ElectraMeccanica CEO Paul Rivera discusses expanding production in China with a new plant in the United States
ElectraMeccanica CEO Paul Rivera discussed the electric vehicle industry’s growth trajectory during an exclusive interview with “Mornings with Maria” on Tuesday, saying his company is “riding the macroeconomic winds now”.
On Tuesday, Rivera announced in the program that the electric vehicle designer and manufacturer is expanding production outside China with a new plant in the United States.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| ONLY | ELECTRAMECCANICA VEHS CORP | 5.62 | -0.13 | -2.26% |
Nasdaq-listed ElectraMeccanica chose Mesa, Arizona, a Phoenix suburb, for its assembly facility and technical engineering center in the United States, according to a press release. The company is a manufacturer of three-wheel electric vehicles based in Vancouver, Canada.
“The biggest reason for us is that we want a product made in the USA,” said Rivera.
“We want to mitigate Chinese tariffs,” he added. “We want to take advantage of the talent pool in the United States. We want to make sure that we can access a logistical base, so there are many reasons to do that and we are very excited to be here in the USA ”.
The new facility will support ElectraMeccanica’s goal of meeting the expected demand for its flagship SOLO EV with a production capacity of up to 20,000 vehicles per year, according to the statement, which highlighted the factory, which has an assembly plant for light vehicles and state of the art engineering engineering center, it is expected to create up to 500 new jobs.
“This is a single occupant EV,” Rivera said, adding that it is “unlike any other vehicle that exists.”
“This is our flagship, it is SOLO and it is for everything you do solo,” he continued. “It was originally designed to be a regional transport vehicle, but think of everything you do yourself, you can buy groceries yourself, you go to Pilates alone, to the gym, you go to visit friends alone.”
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He went on to say that “the price is $ 18,500” and the SOLO EV has an urban range of 100 miles, a top speed of 80 miles per hour “and has many of the same comfort characteristics of a typical car.”
Rivera noted on Tuesday that “it is also very attractive” for commercial fleets and utility applications.
“We think there will be a massive appeal to the fleets because think about how many applications there are for fleets, especially around pizza delivery and fast food franchises. [and] small postal package. “
Rivera pointed to some analyzes in the electric vehicle market, including Frost & Sulivan, which recently found that the US market “must flourish with government incentives for electric vehicle ownership,” according to a press release.
The electromotive vehicle market in America is estimated to grow by almost five times, reaching almost 7 million units sold in 2025, up from 1.4 million last year, according to the analysis.
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“So there are a lot of electric vehicles entering space now. It is simply inevitable, ”said Rivera. “We are taking advantage of the macroeconomic winds at the moment.”
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