Company Reported $1.05 Million in Q1 ‘22 Revenue, up 400+% YOY, and EPS of ($.15) as it Ramps Up Production
ElectraMeccanica Manufactured 170 SOLOs in the Period, Delivering a Total of 45 Despite Strong Logistical Headwinds
Business Maintains $215 Million of Working Capital
Mesa, AZ Assembly Plant Remains on Track to Come Online Year End ‘22
CEO Kevin Pavlov Expands Leadership Team With Experienced Operating Executives Joe Mitchell as COO and Kim Brink as CRO, Adds Seasoned Finance and Auto Executive Bill Quigley to Board of Directors
VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today reported financial results for the first quarter ended March 31, 2022 in conjunction with the filing of its Quarterly Report on Form 6-K earlier today.
For more information on the quarter, please see the report here or listen to management's recorded remarks on the results.
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. Depending on driving conditions, temperature and climate controls, the SOLO has a range of up to 100 miles and a top speed of up to 80 mph. 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 (MSRP) for the consumer model and $24,500 (MSRP) for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here. For more information, please visit www.electrameccanica.com.
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.
Investor Relations Contact Robbie Goffin (646) 468-9039 robbie@sintercompany.com
Public Relations Contact Amy Pandya R&CPMK (310) 967-3418 amy.pandya@rogersandcowanpmk.com
Controlled Thermal Resources Ltd (CTR) will supply the owner of Jeep and Peugeot with up to 25,000 metric tons per year of lithium hydroxide over the 10-year term of the agreement, Stellantis said on Thursday. CTR, which operates in California's Salton Sea, is also developing a geothermal lithium brine project to meet General Motors Co's lithium needs.
These big names are down — but certainly not out.
The Dow Jones fell on strong jobs data. Tesla stock plunged on an Elon Musk move. Apple stock crumbled. Amazon fell after an executive quit.
Tesla CEO Elon Musk's "super bad feeling" about the economy could be the auto industry's "canary in the coal mine" moment, signaling a recession for an industry whose bosses have shown no signs of concern. Musk said the electric carmaker needed to cut about 10% of its workforce in an email to executives seen by Reuters. Musk's warning is the first loud and public dissent in a united stance by the auto industry that underlying demand for cars and trucks remains strong despite two years of global pandemic.
Semiconductor specialist Nvidia (NASDAQ: NVDA) was down as much as 5.5%, iPhone maker Apple (NASDAQ: AAPL) was off by as much as 4.5%, and e-commerce kingpin Amazon (NASDAQ: AMZN) slipped as much as 3.5%. New warnings about the possibility of a recession sent a wide swath of stocks lower today, but there was also company-specific news for each of the technology stalwarts. Tesla CEO Elon Musk joined the chorus of business leaders sounding the alarm about the economy and the possibility of a recession.
Don’t bail on stocks. Just choose them wisely.
Amazon stock is working on its sixth straight daily rally ahead of its 20-for-1 stock split. Here's what the charts say now.
Jas Thandi, Aon Partner of Portfolio Strategy, and WisdomTree Global CIO Jeremy Schwartz sit down with Yahoo Finance Live to talk about how markets are handling the Fed's raised interest rates, alternative investments, and rising prices in oil commodities.
Brave investors are trying to buy S&P 500 stocks on the dip. But they're not even crazy enough to touch some.
(Bloomberg) -- China has sentenced a former Communist Party city chief and securities regulator to death with a two-year reprieve for bribery and insider trading, state broadcaster CCTV reported.Most Read from BloombergOne-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsTesla Pauses Hiring as Musk Aims for 10% Staff Cut, Reuters SaysElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutApple Plans to Make the iPad More Like a Laptop and Less Like a PhoneU
(Bloomberg) -- Novavax Inc. slumped 20% on Friday after US regulators raised concerns over the biotech’s much-anticipated Covid-19 vaccine. Most Read from BloombergOne-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsTesla Pauses Hiring as Musk Aims for 10% Staff Cut, Reuters Says‘Most Clever Oligarch’ Severed His $37 Billion Fortune From Russian RootsElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutStocks Resume Weekly Losses as Jobs Fuel Rate Bets:
One of the most popular real estate investment trusts (REITs) among institutional and retail investors is Realty Income Corp (NYSE: O), and for good reason. The stock has produced a total return of 7.48% over the past 12 months compared to -0.3% for the S&P 500. The company is also one of only a few REITs that pays a monthly dividend and it currently has an attractive yield of 4.34%. How much would that monthly dividend have added up to if you invested $1,000 into Realty Income five years ago? O
Piper Sandler is scared of a computer memory glut, but Micron's stock price is cheap enough to already factor that in.
In this article, we discuss 10 value stocks to buy in 2022 according to Ken Fisher. You can skip our in-depth analysis of Ken Fisher’s 13f portfolio for value stocks and go directly to 5 Value Stocks to Buy in 2022 According to Ken Fisher. Ken Fisher is one of the most well-known investment managers […]
The Dow Jones Industrial Average dropped after the jobs report. Tesla skidded after Musk said he had a "super bad feeling" about the economy.
See who joins Nvidia and GOOGL on this screen of Warren Buffett stocks based on the investing strategy of Berkshire Hathaway's CEO.
Exxon Mobil, PepsiCo, and JPMorgan Chase are among the biggest payers of dividends in absolute dollars, and they have solid yields to boot. Then there’s Apple and Microsoft.
We feel now is a pretty good time to analyse NIO Inc.'s ( NYSE:NIO ) business as it appears the company may be on the...
One of the proposed shareholder measures, which was expected to be rubber-stamped by investors, has hit some surprising resistance.
Some of a flurry of recently announced splits are nearing completion, with potential consequences for the Dow industrials.