ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) is speeding towards the full-scale launch of its SOLO electric vehicle, which could be a game-changer in the industry.
The all-electric SOLO is a three-wheeled single-passenger electric automobile that boasts a top range of 100 miles and speeds of 82 miles per hour on a 17.3-kilowatt hour battery pack.
Vancouver-based ElectraMeccanica, or simply Meccanica, updated shareholders on Thursday afternoon on a busy second quarter that saw the company reach a number of key milestones in its path to commercial vehicle production.
“The second quarter of 2019 was highlighted by our continued preparation for the production ramp of our flagship, single-passenger SOLO EV,” said Bal Bhullar, CFO of Meccanica. “Our team has made significant strides in preparing for this roll-out, including finalization of the tooling and automation at our strategic partner’s manufacturing facility in China.”
Highlights of the three-month period ending June 30, 2019 included conducting internal quality assurance and safety tests on the first 47 pre-production SOLO, testing items such as calibration, stability, and brake systems.
CFO Bhullar said the company made “considerable progress” as it transitions to full-scale production, establishing critical sales and service infrastructure, securing key consumer rebates on the West Coast to further lower the cost of the SOLO and strengthening its intellectual property portfolio.
On a corporate level, a key highlight was the appointment of seasoned automotive executive Paul Rivera to the CEO role. Rivera brings over 25 years of experience in the automotive sector to the company, most recently serving as president of Ricardo USA, the American division of the 100-year old global engineering and consulting firm.
Other achievements included the granting of a patent in China for its proprietary battery cartridge design, a new multi-year collaboration with Colorado-based Apollo Brands, and the first SOLO owner to drive over 20,000 kilometres.
“With the SOLO EV certified for sale in 37 states throughout the US, we are well positioned to revolutionize the way people commute by creating an affordable, fun and eco-friendly alternative to the daily commuter experience,” Bhullar said in a statement accompanying the results.
Meccanica reported total 2Q revenue of C$0.2 million, compared to C$0.3 million in the year-ago quarter, a decline attributable to the decrease in the number of custom-built e-roadsters that were produced.
Operating loss for the three months ended June 30, 2019 was CAD$4.9 million, compared to an operating loss of CAD$4.6 million in the same quarter a year earlier. The company ended the quarter with C$21.4 million in cash.
Meccanica’s shares closed 1.2% higher on Thursday at US$2.53.
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