Canadian electric vehicle manufacturer ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) announced Tuesday it has selected Mesa, Arizona, as its manufacturing base in the U.S. following a year-long search.
What Happened: Mesa in the Greater Phoenix area will be home to ElectraMeccanica's U.S.-based assembly facility and engineering technical center, the company said in a statement.
The state-of-the-art engineering technical center, the company said, will include multiple labs to support comprehensive research facilities as well as vehicle chassis, battery pack and power electronics testing workshops.
Related Link: How to Buy ElectraMeccanica Vehicles (SOLO) Stock
The proposed facility in Mesa will support ElectraMeccanica's strategic plan to meet anticipated demand for its flagship SOLO EV. SOLO is a three-wheeled EV designed for a single occupant, having a range of 100 miles and a top speed of 80 miles per hour.
Why It's Important: When fully operational, the factory will have a capacity of manufacturing up to 20,000 SOLOs per year and offer employment for up to 500 people.
ElectraMeccanica expects this new facility to generate second order effects that will positively impact the local and state economies. Beyond working to address commuting and traffic congestion challenges in the region, the company plans to work with local municipalities to initiate a future pilot SOLO share ecosystem in the Mesa and the greater Phoenix region.
ElectraMeccanica shares were down 2% to $5.62 at publication time.