Vancouver EV manufacturer ElectraMeccanica sees its shares jolt upward on NASDAQ
The ElectraMeccanica zero-emission Solo is still a rare sight in Vancouver.
That's because only 64 of these one-seat electric-vehicle prototypes had been built by mid-March, when the pandemic started causing economic chaos.
But the Vancouver-based company's share price has recently been on a tear.
On July 2, ElectraMeccanica closed at US$3.13 on NASDAQ after peaking at US$3.55 on the day. In after-hours trading, the stock climbed to US$3.32.
There was exceptionally heavy volume, with nearly 130 million shares changing hands. The market capitalization stands at US$197.1 million.
The current share price is nearly double the June 11 closing price of US$1.58 when 11.6 million shares were exchanged.
On June 12, the designer and manufacturer of three-wheeled vehicles announced that it had raised US$20 million in a recent offering of 10,000 common shares at $2 per share.
Four days later, ElectraMeccanica revealed that it plans to open new retail locations for the Solo EV at Scottsdale Fashion Square in Arizona and later in Portland, Oregon.
That will be in addition to its Los Angeles showroom at Westfield Century City.
“Our updated plan to open new direct-to-consumer retail locations at high-traffic retail centers in EV-friendly cities provides a unique opportunity for potential customers to learn more about ElectraMeccanica and the Solo," CEO Paul Rivera said.
The Solo has a manufacturer's suggested retail price of $18,500 and it travels 160 kilometres without recharging. The EV reaches a top speed of 128 kilometres per hour, powered by a liquid-cooled motor.
In the first quarter of 2020, ElectraMeccanica posted an operating loss $6.9 million, a net loss of $1.9 million, and revenues of $116,813.
On March 31, it had $7.5 million in cash, cash equivalents, and short-term deposits.