Annonce • Apr 07
Electrameccanica Vehicles Files Form 15 Electrameccanica Vehicles Corp. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Shares under the Securities Exchange Act of 1934, as amended. Reported Earnings • Mar 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$0.48 loss per share (improved from US$1.04 loss in FY 2022). Net loss: US$57.6m (loss narrowed 53% from FY 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 4.3%. Annonce • Jan 26
Electrameccanica Vehicles Corp. Announces Retirement of Kim Brink as Chief Revenue Officer, Effective April 24, 2024 On January 23, 2024, ElectraMeccanica Vehicles Corp. notified Kim Brink, the Company’s Chief Revenue Officer, that the Company will not renew the Executive Employment Services Agreement, dated December 24, 2021, between the Company and Ms. Brink. The initial term of the Brink Employment Agreement was until January 24, 2024 and was automatically renewed for three months to April 24, 2024 in accordance with the terms of the Brink Employment Agreement. Ms. Brink’s last day of employment with the Company will be April 24, 2024. Annonce • Jan 12
Xos, Inc. (NasdaqCM:XOS) entered into a definitive arrangement agreement to acquire Electrameccanica Vehicles Corp. (NasdaqCM:SOLO). Xos, Inc. (NasdaqCM:XOS) entered into a definitive arrangement agreement to acquire Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) on January 11, 2024. Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica in an all-stock transaction. Following the close of the transaction, ElectraMeccanica’s shareholders will own approximately 21.0% of Xos, subject to certain adjustments. The board of directors of the combined company will consist of nine directors, comprising six directors designated by Xos, including Xos co-founders Dakota Semler and Giordano Sordoni (who also serves as Xos’ Chief Operating Officer), and three directors designated by ElectraMeccanica. The management team of Xos will continue to manage the business of the combined company following the completion of the transaction. In the event such termination fee is payable by Xos or ElectraMeccanica, Xos will be required to pay ElectraMeccanica or ElectraMeccanica will be required to pay Xos, respectively, a termination fee of $6 million.
The transaction is subject to required approvals of Xos’ stockholders and ElectraMeccanica’s shareholders, court approval of the transaction, certain third-party approvals and other customary closing conditions. The members of the boards of directors of both companies unanimously approved the proposed transaction. The transaction is expected to close in the first half of 2024.
Greenhill & Co. Canada Ltd. is serving as financial advisor to ElectraMeccanica and also provided a fairness opinion to the ElectraMeccanica Board in connection with the proposed transaction. Snell & Wilmer L.L.P.; and David Frost and Gerald Gaunt of McCarthy Tétrault LLP are serving as legal counsel to ElectraMeccanica in connection with the proposed transaction. Houlihan Lokey is serving as financial advisor to Xos. David Peinsipp and Logan Tiari of Cooley LLP and Osler, Hoskin & Harcourt LLP are serving as legal counsel to Xos in connection with the proposed transaction. Annonce • Dec 22
ElectraMeccanica Vehicles Corp Appoints Joanne Yan as Director ElectraMeccanica Vehicles Corp. announced the results of the 2023 annual general meeting held on December 21, 2023 approved appointment of Joanne Yan as director. Recent Insider Transactions Derivative • Dec 07
Co-Founder & Director notifies of intention to sell stock Jerry Kroll intends to sell 500k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of November. If the sale is conducted around the recent share price of US$0.41, it would amount to US$205k. Since March 2023, Jerry has owned 5.15m shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 losses of -US$0.46 per share expected, vs -US$0.41 per share profit forecast previously. Revenue forecast reaffirmed at US$600.0k. Auto industry in the US expected to see average net income growth of 2.8% next year. Consensus price target down from US$0.57 to US$0.50. Share price was steady at US$0.40 over the past week. Annonce • Nov 10
