ElectraMeccanica 2021 CEO Letter to Shareholders
Jan 11th 2022
Jan 11th 2022
VANCOUVER, British Columbia, January 11, 2022 -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
(“ElectraMeccanica” or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, has issued a letter to shareholders from CEO, Kevin Pavlov.
2021 was transformational for ElectraMeccanica as we pivoted from a development stage company to a well-capitalized, high-quality automotive OEM. Most notably, we successfully commenced the first-ever commercial deliveries of our flagship, single-seat electric vehicle (EV) – the SOLO to retail and fleet customers. Today, our mission is to rapidly scale production and continue SOLO’s recognition by thought leaders, fun-seekers, and environmentally conscious consumers around the world.
In early 2021, our focus revolved around commercialization and an increased direct-to-consumer retail footprint across the United States, and by the end of the first quarter, we expanded our retail presence to 20 locations throughout California, Arizona, Colorado, Washington, and Oregon to engage potential customers.
To support our anticipated rapid expansion, we broke ground on a 235,000 square foot facility in Mesa, Arizona this spring, which will serve as ElectraMeccanica’s U.S. based assembly and engineering technical center for the 2023 model year SOLO. The build-out of this facility—which has the initial capacity to produce 20,000 SOLOs per year—remains on track with an estimated completion in Summer 2022. Not only will this facility provide significant job growth for Americans but will allow for localized assembly and delivery to our rapidly expanding U.S. customer base. Once fully operational and taken in tandem with our dedicated facility through our strategic manufacturing partner, Zongshen, we will have the ability to produce up to 40,000 SOLOs annually.
Throughout the year, we continued test drive events nationwide and showcased the SOLO at premier industry events, including the LA Auto Show, the Advanced Clean Transportation (ACT) Expo and Specialty Equipment Market Association (SEMA), the world's leading automotive trade event. While in attendance, we introduced concept convertible and performance variants, potential future customized options of our vehicles, and the SOLO Cargo EV, which was developed with a uniquely expanded cargo box based on direct input from prospective commercial and fleet customers.
As we strategically planned our commercial delivery ramp, we recognized the need for a trusted global partner to handle service, repairs, or maintenance for the SOLO. To that end, we signed a strategic agreement with Bosch, a leading global mobility solutions and industrial technology firm, to establish a pilot service network of approved independent automobile repair shops. Today, The Bosch Car Service Network will support service and provide maintenance to SOLO customers throughout the western U.S., which will eventually expand nationwide.
Most notably, in October we achieved a decade-long dream as we delivered the first commercial SOLO’s in the Company’s history as part of an invite-only unveiling event held in Los Angeles for early reservation holders and fleet operators. Since then, we have continued to scale deliveries for our customers and fleet operators, and the initial customer response to the quality and experience of the SOLO has been exceptional.
We are entering 2022 in a stronger position than ever. Not only do we expect production to ramp significantly, but we have the necessary infrastructure surrounding sales, marketing, logistics and service networks in place to ensure success. Backed by a balance sheet with over $228 million to execute on our strategic priorities, we are confident in our ability to revolutionize the transportation space by providing consumers, fleets and ride share users a purpose-built solution to solve today's urban driving challenges.
Thank you to all our shareholders, partners, and staff for your support on our journey. I look forward to another breakthrough year at ElectraMeccanica.
CEO of ElectraMeccanica
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 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 & XM 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.
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