ElectraMeccanica ends 4Q with over $129M in cash to help drive SOLO ambitions in the US in 2021

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) ended its 4Q 2020 with a healthy $129.5 million in the bank to power its SOLO US rollout in 2021, according to its financial results released after the bell on Tuesday. The electric vehicle manufacturer expanded its SOLO retail footprint to six new locations during the quarter, eventually adding more to hit 10 additional high-end shopping centers by March 2021. READ: ElectraMeccanica selects Phoenix suburb of Mesa for its US-based assembly facility and engineering technical center “2020 was a transformative year for ElectraMeccanica, one that began with the launch of our first retail locations and ended with the arrival of the first production SOLO EVs onto US soil,” CEO Paul Rivera said in a statement accompanying the results. “In a relatively short amount of time, we have expanded our geographic presence across soon-to-be 20 locations in five US states and made great progress in building our order book to support our long-term scaling efforts. We’re also close to breaking ground on our new US facility in Mesa, which, when complete, will dramatically increase our technical and production capabilities while creating hundreds of new jobs for the local economy.” Total 4Q revenue came in at $224,000, compared to $238,000 in the same year-ago quarter. The decrease in revenue was primarily attributable to a decrease in revenue associated with the sale of custom-built roadsters, according to the company. Net loss for the quarter was $41.1 million as a result of the increased G&A and R&D expenses as well as a change in the fair value of the company’s warrant derivative liability. For the full financial year, ElectraMeccanica posted revenue of $569,000 compared to $586,000 in 2019. Strong position “We ended the year with more than $129 million in cash on the balance sheet, putting us in the driver’s seat heading into 2021,” CFO Bal Bhullar added. “With the construction of our US assembly facility and engineering technical center on the horizon, we are in our strongest financial position to date, both from a cash position as well as our controls and procedures.” Shares of ElectraMeccanica were trading at $5.12 aftermarket on Tuesday afternoon. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas