On Thursday, Nov.19, Electrameccanica Vehicles Corp. (NASDAQ: SOLO) stock price increased by 3,951% Electrameccanica is best known for making a three-wheeler electric vehicle called SOLO, and at $ 18,500, SOLO offers a maximum range of 100 miles With a top speed of 80 mph, Electrameccanica also sells a four-wheeler two-seat car called the eRoadster, and it starts at $ 124,900.
Since Electrameccanica announced its earnings last week, its share price has risen last week. The company’s share price has increased by 8396% and momentum has been driving large volumes of deals. Over 90 million of the company’s shares were traded yesterday
The company last week announced stronger-than-expected results for the third quarter of 2020. Analysts had expected a loss of $ 0 11 per share, but the company ended up publishing $ 0 19 per share according to Fool.com but under GAAP, Electrameccanica lost 14. CAD $ 9 million, about 3 times the amount you lost a year ago from CAD $ 3 million
This loss was not surprising as management said it has just started producing and delivering the first shipment of SOLO EVs in U Q in Q3 and this first shipment will not reach consumers yet, as it will be used specifically for high ROI activities such as press events and marketing Test drive, etc. These marketing activities are expected to increase consumers’ demand for single
Electrameccanica shares also seem to benefit from the momentum of the electric vehicle space in general: Electric vehicle companies Xpeng, Nio and Li Auto in China reported better-than-expected earnings recently; Tesla was recently added to the S&P 500; Nikola’s discussions with GM’s partnership are still ongoing
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