Tevva Motors Limited Files A Complaint in the United States District Court for the District of Arizona Against ElectraMeccanica, 1432952 B.C. Ltd., 1432957 B.C. Ltd ElectraMeccanica Vehicles Corp. announced that Tevva Motors Limited (Tevva) filed a complaint (the Complaint) in the United States District Court for the District of Arizona on November 3, 2023 against ElectraMeccanica, 1432952 B.C. Ltd. (Holdco), 1432957 B.C. Ltd. (Parentco) and Susan E. Docherty, ElectraMeccanica’s Chief Executive Officer and Interim Chief Operating Officer. As previously announced, on October 4, 2023, ElectraMeccanica notified Tevva of the termination of that certain arrangement agreement (the Arrangement Agreement) dated August 14, 2023, by and among ElectraMeccanica, Tevva, Holdco and Parentco, pursuant to which ElectraMeccanica and Tevva were to combine by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the Arrangemen). The Complaint alleges breach of contract, defamation and tortious interference by the defendants, as applicable, in connection with the Arrangement Agreement and the transactions contemplated therein. The Complaint seeks actual damages of US$75 million, unspecified punitive damages and attorneys’ fees and costs. Additionally, the Complaint seeks preliminary and permanent injunctive relief (i) preliminarily prohibiting ElectraMeccanica from completing a merger with any other merger partner pending resolution of the Complaint; (ii) preventing ElectraMeccanica from dissipating its cash reserves through dividend or otherwise; (iii) requiring ElectraMeccanica to complete the Arrangement with Tevva; and (iv) otherwise requiring effectuation of the Arrangement. ElectraMeccanica and the other defendants believe that Tevva’s allegations are without merit and intend to vigorously defend their position to the fullest extent permitted by law. ElectraMeccanica also intends to pursue its own legal rights and remedies against Tevva. Reported Earnings • Nov 05
Third quarter 2023 earnings released: US$0.16 loss per share (vs US$0.18 loss in 3Q 2022) Third quarter 2023 results: US$0.16 loss per share (improved from US$0.18 loss in 3Q 2022). Net loss: US$18.8m (loss narrowed 13% from 3Q 2022). Revenue is expected to decline by 158% p.a. on average during the next 2 years, while revenues in the Auto industry in the US are expected to grow by 17%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Annonce • Nov 04
Electrameccanica Vehicles Corp., Annual General Meeting, Dec 21, 2023 Electrameccanica Vehicles Corp., Annual General Meeting, Dec 21, 2023. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, Interim COO & Director Susan Docherty was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Oct 13
Electrameccanica Vehicles Corp. Announces Chief Financial Officer Changes ElectraMeccanica Vehicles Corp. announced that its CFO, Mark Orsmond will be succeeded, effective immediately, by Stephen Johnston. Orsmond’s departure reflects a mutually-agreed transition and allows the outgoing CFO to pursue other interests, while leaving the Company’s financial reporting, cost controls and balance sheet in superior condition. Stephen Johnston, with whom Orsmond, ElectraMeccanica’s Board and the rest of its management team have been working in a consulting role since June, 2023, now will take on the business’s CFO responsibilities. Mr. Orsmond will continue to assist the Company with Johnston’s onboarding under a 60-day consulting agreement. Mr. Johnston most recently served as the CFO for Ideanomics, a high growth international manufacturer of two- and four-wheeled electric vehicles with operating subsidiaries in seven countries including the US, China and Italy, where he was responsible for acquisition integration as well as streamlining its financial reporting operations. Prior to that, he held CFO positions at Dura Automotive and the North American division of Tower Automotive, Tier-1 auto-industry OEM’s. He began his career at KPMG, where he ultimately became a partner focusing on materials and manufacturing for the transportation, automotive, automation, metals and engineered products sectors. Annonce • Oct 06
Tevva Motors Limited cancelled the acquisition of Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) in a reverse merger transaction. Tevva Motors Limited entered into an agreement to acquire Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) in a reverse merger transaction on August 14, 2023. Upon completion, ElectraMeccanica security holders will own 23.5% stake and Tevva security holders will own 76.5% stake of the combined company on a fully diluted basis. At closing of the proposed transaction, the combined company will operate as Tevva, Inc. It is anticipated that the combined company and its shares will trade on The Nasdaq Capital Market under the ticker symbol TVVA, subject to the receipt of all applicable Nasdaq approvals. The Board of Directors of the combined company will consist of nine directors, comprising five directors from Tevva and four directors from ElectraMeccanica, of which seven are expected to be deemed independent. Susan E. Docherty will become Chief Executive Officer of the combined company. Docherty also serves as a Board Director of The Brink’s Company. It is also expected that David Roberts, who has served as a Board Director for Tevva for three years, will become Executive Chairman of the combined company.
