Electra Meccanica Announces $4 Billion Order Book for SOLO and Tofino Models
VANCOUVER, Nov. 14, 2017 /PRNewswire/ - With a growing demand for non-polluting, energy efficient vehicles, ElectraMeccanica Vehicles Corp. (OTCQB: ECCTF), a leading Canadian-based designer and manufacturer of electric vehicles, announced today combined corporate and retail orders amounting to 120,880 of its SOLO models and 39,642 Tofino models, totalling $4.38 billion (CAD) in anticipated purchase price value.*
With a mission to revolutionize the way people drive, Electra Meccanica designs and manufactures the SOLO (Retail: $19,888 CAD / $15,500 USD), an electric single passenger vehicle, and the Tofino (Retail: $50,000 CAD / $40,000 USD), a classic sports vehicle with today's technology. Both models use clean energy and feature a high-performance drivetrain as well as a lightweight composite body.
"It's clear that there is a healthy appetite for electric vehicles among the masses," said Jerry Kroll, Electra Meccanica CEO. "It's our job to release the proven potential of our products to these consumers at an affordable price point. In the coming years, we anticipate that our vehicles will be the ubiquitous electric vehicle."
The Company's orders have jumped from 44,047 vehicles combined as of September 14th, totalling $1.604 billion (CAD) in anticipated purchase price value. All retail orders of the SOLO require a $250 refundable deposit, while the Tofino orders require a $1,000 refundable deposit. Corporate orders require a Letter of Intent and all orders are non-binding. The company has received 14 Letters of Intent from corporate orders worldwide, including six from North America, six from Asia and two from Europe.
"The numbers don't lie: there is tremendous confidence in our products, from both the corporate and consumer standpoint," Kroll added. "Electra Meccanica is truly at the threshold of unleashing the next generation of affordable electric vehicles."
Currently producing at its Vancouver, British Columbia facility, by virtue of its manufacturing agreement with Zongshen Industrial Group Co. of China, the company expects larger scale production of the SOLO to begin by the end of the first half of 2018 in order to meet current and expected purchases. On October 2, 2017, the Company announced a manufacturing agreement with Zongshen to produce 75,000 all-electric vehicles over the next three years.
About ElectraMeccanica Vehicles Corp.
Electra Meccanica, a Canadian-based designer and manufacturer of electric vehicles, builds the innovative, all-electric SOLO, a single passenger vehicle developed to revolutionize the way people commute, as well as the Tofino convertible, an elegant high-performance sports car. Both vehicles are tuned for the ultimate driving experience while making your commute more efficient, cost-effective and environmentally friendly.
Intermeccanica has successfully been building high-end specialty cars for 57 years. Electra Meccanica, with its subsidiary Intermeccanica, is delivering next generation affordable electric vehicles to the masses.
More information can be found at EMVauto.com.
Safe Harbor Statements
* The customer may at any time, for any reason, cancel their order and have their deposit returned. Electra Meccanica does not consider any order as being secured until the vehicle has been delivered and full receipt of the remaining balance of the vehicle purchase price has been received.
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Electrameccanica Vehicles Corp.
Released November 14, 2017