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ElectraMeccanica (SOLO) Recalls 428 Vehicles Over Safety Issues

ElectraMeccanica Vehicles Corp. SOLO has announced a recall of 428 SOLO (G3) vehicles from the model years 2021, 2022 and 2023. Per the company, the recalled vehicles may lose propulsion. Although other systems, such as steering, braking, and lighting, are unaffected, ElectraMeccanica warns that the sudden loss of propulsion may increase the danger of a crash. However, the company added that it has received no reports of injuries or crashes.

Customers with questions or issues should call the ElectraMeccanica customer support line or send an email to the company.  The ‘SOLO’ is a three-wheeled, all-electric vehicle that seats one person.

ElectraMeccanica will discontinue the car’s production and intends to concentrate on a four-wheeled electric vehicle (EV).

Per CEO Susan E. Docherty, the company perceives a lot of potential for a competent maker of smaller, more nimble EVs with attractive designs and individualized amenities. Docherty added that she does not think a three-wheeled EV is the way to go due to issues like its exclusion from government rebates, the difficulty for consumers to insure, finance and maintain it, and persistent customer requests for more functionality.

The move comes after EMV discontinued its manufacturing agreement with Zongshen, China, citing that it was “not an economically sustainable arrangement.”

Shares of the company have lost 68.4% over the past year compared with the 27.7% decline of its industry.

Zacks Investment Research
Zacks Investment Research


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Zacks Rank & Key Picks

ElectraMeccanica currently carries a Zacks Rank #4 (Sell).

Better-ranked stocks to consider in the Auto-Tires-Trucks space include Wabash National WNC, Mazda Motor MZDAY and Modine Manufacturing MOD.

Wabash National currently carries a Zacks Rank #2 (Buy). The company has a projected earnings growth rate of 28.9% for the current year. It has a trailing four-quarter earnings surprise of roughly 46.1% on average. WNC has gained approximately 66% in a year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Mazda Motor currently carries a Zacks Rank #2. The company has a projected earnings growth rate of 4% for the current year. It has a trailing four-quarter earnings surprise of roughly 97% on average. MZDAY has gained approximately 25.5% in a year.

Modine Manufacturing currently has a Zacks Rank #2. The company has a projected earnings growth rate of 43.1% for the current year. It has a trailing four-quarter earnings surprise of roughly 56.1% on average. MOD has gained approximately 164.9% in a year.

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