The transactions has been unanimously approved by both companies board of directors. The transaction is subject to the satisfaction or waiver of closing conditions, including, among others, required approvals of ElectraMeccanica’s and Tevva’s shareholders of the proposed transaction, the approval of the Supreme Court of British Columbia of the proposed transaction, and the conditional approval for the shares of the Resulting Issuer to be listed on of Nasdaq, required regulatory approvals. The proposed transaction is expected to close in the fourth quarter of 2023.
Greenhill & Co. Canada Ltd. acted as financial advisor to ElectraMeccanica and also provided a fairness opinion to the ElectraMeccanica Board in connection with the proposed transaction. Snell & Wilmer L.L.P., David Frost and Gerald Gaunt of McCarthy Tétrault LLP and Richie Clark, Howard White, Paul Taylor, Beth Silkin, Emma Bailey and Joanne Varia of Fox Williams LLP acted as legal counsel to ElectraMeccanica in connection with the proposed transaction. Lucosky Brookman LLP and Gowling WLG acted as legal counsel to Tevva in connection with the proposed transaction.
Tevva Motors Limited cancelled the acquisition of Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) in a reverse merger transaction on October 4, 2023. Price Target Changed • Oct 06
Price target decreased by 8.0% to US$1.04 Down from US$1.13, the current price target is an average from 2 analysts. New target price is 120% above last closing price of US$0.47. The company is forecast to post a net loss per share of US$0.41 next year compared to a net loss per share of US$1.04 last year. Major Estimate Revision • Aug 24
Consensus revenue estimates decrease by 94%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$9.75m to US$600.0k. EPS estimate increased from -US$0.66 to -US$0.41 per share. Auto industry in the US expected to see average net income decline 1.2% next year. Consensus price target up from US$1.05 to US$1.13. Share price fell 9.2% to US$0.72 over the past week. Annonce • Aug 17
Tevva Motors Limited entered into an agreement to acquire Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) in a reverse merger transaction Tevva Motors Limited entered into an agreement to acquire Electrameccanica Vehicles Corp. (NasdaqCM:SOLO) in a reverse merger transaction on August 14, 2023. Upon completion, ElectraMeccanica security holders will own 23.5% stake and Tevva security holders will own 76.5% stake of the combined company on a fully diluted basis. At closing of the proposed transaction, the combined company will operate as Tevva, Inc. It is anticipated that the combined company and its shares will trade on The Nasdaq Capital Market under the ticker symbol TVVA, subject to the receipt of all applicable Nasdaq approvals. The Board of Directors of the combined company will consist of nine directors, comprising five directors from Tevva and four directors from ElectraMeccanica, of which seven are expected to be deemed independent. Susan E. Docherty will become Chief Executive Officer of the combined company. Docherty also serves as a Board Director of The Brink’s Company. It is also expected that David Roberts, who has served as a Board Director for Tevva for three years, will become Executive Chairman of the combined company.The transactions has been unanimously approved by both companies board of directors. The transaction is subject to the satisfaction or waiver of closing conditions, including, among others, required approvals of ElectraMeccanica’s and Tevva’s shareholders of the proposed transaction, the approval of the Supreme Court of British Columbia of the proposed transaction, and the conditional approval for the shares of the Resulting Issuer to be listed on of Nasdaq, required regulatory approvals. The proposed transaction is expected to close in the fourth quarter of 2023.Greenhill & Co. Canada Ltd. acted as financial advisor to ElectraMeccanica and also provided a fairness opinion to the ElectraMeccanica Board in connection with the proposed transaction. Snell & Wilmer L.L.P., McCarthy Tétrault LLP and Fox Williams LLP acted as legal counsel to ElectraMeccanica in connection with the proposed transaction. Lucosky Brookman LLP and Gowling WLG acted as legal counsel to Tevva in connection with the proposed transaction. New Risk • Aug 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$86m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$86m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$80m net loss in 2 years). Revenue is less than US$5m (US$4.8m revenue). Market cap is less than US$100m (US$90.2m market cap). Reported Earnings • Aug 06
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: US$0.11 loss per share (improved from US$0.17 loss in 2Q 2022). Net loss: US$12.9m (loss narrowed 37% from 2Q 2022). Revenue missed analyst estimates by 95%. Earnings per share (EPS) exceeded analyst estimates by 38%. Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Auto industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. New Risk • Jun 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$77m net loss in 2 years). Market cap is less than US$100m (US$94.1m market cap). Breakeven Date Change • Apr 18
