Canada’s cut-price answer to Tesla just officially opened its factory in China

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Electra Meccanica

Canada’s single-seater Electra Meccanica has a retail cost of $15,500. It is presently being manufactured in China.

Electra Meccanica has a swelling request book.

Vancouver-based Electra Meccanica has affirmed that large-scale generation of its single-seat budget electric car is in progress at a facility in central China.

The “SOLO EV” has a 100-mile go and a retail cost of $15,500. The three-wheeler can be charged at a regular household socket in less than 6 hours.

Deliveries started in May 2018, with parts provided by Zongshen Industrial Group and gathered in British Columbia, Canada. Presently the firm is hoping to increase creation by working in China itself and has officially opened the Zongshen office in the province of Chongqing.

Electra said in a statement Monday that it expects to produce approximately 50 SOLO EVs in the quarter ended March 31, 2019, before accelerating to a total of 5,000 cars by year-end.

I am proud with our strategic partners at Zongshen, who have provided us with a best in class generation facility and an highly-skilled production team to make the Electra Meccanica SOLO EV a reality,” said Jerry Kroll, CEO of Electra Meccanica.

The company is likewise building up the Tofino, a two-seater electric Roadster sports car and in November 2018, the organization said all-out vehicle pre-orders surpassed 64,000 units, speaking to $2.4 billion in potential deals. The majority of these orders were for the as-yet-unbuilt Torfino.

The company’s first U.S. dealership opened in Los Angeles in 2018 as the firm looks to target California’s initial appropriation of electric cars.

With a market cap of just $126 million, shares in the firm now trade on the NASDAQ. They have been highly volatile in the course of the most recent 52-weeks, hitting a low of 90 cents and a high of $8.25. As on Tuesday morning, the latest price was $3.89.

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