Why Electrameccanica Vehicles Corp. (SOLO) stock performed well on Wednesday?

Electrameccanica Vehicles Corp. (SOLO) shares gained 5.71% in after-hours on Wednesday, July 28, 2021, and closed the daily trading at $3.70 per share. in regular trading SOLO’s stock gained 4.79%. The stock volume remained 2.47 million shares, which was lower than the average daily volume of 3.96 million shares within the past 50 days. SOLO shares have risen 16.28% over the last 12 months, and they have moved down 6.42% in the past week. Over the past three months, the stock has lost 19.35%, while over the past six months, it has shed 56.20%.

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SOLO Stock Recent financial results announcement

On May 13, 2021, ElectraMeccanica Vehicles Corp. (SOLO) reported financial results for the first quarter ended March 31, 2021.

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Q1 2021 financial highlights

General and administrative expenses were $2.8 million in Q1 2021, compared to $1.6 million in Q1 2020.
Research and development expenses were $2.0 million in Q1 2021, compared to $1.1 million in Q1 2020.
The company suffered an operating loss of $8.9 million in Q1 2021 compared to an operating loss of $5.1 million in Q1 2020.
As of March 31, 2021, SOLO had cash and cash equivalents and short-term deposits were $260.4 million compared with $129.5 million as of December 31, 2020.

SOLO stock Official Groundbreaking of U.S. Assembly and Engineering Technical Center

On May 12, 2021, ElectraMeccanica Vehicles Corp inaugurated the construction of its new U.S. Assembly and Engineering Technical Center with a groundbreaking ceremony held yesterday in Mesa, AZ.

The 235,000 square foot facility is located on 18 acres of land adjacent to the Phoenix-Mesa Gateway Airport. It will include an assembly and manufacturing plant, a research centre, 22,000 square feet of office space and 19,000 square feet of lab space.

New appointment

On April 13, 2021, ElectraMeccanica Vehicles Corp. (SOLO) appointed Kevin Pavlov as its new Chief Operating Officer effective from May 1, 2021. Pavlov will oversee operational growth as ElectraMeccanica ramps up commercial production with a focus on enhancing profitability and efficiency.

SOLO Stock Q4 & FY 2020 financial results announcement

On March 23, 2021, ElectraMeccanica Vehicles Corp reported financial results for the fourth quarter and full-year ended December 31, 2020.

Q4 2020 financial highlights

SOLO reported revenue of 224,000 in Q4 2020 compared to $238,000 in Q4 2019.
In Q4 2020, the company used $10.5 million cash for operating activities compared to $3.6 million in Q4 2019.
General and administrative expenses were $3.8 million in Q4 2020, compared to $1.7 million in Q4 2019.
Net loss in the fourth quarter of 2020 was $41.1 million, compared to a net loss of $6.1 million in the same year-ago quarter.
On December 31, 2020, the company had cash and cash equivalents and short-term deposits of $129.5 million compared with $8.6 million as of December 31, 2019.

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Conclusion

Well, as of this writing, we have no recent news which could justify SOLO good performance on Wednesday. The EV industry is rising due to high demand and that could be the reason behind its recent gains.