No longer forecast to breakeven The 2 analysts covering Electrameccanica Vehicles no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$20.4m in 2024. New consensus forecast suggests the company will make a loss of US$76.3m in 2025. Annonce • Feb 18
Electrameccanica Vehicles Corp. Announces Voluntary Recall ElectraMeccanica Vehicles Corp. announced it will voluntarily recall approximately 428 SOLO (G3) vehicles, model years 2021, 2022 and 2023. While driving, the vehicle may experience a loss of propulsion. An instrument cluster warning light illuminates, and the driver will experience a loss of power as the vehicle decelerates as if removing their foot from the accelerator pedal. Steering, braking, and lighting systems are not impacted. The vehicle can be restarted after a short period of time. In the event of sudden loss of propulsion, the vehicle maintains all other critical functionality including power steering, braking, and lighting, and in most instances allows the driver to pull over. However, due to the unexpected loss of propulsion, there may be an increased risk of crash, albeit the Company has not received any reports of injuries or crashes. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, Interim COO & Director Susan Docherty was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Nov 27
Co-Founder & Director exercised options to buy US$261k worth of stock. On the 22nd of November, Jerry Kroll exercised options to buy 227k shares at a strike price of around US$0.60, costing a total of US$136k. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. Since December 2021, Jerry's direct individual holding has increased from 3.68m shares to 6.06m. Company insiders have collectively sold US$796k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$0.18 loss per share (further deteriorated from US$0.11 loss in 3Q 2021). Net loss: US$21.5m (loss widened 68% from 3Q 2021). Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 85% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Auto industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Dietmar Ostermann was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Oct 29
Electrameccanica Vehicles Corp. Announces the Launch of its First-Ever TV Campaign ElectraMeccanica Vehicles Corp. announced the launch of its first-ever TV campaign with two creative spots airing in key markets in California and Arizona. Annonce • Oct 27
Electrameccanica Vehicles Corp. to Report Q3, 2022 Results on Nov 14, 2022 Electrameccanica Vehicles Corp. announced that they will report Q3, 2022 results After-Market on Nov 14, 2022 Annonce • Oct 07
Electrameccanica Vehicles Corp. Secures License to Sell SOLO EV in Arizona ElectraMeccanica Vehicles Corp. announced that it has secured licensing to sell its revolutionary single-seater electric vehicle, the SOLO, in Arizona. The SOLO is the mobility solution for what people and businesses actually need everyday to run errands, manage deliveries, commute to work and more. Its compact form factor is ideal for easy parking and storage in dense, crowded areas, just like the metropolitan expanse of Phoenix - which has been one of the faster growing cities in the US for years. This is also in advance of ElectraMeccanica’s forthcoming factory in Mesa, AZ which is being planned to come online by the end of 2022. Breakeven Date Change • Sep 29
No longer forecast to breakeven The 2 analysts covering Electrameccanica Vehicles no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$19.9m in 2024. New consensus forecast suggests the company will make a loss of US$23.7m in 2024. Buying Opportunity • Sep 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.7%. The fair value is estimated to be US$1.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 79% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6,514% in 2 years. Earnings is forecast to grow by 74% in the next 2 years. Annonce • Sep 23
Electrameccanica Vehicles Corp. Announces Management Changes On September 22, 2022, Isaac Moss resigned as Electrameccanica Vehicles Corp.'s Chief Administrative Officer and Corporate Secretary. On September 22, 2022, following the resignation of Isaac Moss as the Chief Administrative Officer and Corporate Secretary, the company's board of directors appointed Dean Anthony Dent, II as its Corporate Secretary. As a result, the company's current directors and officers are as follows: Kevin Pavlov, President, Chief Executive Officer and Director; Mark Orsmond, Chief Financial Officer; Joseph Mitchell, Chief Operating Officer; Bal Bhullar, Chief Compliance Officer; Kim Brink, Chief Revenue Officer; Tony Dent, General Counsel and Corporate Secretary; Steven Sanders, Non-Executive Chairman and Director; Jerry Kroll, Director; Luisa Ingargiola, Director; Joanne Yan, Director; David Shemmans, Director; Michael Richardson, Director; William Quigley, Director and Dietmar Ostermannm, Director. Annonce • Aug 25
