The electric car industry has grown by leaps and bounds over the past half a decade or so and other than industry leader Tesla, many other companies have been established during this period. One of the more promising companies in that regard is Canada based electric vehicle manufacturer Electrameccanica Vehicles Corp (NASDAQ:SOLO).
The company has emerged as one of the biggest names in the electric vehicles sector and in recent time the company has ramped up its business considerably. Hence, it is worthwhile to have a closer look at the recent happenings at Electra.
Strong Pre-Orders Worth $2.4 billion in potential sales
The company’s pre-orders across all models have also been boosted significantly in recent times. Back in October, Electra released an update on the number of pre-orders it had received for its electric vehicles and the numbers proved to be highly promising. Electra revealed that until October 22 the company had received as many as 64,154 pre-order across the range of all its electric car models.
Out of those orders, 41124 orders were for the Tofino two-seat roadster sports car which has MSRP of $50,000. On the other hand, 23,030 orders were received for the solo passenger model known as SOLO. SOLO has an MSRP of $15,500.
The company also received the refundable pre-order fee of $250 for SOLO and $1000 for Tofino. The Chief Executive Officer of Electra, Jerry Kroll revealed the figures with regards to potential sales. He said, “These orders represent $2.4 billion in potential sales at the expected vehicle MSRPs, presenting a large market for us to address as we scale vehicle production with our strategic manufacturing partner.” Those are serious numbers and clearly prove that Electra is now a major player in the electric vehicles industry.
Impressive Progress in model SOLO
Soon after that particular announcement from the company, Electra revealed in November that it was in the last stretch of starting production and delivery of its single-seat model SOLO. The company revealed that it was applying finishing touches to ‘engineering validation’ and fine-tuning its processes in order to start delivering the vehicles in question. It is a significant development for the company as it readies to start delivering its vehicles to customers and emerges as one of the more important companies in this particular industry.
Includes Bal Bhullar in the board of directors
However, that is not all. In recent times, the company has also taken important executive decisions in order to sustain Electra’s growth story. This morning, Electra announced that the current Chief Financial Officer of the company Bal Bhullar, has been included in the board of directors. The appointment went into effect on December 6 only and came about following Shaun Greffard’s resignation.
Bhullar is a highly experienced executive and boasts of an experience of as much as a quarter of a century. His experience lies in risk and financial management in addition to diversified business.
This is another important development for Electra and one that could have far-reaching positive effects on the company as a whole.
Happy Trading,
TradersInsights Team
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