Would-Be Tesla Rival Soars After Snagging First Bull Rating

ElectraMeccanica Vehicles Corp. climbed as much as 39 percent Wednesday after receiving its first analyst rating, a signal that the Canadian small-cap is finally attracting attention on Wall Street as it looks to take on Tesla Inc.

Benchmark analyst Bill Sutherland assigned a “speculative buy” recommendation on the electric vehicle maker. SOLO, the company’s one-person, three-wheel, fully enclosed battery electric vehicle “has a large potential” total addressable market, since 83 percent of all cars on the highway only have one occupant, Sutherland wrote in a note.