Electrameccanica Vehicles Corp. Announces Executive Appointments ElectraMeccanica Vehicles Corp. announced that Bal Bhullar will now assume the newly-created role of Chief Compliance Officer and Tony Dent, a seasoned legal professional, has now been appointed General Counsel of the Company. Ms. Bhullar will be assuming the newly-created role of Chief Compliance Officer given both her professional experience at ElectraMeccanica and elsewhere, and her deep knowledge regarding the Company, its operations and its practices. In this role, Ms. Bhullar will be invaluable to both the finance and legal functions of the organization as it pushes towards commercial scale, smoothing the expected transition to full, onshore manufacturing capabilities at the end of 2022. Mr. Dent comes to ElectraMeccanica most recently from Harley-Davidson, where he steadily expanded a diverse portfolio of legal roles across the entire company, both inside and outside the US, including as their LiveWire division's Chief Counsel, where he served as primary counsel to Harley-Davidson's electric vehicle operations. With significant commercial and international law experience, Mr. Dent's portfolio at ElectraMeccanica will include, without limitation, the Company's licensing efforts - essential to expanding EMV's ability to sell more vehicles. Annonce • Aug 24
Electrameccanica Vehicles Corp. Appoints Mark Orsmond as Chief Financial Officer ElectraMeccanica Vehicles Corp. announced that Mark Orsmond, an experienced finance executive, will become Chief Financial Officer, effective immediately. In addition, Bal Bhullar will now assume the newly-created role of Chief Compliance Officer, and Tony Dent, a seasoned legal professional, has now been appointed General Counsel of the Company. Mr. Orsmond is a seasoned finance and corporate development executive who has held multiple CFO roles at engineering and technology-driven companies, including, most recently, his role as Executive Vice President and Chief Financial Officer of Taiga Motors, a leading public provider of all-electric off-road vehicles. Mr. Orsmond’s finance experience also includes fundraising, taking companies public and corporate development/M&A, both nationally and internationally, and he is also credentialled in supply chain management. Major Estimate Revision • Aug 18
Consensus revenue estimates fall by 37% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$13.1m to US$8.25m. Forecast losses increased from -US$0.56 to -US$0.66 per share. Auto industry in the US expected to see average net income growth of 11% next year. Consensus price target down from US$9.50 to US$8.50. Share price fell 3.0% to US$1.59 over the past week. Price Target Changed • Aug 15
Price target decreased to US$8.50 Down from US$10.00, the current price target is an average from 2 analysts. New target price is 359% above last closing price of US$1.85. Stock is down 46% over the past year. The company is forecast to post a net loss per share of US$0.56 next year compared to a net loss per share of US$0.37 last year. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: US$0.17 loss per share (down from US$0.10 loss in 2Q 2021). Net loss: US$20.3m (loss widened 77% from 2Q 2021). Revenue missed analyst estimates by 28%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 1,612%, compared to a 2,856% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jun 09
Consensus revenue estimates fall by 28% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$16.6m to US$12.0m. Forecast losses increased from -US$0.54 to -US$0.56 per share. Auto industry in the US expected to see average net income growth of 7.4% next year. Consensus price target of US$9.50 unchanged from last update. Share price fell 5.0% to US$1.51 over the past week. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Bill Quigley was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • May 15
Electrameccanica Vehicles Corp., Annual General Meeting, Jul 27, 2022 Electrameccanica Vehicles Corp., Annual General Meeting, Jul 27, 2022. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: US$0.15 loss per share (down from US$0.002 loss in 1Q 2021). Net loss: US$17.8m (loss widened US$17.7m from 1Q 2021). Revenue missed analyst estimates by 44%. Earnings per share (EPS) also missed analyst estimates by 9.8%. Over the next year, revenue is forecast to grow 1,410%, compared to a 1,613% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Annonce • May 13
Electrameccanica Vehicles Corp. Announces Management Changes Electrameccanica Vehicles Corp. announced that CEO Kevin Pavlov Expands Leadership Team With Experienced Operating Executives Joe Mitchell as COO and Kim Brink as CRO, Adds Seasoned Finance and Auto Executive Bill Quigley to Board of Directors. Annonce • May 12
