ElectraMeccanica revs up strong interest as it expands retail locations, and gears up for the 'SOLO Drive Tour'

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) provided an update on Monday on the opening of six new retail locations since October this year, and the launch of an exciting early-adopter test drive program called the “SOLO Drive Tour” as part of the electric vehicle maker’s marketing campaign. The Vancouver-based firm has opened six new outlets in San Diego, Brea, Scottsdale, Glendale, Santa Clara, and Walnut Creek. All the SOLO storefronts opened since October are up-and-running and have expanded the company’s footprint from four to 10 locations in five key markets with more announcements planned for 2021, said the company.   In addition, management issued a status report regarding its decision on the site search for a US-based assembly and engineering technical facility. “We have been encouraged by the success of our ongoing retail awareness campaign and the overwhelmingly positive response from consumers, especially in our new locations,” ElectraMeccanica CEO Paul Rivera said in a statement.  “The strong early performance we’re seeing speaks to a readiness in the broader market for the SOLO as a solution that addresses urban driving challenges. As we emerge from the pandemic, we believe the SOLO is uniquely positioned to provide owners a safe, reliable and completely self-contained transportation alternative,” he added. The management also issued a status report on its site search for a US-based assembly and engineering technical facility. “Regarding our site selection decision for an assembly plant, representatives from the two finalist locations in Tennessee and Arizona have been overwhelming in their enthusiasm for this project,” pointed out Rivera. “Their detailed plans to develop the SOLO ecosystem have presented us with exciting opportunities that we continue to evaluate with the latest updated proposals being received as recently as last week.” The ElectraMeccanica boss said “one of the key considerations” in making the decision is to ensure for the viability and support for the car maker’s “overall vision of a SOLO ecosystem” and pilot test program. “Our ultimate selection will mean a long-term commitment for both sides. We look forward to making a formal announcement early in the new year and appreciate the patience and consideration of all interested parties while we work to do so,” added Rivera. As part of a broader marketing push in the first quarter of 2021, the company will debut its exclusive early adopter “SOLO Drive Tour.” The invitation-only events in selected markets will include individualized test-drives for early reservation holders to provide these first customers with the opportunity to "look, see and drive SOLO,” said the company. The car demos will be conducted in line with “all local COVID-19 safety protocols,” and will be hosted at new and existing retail locations. There is a kickoff event planned  at Scottsdale, in Arizona in January followed by events in California and other locations later in the quarter subject to local and state government orders. The SOLO EV, 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 and sells for $18,500 – about half the price of a Tesla. The EV 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. According to Stifel analysts, the Canadian company “has a compelling lead in the high-growth affordable EV market.” The SOLO is currently available for pre-orders. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive