Electrameccanica Vehicles Corp (NASDAQ: SOLO) is ticking up in the trading session this morning, and for good reason. The company announced a new partnership, exciting investors and sending the stock upward. Today, we’ll talk about:
- The partnership;
- what we’re seeing from SOLO stock as a result; and
- what we’ll be watching for ahead.
SOLO Announces New Partnership
As mentioned above, ElectraMeccanica Vehicles is having a good start in the market today after announcing a new partnership. In a press release issued this morning, the company said that it would be partnering with Dobson Motorsports.
Dobson is a leading collector car brokerage founded by Dominic Dobson. The partnership will center arround the promotion of the SOLO EV in Oregon and Washington State.
In the release, SOLO pointed to the fact that Dominic Dobson is a former professional racecar driver that is widely respected in the automotive space. With a strong IndyCar and sports car track record, Mr. Dobson will bring further publicity to the brand.
In a statement, Dominic Dobson, Founder of Dobson Motorsport, had the following to offer:
I am truly excited to work with Electra Meccanica to promote their vehicles amongst key influencers and at high-value industry events within the Pacific Northwest automotive market… My personal experience with the SOLO has been incredibly positive, I have found the SOLO to be the ultimate commuter vehicle while remaining an absolute blast to drive, reminiscent of the Formula cars I raced as a teenager in Seattle. I look forward to working with the team at Electra Meccanica to spread awareness of their exhilarating new vehicle.
The above statement was followed up by Jerry Kroll, CEO at SOLO. Here’s what he had to offer:
We are pleased to be working with Dominic Dobson, the efforts of whom we believe will drive incremental vehicle sales in the Oregon and Washington markets… Both of these states have demonstrated their initiative in the adoption of electric vehicles, making them a natural next step for Electra Meccanica. The Pacific Northwest has an ideal combination of favorable electricity rates and a high density of EV charging stations, which we believe makes our SOLO a perfect fit for many commuters in these markets.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news leads to moves. In the case of ElectraMeccanica Vehicles, the news proved to be overwhelmningly positive. After all, Dobson will bring more eyeballs to the brand, likely leading to stronger sales. So, it’s not surprising to see that excited investors are pushing the stock up in the market this morning. At the moment (3:59), SOLO is trading at $1.38 per share after a gain of $0.20 per share or 1.47% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on SOLO. In particular, we’re interested in following sales in Oregon and Washington state after today’s announcement. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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