ElectraMeccanica (NASDAQ:SOLO) Vehicles Corp said it is entering 2022 in a "stronger position than ever" as the company continues to advance its flagship SOLO product - a three-wheel, single-seat electric vehicle (EV).
In a letter to shareholders recounting progress made last year, CEO Kevin Pavlov said: "Not only do we expect production to ramp significantly, but we have the necessary infrastructure surrounding sales, marketing, logistics and service networks in place to ensure success."
"Backed by a balance sheet with over $228 million to execute on our strategic priorities, we are confident in our ability to revolutionize the transportation space by providing consumers, fleets and rideshare users a purpose-built solution to solve today's urban driving challenges," he added.
The company boss noted that in August 2021, ElectraMeccanica (NASDAQ:SOLO) had 'broken ground' on its 235,000 square foot facility in Mesa, Arizona, USA which will serve as the firm's US-based assembly and engineering technical center for the 2023 model year SOLO.
READ: ElectraMeccanica Vehicles says it will showcase several variants of its SOLO EV electric vehicle at CES 2022 in Las Vegas
"The build-out of this facility - which has the initial capacity to produce 20,000 SOLOs per year - remains on track with an estimated completion in Summer 2022," said Pavlov.
"Once fully operational and taken in tandem with our dedicated facility through our strategic manufacturing partner, Zongshen, we will have the ability to produce up to 40,000 SOLOs annually," he added.
Pavlov also highlighted a strategic agreement with Bosch, which will support and provide maintenance to SOLO customers throughout the western USA ahead of an eventual expansion nationwide.
In 2021, the group expanded its retail presence in strategic markets throughout California, Arizona, Colorado, Washington, and Oregon, he added.
The SOLO has a range of 100 miles and a top speed of 80 mph and 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 & XM entertainment system.
Contact the writer at giles@proactiveinvestors.com