Company Expects to Deliver 5,000 SOLO EVs from Zongshen Factory in FY2019
VANCOUVER, British Columbia, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Electra Meccanica Vehicles Corp. (NASDAQ: SOLO) ("Electra Meccanica" or the "Company"), a designer and manufacturer of electric vehicles, held a grand opening ceremony of the Zongshen SOLO EV production facility in Chongqing, China on Friday, February 22, 2019.
In attendance at the grand opening ceremony were several members of the Electra Meccanica management team and Board of Directors, as well as Zongshen factory management and the Canadian and United States Consul Generals. Initial production of the SOLO EV is currently underway at the facility. An update video of the high-volume Zongshen factory can be accessed here. The Company expects to produce approximately 50 SOLO EVs in the quarter ended March 31, 2019 as it ramps production considerably over the course of 2019 to deliver a total of 5,000 vehicles by year end.
"I am proud of our strategic partners at Zongshen, who have provided us with a state-of-the-art production facility and a highly-skilled production team to make the Electra Meccanica SOLO EV a reality," said Jerry Kroll, CEO of Electra Meccanica. "We remain confident in our ability to deliver the first 5,000 SOLO EVs in 2019 to our earliest supporters, providing them with an unforgettably unique zero-emissions driving experience. I believe we are poised to create notable shareholder value over the long-term and look forward to providing our shareholders with future updates on our production progress as appropriate."
"I am thoroughly impressed with the experience, dedication and professionalism that Zongshen has displayed," added Steven Sanders, Chairman of Electra Meccanica's Board of Directors. "Our strategic partners are truly dedicated to building a world-class vehicle alongside the team at Electra Meccanica."
The SOLO is a new single-passenger EV made by Vancouver-based automaker, Electra Meccanica. The SOLO, which retails for $15,500, has a 100 mile range, cruises comfortably at highway speeds and can charge on a regular household 110V socket in under 6 hours. For more information please visit www.EMVauto.com.
About Electra Meccanica Vehicles Corp.
Electra Meccanica is a designer and manufacturer of electric vehicles. The Company builds the innovative, all-electric SOLO, a single passenger vehicle developed to revolutionize the way people commute, as well as the Tofino, an elegant high-performance two seater electric roadster sports car. Both vehicles are tuned for the ultimate driving experience while making your commute more efficient, cost-effective and environmentally friendly. Intermeccanica, a subsidiary of Electra Meccanica, has successfully been building high-end specialty cars for 60 years. For more information, visit www.electrameccanica.com.
Forward Looking Statements
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Media Contact:
Sean Mahoney
(310) 867-0670
sean@ElectraMeccanica.com
Investor Relations:
Greg Falesnik
Managing Director
MZ Group - MZ North America
(949) 385-6449
greg.falesnik@mzgroup.us
www.mzgroup.us
Two photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/d7419148-4cd0-49c1-9343-9b9d254000d5
http://www.globenewswire.com/NewsRoom/AttachmentNg/3bd3fe37-b364-4ce9-b0be-36c6456ee3f7
