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Have you ever driven a Canadian-made automobile? To complete the picture, it is a fully electric vehicle with a remarkable design suitable for only one person. Make an impact on your environment and impress them with this innovative tricycle. And what efficiency do you get out of it? At $18.5K it is very affordable, sustainable and it will attract the attention of many people. Does this sound like an unforgettable experience or investment? Then we would like to introduce you to ElectraMeccania Vehicles Corp. (OTC: SOLO).
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Electrameccania is a Canadian designer and manufacturer of its own electric vehicles. One model in particular attracts the attention of many car enthusiasts, the SOLO. The focus is on improving commuting, delivery and shared mobility. With a range of 100 miles per charge, a top speed of 80 mph and a maximum charging time of 3 hours, this urban driver is a highly functional vehicle that allows any city to be traversed quickly and easily. The goal is to eventually produce 20,000 SOLO’s per year from mid-2020. The vehicles will be manufactured in China and possibly exported from there.
Why China is a strategic move
The SOLO is produced in Chongqing, China, by a subsidiary of the strategic partner, Zongshen Industrial Group. It’s a multinational company that is also China’s largest manufacturer of motorcycles and three-wheeled vehicles. It produces more than 1 million units per year. In addition to ElectraMeccania, they have partnerships with more than 50 different leading brands.
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According to JP Morgan, the production and sale of electric vehicles is nowhere else in the world as dominant as in China. China is expected to account for 59% of global electric vehicle sales this year. China will account for more than 50% of global sales over the next five years. The SOLO is in a favorable and emerging class of the automotive market, the popularity of mini-EVs with smaller battery packs designed for short distances and the noisy urban traffic are popular. In addition to the practical features, the vehicles are easier to produce, making the sales price relatively low. The following example shows that China is the market leader in electric vehicles. No less than 320,000 of the 600,000 worldwide public charging points can be found in China.
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“The JP Morgan research team predicts that the compound annual growth rate (CAGR) of the Chinese New Electric Vehicles (NEV) market (EVs and PHEVs) will be 46% by 2020, with 2.5 million units produced in that year – 25% above the government’s target of 2 million units”.
JP Morgan
The automotive industry is undergoing a radical transformation
In the coming decades, car manufacturers will phase out the production of cars with an internal combustion engine. Governments are steering their policies towards more sustainable and efficient mobility so that fuel emission targets are met. Where in 2016 only 1% of car sales consisted of electric vehicles, this is expected to rise to 18% in 2030. Another 40% will consist of full hybrids and plug-ins. In the United States and Europe, the automotive industry is lagging behind China. Plug-in hybrids appear to be a lot less popular here and it seems that consumers need more time with the transformation. Japan and Korea, on the other hand, seem to follow China more quickly and together will sell more than 384,000 electric vehicles. Targets and fines for carbon dioxide emissions in Europe and stricter regulations on fuel consumption in the United States will ultimately ensure that these regions accelerate the transformation of the car industry, whether or not due to government policy.
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The predecessors of three-wheeled vehicles
When thinking of tricycles, a few brands quickly spring to mind. Let’s see how they did it within the automotive industry. Carver – a Dutch tricycle manufacturer founded in 1994 – went into bankruptcy after a short adventure, despite the rave reviews of the BBC programme Top Gear. The commercialisation of the product was the problem, so that in the end the car would literally tip over. Elio Motors – an American carbike manufacturer founded in 2009 – was to launch its first production in 2012 and this is still to be done 8 years later. The problem is a significant lack of equity and investors. At the end of 2017, the company had $7K in its own bank account, while the company previously announced that it needed an investment budget of $376.6M and an additional $110.5M in down payments. Toyota (i-Road) – in 2020 together with Tesla the royal couple of the automotive industry – came up with a tricycle concept in 2013. Meanwhile in 2020 they have given it a new twist and many car critics are positive about the experience, at the same time there are few signs that a similar concept will soon appear on public roads. Previous launches like the BMW C1 and Renault Twizy also show little evidence on public roads. People are enthusiastic about the idea, but to actually go ahead and buy a tricycle seems a bigger step.
Can the SOLO meet a different need?
Electrameccania seems to have looked at its predecessors and seems to want to protect itself by adopting a different market strategy. The vehicle, with its relatively low purchase price and good manoeuvrability, would be a suitable vehicle for the logistics sector and delivery services. In addition, it would like to look at the possibilities for shared mobility. Apart from all its impressive features, the vehicle also has simplicity (such as the display and dashboard), making it user-friendly and easy to understand for everyone. In cities such as Paris, shared cars are currently in the streets, and in countries like Denmark and the Netherlands, the government is paying a lot of attention to introduce shared mobility in the society of tomorrow. For example, Mobility As A Service (MAAS) is a multi-million dollar project from the Netherlands. It describes a shift from personal transport modes to mobility offered as a service.
What does the share
The share closed at $4.15 per share and opened with a substantial increase in value of $4.80 per share. With growth of over 13%, the share is currently at $4.71 per share. Several brokers have recently released reports on SOLO. They upgraded the shares from a ‘hold’ rating to a ‘buy’ rating and set a target price that proved to be favorable. Aegis and Zacks Investment Research, among others, have gone along with this.
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