Electrameccanica Vehicles Corp. Showcases Its Solo Cargo EV for the First Time At the National Restaurant Association Show ElectraMeccanica Vehicles Corp. announced the Company will showcase its SOLO Cargo EV for the first time at the National Restaurant Association Show taking place at McCormick Place in Chicago, IL from May 21-24. The SOLO Cargo EV is one of the only delivery-ready, commercially-viable electric vehicles designed around the premise that most restaurant and food-delivery activities do not need - and are often disadvantaged by – the use of full-size cars, vans, or trucks. The SOLO Cargo vehicle also offers safety, weather and temperature-protection advantages over two-wheeled options such as scooters, motorcycles and bikes. The all-electric, three-wheeled solution – which is available for order now for business customers – offers restaurant owners, chains and franchises a more efficient and cost-effective alternative to traditional third-party delivery options. The SOLO Cargo EV also provides customers with an option for branded wrapping that promotes their businesses, all while ensuring the quality of their product stays within their control. The SOLO Cargo EV boasts a lower total cost of ownership compared to traditional ICE vehicles, and is supported by delivery of completed, ready-to-go fleets along with wrapping, upfitting and telematics. The SOLO Cargo EV is now available for order by phone or email – all at an accessible MSRP of $24,500. First deliveries are planned for June 2022. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Bill Quigley was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$13.7m to US$16.2m. EPS estimate unchanged from -US$0.54 at last update. Auto industry in the US expected to see average net income growth of 4.0% next year. Consensus price target down from US$10.00 to US$9.50. Share price was steady at US$1.81 over the past week. Price Target Changed • Apr 27
Price target increased to US$10.00 Up from US$7.42, the current price target is an average from 2 analysts. New target price is 481% above last closing price of US$1.72. Stock is down 60% over the past year. The company is forecast to post a net loss per share of US$0.54 next year compared to a net loss per share of US$0.37 last year. Recent Insider Transactions • Apr 10
Insider recently sold US$529k worth of stock On the 7th of April, Henry Reisner sold around 250k shares on-market at roughly US$2.11 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$13m more than they bought in the last 12 months. Annonce • Apr 08
Electrameccanica Vehicles Corp. Appoints Automotive Veteran, William Quigley III, to Board of Directors ElectraMeccanica Vehicles Corp. announced the appointment of William (Bill) Quigley III to its Board of Directors. Mr. Quigley is an accomplished leader with a proven track record in large enterprises specific to the automotive industry. With 30 plus years in the industry, Bill’s career has included the following key roles: Executive Vice President and Chief Financial Officer at Dana Holding Corporation, an automotive, commercial vehicle and off-highway driveline, sealing and thermal tier 1 supplier; Executive Vice President and Chief Financial Officer at Visteon Corporation, an automotive systems supplier; and Vice President and Controller /Chief Accounting Officer at Federal-Mogul Corporation, a developer, manufacturer, and supplier of a diverse range of OEM and aftermarket automotive products. Most recently, Bill served as Senior Vice President and Chief Financial Officer at Nexteer Automotive Group Limited, a $3.5 billion steering and driveline tier 1, automotive supplier, assuming the role in 2016. Additionally, since 2015 he has served as a director and Audit Committee Chairman for Cadre Holdings Inc. a global leader in the manufacture and distribution of safety and survivability equipment for first responders. Bill graduated with a bachelor’s degree in Accounting from Michigan State University and is a Certified Public Accountant. Annonce • Mar 31
ElectraMeccanica Vehicles Corp Appoints Joseph Mitchell as Chief Operating Officer of the Company, Effective on April 1, 2022 ElectraMeccanica Vehicles Corp. announced the appointment of Mr. Joseph Mitchell as Chief Operating Officer of the Company, effective on April 1, 2022. Mr. Mitchell brings decades of experience in the automotive industry and most recently served as the Chief Executive Officer at Phoenix Motorcars, a subsidiary of SPI Energy, a global renewable energy company and provider of solar storage EV solutions. Mr. Mitchell was responsible for full P&L, strategic and business planning, operation planning and creating the product roadmap for Phoenix Motorcars. Previously, he served as President, CEO and a director of UQM Technologies Inc. Major Estimate Revision • Mar 29
Consensus revenue estimates fall by 15% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$16.4m to US$14.0m. Forecast losses increased from -US$0.53 to -US$0.54 per share. Auto industry in the US expected to see average net income growth of 1.8% next year. Consensus price target of US$10.00 unchanged from last update. Share price fell 5.5% to US$2.25 over the past week. Annonce • Feb 03
