roadmap through several key vehicle enhancements and approvals that have us on target for the commercial launch of our flagship SOLO EV in the next few months,” Paul Rivera, ElectraMeccanica’s CEO said in a statement.

“More specifically, in Q1 we finalized our production-intent vehicle with additional safety, performance and driver experience features. With the development of a new, cost-effective aluminum chassis, we will also be able to create a dual benefit from lower production costs while maintaining superior structural integrity.”

The firm also extended a prior agreement with the operator of the world-renowned Westfield Shopping Centers and expanded our storefront presence from the Century City Shopping Mall to a second Los Angeles location at Westfield Fashion Square, a premier shopping center in the affluent Sherman Oaks suburb.

“Planning ahead, alongside our site selection and business incentives advisor BDO, we are continuing to evaluate specific properties and sites within in the states of Arizona, Colorado, Florida, North Carolina and Tennessee for our proposed future SKD, or partially prefabricated, assembly facility and technical center,” Rivera told investors.

“While the international health crisis and global economy remain uncertain, our business has been generally unaffected, and we have operated with minimal interruption. We remain confident in our ability to meet our production targets going forward and have the SOLO positioned for a breakout launch in the second half of the year.”

ElectraMeccanica narrowed its net loss to C$1.9 million compared to C$20.7 million during the comparable year-ago period.

It ended the quarter with C$7.5 million in cash.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 2.49 USD

NASDAQ:SOLO
Market: NASDAQ
Market Cap: $193.7 m
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