ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) is bringing a three-wheeler microcar to the streets of Los Angeles, which checks all the boxes for Millennials. It is all-electric like a Tesla, but way more affordable.
The compact three-wheeler, dubbed ‘SOLO’, is an electric one-seater vehicle that costs $16,250, and it is forecast to take over the West Coast.
By December, 5,000 will be zipping around the streets of Los Angeles, with an additional 70,000 to be delivered over the next two years across the West Coast, reported Bloomberg.
“ElectraMeccanica may have a market value of just $140 million, yet it has $2.4 billion in pre-orders,” reported the news agency.
Not surprisingly, shares in ElectraMeccanica shot up 36.7% to $5.92 in premarket trade Thursday.
There is some chatter about ElectraMeccanica being in talks to manufacture at General Motors Co’s (NYSE:GM) doomed Oshawa plant, Ontario plant, which is set to close this year and put 3,000 people out of work.
“We have had some discussions around that,” ElectraMeccanica CEO Jerry Kroll told Bloomberg, adding no decision has been made. “Nothing would make me happier than to rehire all of those people, with a Canadian-designed, engineered vehicle in Canada."
Congestion and the high cost of cars may have cooled the romance between Americans and their cars, especially for Millennials. But ElectraMeccanica may have an answer.
"Tesla is doing a good job on building big cars -- conventional cars that are electric," says Kroll. “This company is producing the car that Elon Musk wishes he were building,” Kroll said in a separate interview with Bloomberg Television. “It is great to produce a $45,000, a $100,000 car or a $250,000 car. But for the masses? A $15,000 car that can get them to stop using gas. That’s creative."
Contact Uttara Choudhury at [email protected]