Canadian Electric Vehicle Maker Surges 220% – and the Rally Is Still Going
An Electra Meccanica Solo electric car at the company's production facility.
Photographer: Ben Nelms/BloombergA tiny Canadian company with a mission to bring in the biggest disruption to the auto industry since Ford Motor Co’s Model T, has started grabbing investor attention.
Vancouver-based ElectraMeccanica Vehicles Co. is building a fully electric three-wheeler, meant for solo driving and aimed at commuters and for last-mile delivery runs. It might still be early to call the company a rival for Tesla Inc., and as Bloomberg Intelligence analyst Kevin Tynan noted, it seems like a vehicle that one may need in addition to a regular, full-sized vehicle. Investors, however, are excited, sending the company’s shares up more than 220 percent on Wednesday after Bloomberg reported on the aptly named Solo vehicle, and adding another 54 percent on Thursday.