A small automobile company headquartered in a city with outrageous house prices wants you to buy shares. Electra Meccanica Vehicles Corp., the Vancouver-based builder of three-wheeled electric vehicles, has announced its listing on the NASDAQ.
The company’s $10 million public offering went live Thursday, listed as SOLO (common shares) and SOLOW (warrants). As you probably figured, Electra Meccanica calls its vehicle the “Solo,” which, as you also probably figured, carries a single occupant.
Looking like all three-wheelers do (strange), the Solo targets the cost-conscious commuter.
With a top speed of 82 miles per hour, a Solo provides a green driver with about 100 miles of emissions-free driving. The first production model rolled off the company’s Chinese assembly line early last month, with consumer testing expected to give way to commercial production in September.
Electra Meccanica inked a production deal with motorcycle maker Zongshen Industrial Group Co., Ltd last year, covering the building of 75,000 Solos over the next three years.
Looking normal from the front wheels forward, the Solo carries a sticker of $15,500 (USD). A refundable deposit of $250 is all it takes to reserve one, and the company says it plans to deliver 5,000 by September of 2019. That cash gets you a 1,488-pound vehicle with a single rear wheel driven by an 82 horsepower electric motor; a 17.3 kWh battery provides the juice. A full charge takes 6 hours at a 110-volt plug, though fast-charging capability exists.
“Electra Meccanica intends to use the net proceeds from this [public offering] for plant and equipment, production molds, sales and marketing and inventory associated with the mass production of its SOLO electric vehicle by Zongshen Industrial Group Co. Ltd., initial deliveries of which are anticipated in the fall of 2018,” the automaker said in a statement. It expects to close the offering on August 13th.
If you’ve followed the Elio Motors saga, you’ll know it’s hard to get a three-wheeled car off the ground. And it’s not just the development and financial elements (in Electra Meccanica’s case, its subsidiary, Intermeccanica, has built low-volume specialty cars for 59 years) — there’s also public perception to think about. While three-wheeled motorcycles are commonplace, adding an enclosed body to such a layout creates a vehicle with jarring proportions. It’s easy to be turned off. As well, many drivers like to have the option of carrying at least one passenger.
Electra Meccanica claims it has thousands of orders for the Solo, however. It sees the Solo’s role as being the ultimate in pint-sized, efficient commuting, and hopes the public offering brings in the cash to turn volume production into a reality.
Should you ever find yourself arriving in Vancouver by seaplane, you’ll have a chance to drive the Solo alongside that city’s crop of high-end exotics. The company recently entered into a ridesharing partnership with the Vancouver Harbour Flight Centre.
[Image: Electra Meccanica]
Looks like the next car for my ex-wife.
I was about to say. Only for my enemies a car like this, made in China and cost $15.5K
Whatever happened to Elio Motors in Louisiana??
Still sending emails twice a week. No updates on anything substantial. I’ve long since forgotten what their last predictions were.
As Jay Leno observed, how do you ever miss a pothole in a three-wheel car?
By drifting?
I think, main point of this car is this – if you get ran over, you die and problem solved. Because in better car you are going to survive and suffer for the rest of your life from life-modifying injuries.
By being mid-flip?
I like it. I won’t buy one. Neither will anyone else. No passengers is a deal breaker.
If you are castrated, that should be it.
Planned parenthood is going to buy thousands of these. Hell, religious groups advocating abstinence will buy even more!
“Solo provides a green driver with about 100 miles of emissions-free driving.”
Such misleading on such smart website. Commmmeoooooon
Tailpipe-free driving, then.
ped·ant·ry
ˈped(ə)ntrē/
noun
excessive concern with minor details and rules.
“to object to this is not mere pedantry”
synonyms: dogmatism, purism, literalism, formalism
I know new vs. used is an old debate, but $15.5k will buy you a very nice CPO Nissan Leaf with 4 seats and 4 wheels and 3 dealerships in town that can fix it.
you can get a nice Prius too (if Prius can ever be nice)
In 2 years you’ll be able to get 3 CPO Solos for $15.5k… and you’ll need to if you want to get most of the family to the destination!
Something slipped off my mind. For $15K US you can get 2015 BMW i3.
And for another $15K US you can get an extended warranty comprehensive enough to cover expected BMW repairs. :-D
Back to the Solo: Apparently this little bug is decently quick, which combined with being tiny ought to make it pretty fun to drive. There are many nice things about a used Leaf, but sparkling acceleration ain’t one of them.
Looks like an enclosed, three-wheeled motorbike to me. But has it been tested in a crosswind? It looks like a sail. Just imagine tacking one of these things through a thunderstorm in freeway traffic!
Does it come with a matching set of white socks and loafers?
LS-swap imminent.
The only way a three wheeler makes any sense is if the front wheels have the ability to lean into a turn the way that a two wheeler does. I once saw such a design, and the vehicle had a 2 seat in-line cockpit with a greenhouse that slid back like old fighter planes had. Something like that could be a motorcycle alternative that could offer some protection from the elements. This thing has neither the excitement of a motorcycle nor the practicality of a sub-compact car.
Completely pointless
I would like to place an order with Electra Meccanica.
Gentlemen:
Having perused a review of your upcoming single-seater Solo electric three-wheeled vehicle, I would like to order you to NOT build one for me. Half a car, made in China, with no room for a single passenger? Have you been smoking too many of those little nasty red meth pills? This thing is going to crash and burn, figuratively and occasionally, literally.
82 hp electric motor, a 675 kg frame and RWD? Might be fun to drive on a twisty country road, especially in winter. The complete lack of any safety features or stability control would keep you on the edge the entire time.
As a serious commuter vehicle? Oh god no.
All the danger of a motorcycle- none of the fun.
Only plus, really, is that it’s completely enclosed.
At $15k, there is nothing “value conscious” about this vehicle.
At all.
Buy a Versa, save $3k, spend it on fuel and resale and not dying.
Conceptually, I like the idea of these three wheeled cars. Practically, I can’t see a good reason for one. Far too many compromises.
Does this car remind anyone else of the old Corbin Sparrow? It looks like it could be an update of the exact same car…
It is indeed. I can’t remember the exact situation, but they definitely bought the design from Corbin.
I’d consider buying one.
Are 3 wheelers eligible for the federal incentive? 15,500 – 7500 would make it only $8000.
I also think the price could come down.
I’ve always thought about buying something like a leaf as a spare car to drive to work. who needs 3 extra seats to drive to work? If I’m doing something special that day where I need extra seats I’ll just drive another car?
I’m not paying $15,500 but if it gets closer to 10 grand I’m all over it
Who needs “passes any crash testing at all” to commute to work?
Is it worse than a moped? I’ve considered that option too, but I worry about the rain.
Well – I guess it has more occupant protection than a motorcycle, and it’s less expensive new than other electrics. If someone NEVER needs to carry a passenger, and doesn’t mind the dorky shape/weird factor, whatever.
A slightly more “car”ry Peel P50?