ElectraMeccanica CEO says company stands 'at an inflection point'
ElectraMeccanica Vehicles Corporation has provided a corporate update through a video interview with company CEO, Paul Rivera, which was conducted last week and released yesterday by Proactive Investors. "We've continued our steadfast operational execution to bring the SOLO EV to market, a purpose built, trend-setting, single-seat EV that we believe will revolutionize commuting, delivery and shared mobility," said Paul Rivera, Chief Executive Officer of ElectraMeccanica. "Our company maintains a healthy financial position as evidenced by our $21.3 million in cash and cash equivalents in the second quarter as we continue to work closely with our strategic manufacturing partner and early investor, Zongshen Industrial Group, to bring the SOLO to market. Today, beyond the initial prototypes and Gen-1 SOLOs built in Canada, we've now produced the first pilot-production vehicles from our assembly operation in China. These have been undergoing extensive on-road validation testing throughout the US, Canada, and China. We're continuing to fine-tune various systems to ensure that we deliver our flagship vehicle to the market with the highest standards of safety, reliability and comfort. I've frequently said that the last 5% of this final stage of delivering a production vehicle is often the hardest; however, our entire team is moving rapidly to accomplish this goal. We will begin delivering our production SOLO's to early adopter customers in early 2020, strategically launching in the Los Angeles area first, followed by broader expansion into other West Coast markets. We stand at an inflection point as a company, moving from a great idea into commercial production. To support these initiatives, we've taken many strategic steps to enhance relationships with partners, bolster our team and ensure the vehicles we are delivering meet our high standards, which ultimately, will help support a much larger, more mature organization. We're also working to ensure a seamless and convenient customer experience. I look forward to providing future investor updates as we launch this category-defining vehicle and create sustainable, long-term value for our shareholders."