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ElectraMeccanica ended 2019 with C$11M in cash as it preps to roll out flagship SOLO EV

The Vancouver company is preparing for a mid-year 2020 strategic launch of Solo in Los Angeles

ElectraMeccanica - ElectraMeccanica ended 2019 with C$11M in cash as it preps to roll out flagship EV Solo
ElectraMeccanica pulled in 4Q revenue of C$0.3 million, compared to C$0.1 million in the same year-ago quarter

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) ended 2019 with C$11.1 million in cash and cash equivalents as the manufacturer of electric vehicles prepares to roll out its flagship SOLO.

“2019 was a metamorphic year for ElectraMeccanica as we laid the groundwork for the launch of our flagship, single-occupant SOLO EV,” said CEO Paul Rivera in a statement Wednesday. 

“Since joining as CEO in August 2019, our entire team has been focused on a reboot and execution, moving the company from a concept to one that is in commercial production of the most efficient, trend-setting vehicle to move a single occupant. As part of this endeavor, we’ve re-engineered significant safety, comfort and design enhancements that are being implemented into the production-ready SOLO.”

READ: ElectraMeccanica unveils final features of new SOLO EV car and prepares for its Los Angeles debut

ElectraMeccanica is currently preparing for a mid-year 2020 deployment of SOLO with a strategic launch in the Los Angeles market first, followed by other west coast cities later in the year.

The Vancouver-based company also reported results for its fourth quarter and the full-year of 2019. 

ElectraMeccanica said it pulled in 4Q revenue of C$0.3 million, compared to C$0.1 million in the same year-ago quarter. Revenue in 2019 was C$0.8 million, compared with C$0.8 million in 2018.

“Throughout 2019, we’ve maintained our focus on prudent expense control and strategically allocating our resources as we prepare for the imminent launch of the SOLO EV,” said CFO Bal Bhullar. 

“The entire leadership team at ElectraMeccanica has also kept the safety of our employees and partners as a top priority during these unprecedented times and we remain in a strong position to execute upon our operational and production goals.”

The latest version of the SOLO, with a sticker price of $18,500, boasts a top speed of 100 miles per hour on a 17.3-kilowatt-an-hour battery pack. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

 

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NASDAQ:SOLO
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