ElectraMeccanica (SOLO) is gaining the interest of Wall Street. A couple days ago the company provided an update on the opening of six new retail locations this past Fall. In addition, company management has issued a status report regarding its decision on the site search for a U.S.-based assembly and engineering technical facility.
ElectraMeccanica is also announcing an early-adopter test drive program called the SOLO Drive Tour as part of the expansion of its ongoing integrated marketing campaign.
Since October, ElectraMeccanica has opened six new retail locations in: San Diego, CA; Brea, CA; Scottsdale, AZ; Glendale, AZ; Santa Clara, CA and Walnut Creek, CA. All retail storefronts are fully operating and have expanded the company’s existing footprint from four to 10 locations in five key markets with more announcements planned for 2021.
Stifel analyst J. Bruce Chan started coverage of Electrameccanica on Dec. 15 with a $9 price target and a “buy” rating. He expects the company’s “compound annual sales growth to exceed 25% in both the passenger and commercial electric vehicle segments over 10 years,” according to The Fly. Electrameccanica has created “a defensible niche in the underserved commuter EV market,” explained Chan.
Raising its price target on SOLO stock to $12.50 from $7.50 and maintaining a “buy” rating on the shares, Roth added that Electrameccanica has been hiring “seasoned EV professionals” who’ve worked for top-notch automakers, “including Tesla (TSLA) and General Motors (GM).” Finally, the firm expects Electrameccanica’s backlog to grow.
