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VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) — ElectraMeccanica Cartage Corp. (SOLO) (“ElectraMeccanica” or the “Company”), a artist and architect of electric vehicles, today appear a letter to shareholders from Chief Controlling Officer, Paul Rivera.
2019 was a transformational year for ElectraMeccanica. Since abutting the Company as Chief Controlling Officer and Director in the summer, I accept remained laser focused on advancing a mass-market attainable SOLO EV for its cardinal 2020 barrage in Los Angeles, California, which is accepted to accommodate the commuter, commitment and aggregate advancement markets.
In aboriginal 2019, we took commitment of 50 pilot assembly cartage from our cardinal accomplishment accomplice in China, Zongshen Industrial Group, and deployed these for on alley validation testing throughout the United States and Canada. The “real world” tests resulted in engineering changes to the cartage including; switching to a aqueous cooled electric drive, modifying the council geometry and added fine-tuning of the Electronic Power Council calibration. As these changes took time, we additionally aesthetic the SOLO in subtle, but important, means as able-bodied – amalgam notable achievement and driver-comfort improvements. For instance, the assembly SOLO’s will action a new bench design, added stereo arrangement with Bluetooth technology, and bargain autogenous berth noise. All of these upgrades accept taken time to accommodate but will ultimately prove invaluable, allowance to ensure the acknowledged barrage of the SOLO and absolute customer feedback.
In Los Angeles, we accept been adamantine at assignment to agree affairs for the US launch. We opened our aboriginal retail kiosk in backward 2019 at the Westfield Century City Shopping Mall abreast Beverly Hills. The kiosk archetypal provides barter with the befalling to view, analysis drive and abode pre-orders in a avant-garde glassy storefront. We will absorb acquaint abstruse from our antecedent retail endeavor as we attainable added kiosks over the abutting agenda in added Southern CA locations, as able-bodied as the San Francisco area, Washington, and Oregon. Ultimately, we accept our cardinal barrage in the Los Angeles breadth will be absolute acknowledged accustomed the breadth is home to added than 4M commuters and a arch area in the U.S. for EV adoption. Our focus on “SOLO-Mobility” is a absolute band-aid to the challenges commuters face, accouterment an acquaintance that is unique, trendy, fun, affordable and environmentally friendly.
To ensure that the SOLO is attainable to consumers, ElectraMeccanica afresh entered into an acceding with FreedomRoad Financial, a civic lending academy accouterment retail agent loans to the nation’s arch agent manufacturers. Freedom Alley Banking will accommodate SOLO barter with adorable costs options. Added accompaniment incentives and rebates lower the upfront costs for SOLO authoritative the agent added affordable. To that end, accompaniment agencies in both California and Oregon, accommodate our barter with rebates as aerial as $2,500 per vehicle, admitting a federal tax acclaim provides up to 10% of the agent amount up to $2,500.
On the accumulated babyminding front, we connected to strengthen our Board of Directors with the arrangement of Mr. Peter Savagian, Former Director of Electrified Propulsion at GM who oversaw the barrage of assorted electrified agent platforms including the EV1, the constituent amalgam Chevy Volt, and the industry’s aboriginal all-embracing EV, the Chevy Bolt. Peter’s abysmal adeptness in electric agent development and production, makes him an invaluable addition. In December, we additionally appointed Chief Banking Officer Ms. Bal Bhullar to the Board. Ms. Bhullar brings cogent adeptness with over 25 years of acquaintance in banking and cardinal planning for accessible companies.
I durably accept the accomplish we accept taken as an controlling aggregation will position ElectraMeccanica to consistently accommodate the automotive mural and the approaching of commuting – an endeavor able-bodied account pursuing. I am appreciative of our team’s accomplishments in 2019 and their connected beheading into the long-awaited bartering barrage of the SOLO this year.
On account of the absolute aggregation at ElectraMeccanica, we acknowledge you absolute abundant for your connected support! As we move advanced together, we attending advanced to unlocking cogent actor amount over the long-term.
Paul Rivera, Chief Controlling OfficerElectraMeccanica Cartage Corp.
About ElectraMeccanica Cartage Corp.ElectraMeccanica Cartage Corp. (SOLO) is a Canadian artist and architect of electric vehicles. The company’s flagship agent is the avant-garde purpose built; single-seat electric agent alleged the SOLO. This agent will accommodate commuting, commitment and aggregate mobility. The SOLO provides a active acquaintance that is unique, trendy, fun, affordable and environmentally friendly. InterMeccanica, a accessory of ElectraMeccanica, has auspiciously been architecture high-end specialty cars for 60 years. For added information, amuse visit www.electrameccanica.com.
Safe Anchorage StatementExcept for the statements of absolute actuality independent herein, the advice presented in this account absolution and articulate statements fabricated from time to time by assembly of the Company are or may aggregate “forward-looking statements” as such appellation is acclimated in applicative United States and Canadian laws and including, after limitation, aural the acceptation of the Private Balance Litigation Reform Act of 1995, for which the Company claims the aegis of the safe anchorage for advanced statements. These statements chronicle to analyses and added advice that are based on forecasts of approaching results, estimates of amounts not yet determinable and assumptions of management. Any added statements that authentic or absorb discussions with account to predictions, expectations, beliefs, plans, projections, objectives, assumptions or approaching contest or achievement (often, but not always, application words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or advertence that assertive actions, contest or after-effects “may”, “could”, “would”, “might” or “will” be taken, action or be achieved) are not statements of absolute actuality and should be beheld as advanced statements. Such advanced attractive statements absorb accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements of the Company to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements. Such risks and added factors include, amid others, the availability of basic to armamentarium programs and the consistent concoction acquired by the adopting of basic through the auction of shares, accidents, activity disputes and added risks of the automotive industry including, after limitation, those associated with the environment, delays in accepting authoritative approvals, permits or costs or in the achievement of development or architecture activities or claims limitations on allowance coverage. Although the Company has attempted to analyze important factors that could account absolute actions, contest or after-effects to alter materially from those declared in advanced statements, there may be added factors that account actions, contest or after-effects not to be as anticipated, estimated or intended. There can be no affirmation that such statements will prove to be authentic as absolute after-effects and approaching contest could alter materially from those advancing in such statements. Although the Company believes that the expectations reflected in such advanced statements are based aloft reasonable assumptions, it can accord no affirmation that its expectations will be achieved. Advanced advice is accountable to assertive risks, trends and uncertainties that could account absolute after-effects to alter materially from those projected. Many of these factors are above the Company’s adeptness to ascendancy or predict. Important factors that may account absolute after-effects to alter materially and that could appulse the Company and the statements independent in this account absolution can be begin in the Company’s filings with the Balance and Exchange Commission. The Company assumes no obligation to amend or supplement any advanced statements whether as a aftereffect of new information, approaching contest or otherwise. Accordingly, readers should not abode disproportionate assurance on advanced statements independent in this account absolution and in any certificate referred to in this account release. This account absolution shall not aggregate an action to advertise or the address of an action to buy securities.
Investor Relations:Greg FalesnikManaging DirectorMZ Group – MZ North America(949) [email protected]
Media Contact:Sean MahoneyC. [email protected]
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