ElectraMeccanica Appoints Former GM Executive Susan Docherty as New CEO, Moves Corporate Headquarters to US (from Burnaby)Tuesday, December 6, 2022
Seasoned Growth Executive Susan Docherty Assumes Both CEO and Interim COO Roles
Kevin Pavlov and Joe Mitchell Resign Effective Immediately
Mesa Manufacturing Facility to be Commissioned on December 12, 2022, Become New Corporate HQ
Vancouver, BC, December 6, 2022--(T-Net)--ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today announced substantial leadership and operating changes in order to accelerate its transition to onshore manufacturing and commercialization of its unique horizontal market.
Susan Docherty, CEO, ElectraMeccanica
Susan Docherty, a proven CEO, executive and board member with three-plus decades of experience driving growth, transforming brands and defining markets - including over 25 years at General Motors - assumes both the CEO and Interim COO roles effective immediately.
Kevin Pavlov and Joe Mitchell, respectively the outgoing CEO and COO, have resigned to pursue other opportunities.
In connection with this leadership change, the Company also announced that it will officially commission its Mesa, Arizona manufacturing facility on December 12, 2022; and hold its first-ever investor day on February 15, 2023.
The company also announced that the new CEO has decided to commit the Company fully to its multi-billion dollar US market by making Mesa ElectraMeccanica's corporate headquarters (currently in Burnaby, BC).
"Burnaby, British Columbia was an excellent HQ for the first stage of the Company's Founder-led growth. But now that ElectraMeccanica is ready to scale, the reality is that - as a consumer-centric organization - the business needs to be close to the communities and markets it serves, so that we can continuously adjust and improve how we meet consumer needs in real time", said the company in a related announcement on its blog. "Putting both our manufacturing and our leadership at the heart of it just makes sense."
About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a designer and manufacturer of environmentally efficient electric vehicles (EVs). The company's flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility.
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 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.
It blends a modern look with safety features at an accessible price point of $18,500 (MSRP) for the consumer model and $24,500 (MSRP) for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here.
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. [ MORE ]
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such risks and other factors include, among others, the prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate.
Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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