ElectraMeccanica Corrects Announcement about20 Unit SOLO Cargo Fleet Order
VANCOUVER, British Columbia, March 4, 2022 - ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, would like to correct its prior statement of February 23, 2022, to clarify that the party that is in advanced discussions with the Company on a potential order for 20 SOLO Cargo EVs is actually Pelican Food Concepts, which is a franchisee of Mountain Mike's Pizza, and not Mountain Mike's Pizza, LLC, the franchisor and brand, itself.
Further, while Pelican Food Concepts has agreed to be an initial test, reference and market validation account for ElectraMeccanica, provided that the SOLO Cargo EV vehicles meet its pizza delivery specifications for cost and performance in initial trials, an actual order for 20 vehicles has not yet been formally contracted between the parties. The parties believe, however, that an order for 20 vehicles (or a comparably sized order), will be placed once final engineering and production of the vehicles occur, which is expected early in the third quarter of this year.
"We are truly excited about the prospect of becoming one of the first customers for ElectraMeccanica's SOLO Cargo EV units. It makes a lot of sense for our business needs and the food-delivery part of our restaurant model," said Phillip Dade, a representative of Pelican Food Concepts. "We feel this unique EV fits well with our sustainability goals as a franchise owner and equally as important it could further enhance our bottom line profitability."
Given its right-sized capabilities, the SOLO Cargo creates an ideal price point in the market for restaurants that handle their own in-house deliveries. The SOLO Cargo is expected to offer a low total cost of ownership alternative, which incorporates an attractive vehicle acquisition price point, along with lower ongoing maintenance requirements and lower annual insurance premiums. Additionally, the SOLO and SOLO Cargo is expected to support those businesses looking to reduce their carbon footprint by transitioning to an electric vehicle and downgrade their oversized traditional gas-powered fleet vehicles.
Kevin Pavlov, CEO of ElectraMeccanica, added, "Pelican Food Concepts is a great example of the perfect use case for our innovative SOLO Cargo EV in fleet applications. The food-delivery space is growing rapidly, and for those restaurants that handle some or all of their deliveries in house, cost and efficiency are paramount concerns. The SOLO Cargo EV is expected to directly address the growing need for a scalable delivery solution while also helping businesses and restaurants enhance their profitability in food delivery.
ElectraMeccanica requests that any third party media sites that may have reproduced our news release of February 23, 2022 remove such news release and correct any misstatements, as applicable, based on this corrective news release.
About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs). The company's flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. The SOLO has a range of 100 miles and a top speed of 80 mph, making it safe for highways. The SOLO also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system.
It blends a modern look with safety features at an accessible price point of $18,500 for the consumer model and $24,500 for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here. For more information, please visitwww.electrameccanica.com.
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