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ElectraMeccanica cruises towards delivering its flagship SOLO electric vehicle to customers in 2020

The company said it took delivery of 50 pilot production vehicles from China for on-road validation testing throughout the US and Canada

ElectraMeccanica - ElectraMeccanica to begin delivering its flagship, SOLO electric vehicle to customers in 2020
R&D expenses for the third quarter climbed to C$3.3 million, compared to C$0.9 million in the same period a year earlier due to vehicle pre-production costs

ElectraMeccanica Vehicles Corporation (NASDAQ:SOLO) CEO Paul Rivera said Friday that the company was is in the final stages of preparation to begin producing and delivering single-seat electric cars. 

In a statement, accompanying the company’s latest numbers, Rivera said: “To this end, we are concluding final engineering validation and fine-tuning production at our strategic partner’s manufacturing facility in China. We expect to begin delivering our flagship, single-seat SOLO electric vehicle to our customers in 2020, while ramping production and delivery throughout the year.” 

The company said it took delivery of 50 pilot production vehicles from China for on-road validation testing throughout the US and Canada.

READ: ElectraMeccanica aiming to create a fun driving experience that is efficient, cost-effective and environmentally friendly

The Vancouver-based company is making it easier for consumers to purchase its flagship SOLO car, thanks to a new partnership with national lender FreedomRoad Financial. The agreement will allow ElectraMeccanica to continue to grow and expand sales and service to customers nationwide.

The ElectraMeccanica boss said the SOLO would be strategically launched in Los Angeles, which is famous for its long love affair with automobiles.

“Looking ahead towards 2020, we will remain steadfast in our plan to launch the SOLO and position the vehicle to redefine the commuter experience,” said Rivera.

“Our strategic launch will be in Los Angeles — a leading location in the US for EV adoption and a well-known commuter’s nightmare — followed by a broader roll-out across key markets on the West Coast. We look forward to executing upon the immense opportunity facing ElectraMeccanica,” he added.

For the third quarter which ended September 30, the electric car maker posted revenue of C$0.2 million, compared to revenue of C$0.2 million in the same period a year earlier.

Research and development expenses for the third quarter climbed to C$3.3 million, compared to C$0.9 million in the same period a year earlier. The company explained that the increase in R&D expenses was due to costs linked to pre-production of cars.

For the three months ended September 30, the company posted a loss of C$5.3 million, compared to a loss of C$2.9 million in the same period a year earlier.

“The increase in net loss was primarily related to increased general and administrative expenses, stock compensation and higher R&D costs,” said the company.

The car maker had cash and cash equivalents and short-term deposits totaling C$16.2 million as of September 30.

The SOLO 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.

The vehicle was included in a recent Forbes list of the “coolest new cars” for 2020, amongst names like Aston Martin, Cadillac and Tesla.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

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NASDAQ:SOLO
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