ElectraMeccanica to Begin Delivery of SOLO Cargo EV to Fleet and Commercial Customers in Second Quarter of 2022 ElectraMeccanica Vehicles Corp. announced the specifications of its SOLO Cargo EV as well as the timeline for the commencement of deliveries, expected to begin in the second quarter of 2022. The SOLO Cargo EV was developed based on direct input from prospective customers, having been modified with an expanded cargo box to accommodate a wide variety of applications for fleet and commercial customers with functionally and utility in mind. The SOLO Cargo EV has a range of 100 miles and a top speed of 80 mph, making it safe for highway use. It also features front and rear crumple zones, side impact protection, a Kevlar reinforced safety hoop, torque-limiting control as well as power steering, power brakes, air conditioning and a configurable entertainment system. SOLO Cargo EV dimensions?have been expanded to include cargo space for a total of 11.8 cubic feet of storage space – as compared to 5 cubic feet of storage in the standard SOLO EV. The uniquely styled vehicle is 53” tall and approximately 123” long, and the rear cargo dimensions are 37.5” long x 34” wide x 16” high. The Cargo version contains a variety of features for commercial applications including a bulkhead which separates the driver from the cargo contents, an adjustable/folding interior floor panel, cargo netting, lighting in the rear cargo space and a telematics enabled device. For added safety, the roof is reinforced with a Kevlar band. The SOLO Cargo EV is now available for order with your ElectraMeccanica fleet representative by phone or email – all at a starting MRSP of $24,500. Annonce • Jan 28
Electrameccanica Vehicles Corp. Announces Retirement of Henry Reisner, Co-Founder and the Current Executive VP and A Director ElectraMeccanica Vehicles Corp. announced the retirement of Henry Reisner, a co-founder and the current Executive VP and a director of the Company, with effect immediately. Recent Insider Transactions Derivative • Jan 17
Co-Founder & Director exercised options to buy US$2.7m worth of stock. On the 14th of January, Jerry Kroll exercised options to buy 1m shares at a strike price of around US$0.24, costing a total of US$298k. This transaction amounted to 34% of their direct individual holding at the time of the trade. Since March 2021, Jerry's direct individual holding has decreased from 4.48m shares to 3.68m. Company insiders have collectively sold US$12m more than they bought, via options and on-market transactions in the last 12 months. Breakeven Date Change • Jan 01
Forecast to breakeven in 2024 The 3 analysts covering Electrameccanica Vehicles expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$21.8m in 2024. Average annual earnings growth of 51% is required to achieve expected profit on schedule. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Richardson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 17
Co-Founder recently sold US$163k worth of stock On the 10th of December, Henry Reisner sold around 60k shares on-market at roughly US$2.71 per share. This was the largest sale by an insider in the last 3 months. Henry has been a seller over the last 12 months, reducing personal holdings by US$1.5m. Annonce • Dec 15
Electrameccanica Vehicles Corp. Announces 2023 SOLO EV to Be Assembled At the Company’s Mesa Manufacturing Facility in Arizona ElectraMeccanica Vehicles Corp. announced that the 2023 SOLO EV – to be assembled at the Company’s Mesa Manufacturing Facility in Arizona for delivery to the public in late 2022 – is now undergoing validation testing at a dedicated temporary testing facility. The validation testing is intended to ensure the new 2023 SOLO EV – which implements a suite of upgrades based on customer feedback – meets all desired specifications. The validation testing is taking place at a temporary facility in Rochester Hills, Michigan in conjunction with GLV Automotive. Board Change • Dec 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Richardson was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Dec 02
Co-Founder notifies of intention to sell stock Henry Reisner intends to sell 250k shares in the next 90 days after lodging an Intent To Sell Form on the 25th of November. If the sale is conducted around the recent share price of US$3.20, it would amount to US$800k. Since March 2021, Henry's direct individual holding has decreased from 2.38m shares to 1.90m. Company insiders have collectively sold US$11m more than they bought, via options and on-market transactions in the last 12 months. Board Change • Nov 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Dave Shemmans was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 13
Third quarter 2021 earnings released: US$0.11 loss per share (vs US$0.16 loss in 3Q 2020) Third quarter 2021 results: Net loss: US$12.8m (loss widened 15% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Board Change • Nov 01
High number of new directors CEO & Director Kevin Pavlov was the last director to join the board, commencing their role in 2021.