ElectraMeccanica (NASDAQ:SOLO) Vehicles Corp has said its revenue in the first quarter ended March 31, 2022, jumped by over 400% from the year-ago period to $1.05 million.
The company manufactured 170 units of its flagship SOLO purpose-built, single-seat electric vehicle (EV) during the period, delivering a total of 45 despite strong logistical headwinds.
The company said it maintains $215 million of working capital and that its Mesa, Arizona assembly plant remains on track to come online by year-end 2022.
READ: ElectraMeccanica Vehicles to showcase its SOLO Cargo EV at Chicago show from May 21-24, 2022
Loss per share was $0.15 during the quarter as the Canadian designer and manufacturer of environmentally efficient electric vehicles ramps up production, the company said.
The company's full 1Q report is available here.
The three-wheeled SOLO EV is engineered for a single occupant, it offers a unique driving experience for the environmentally-conscious consumer. Depending on driving conditions, temperature and climate controls, the SOLO has a range of up to 100 miles and a top speed of up to 80 mph.
The SOLO EV 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.
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