ElectraMeccanica Vehicles Corp., (EM) is giving up on its troubled Solo three-wheel, single-seat electric vehicle and instead plans to develop a four-wheel EV, as it also further shrinks its Canadian footprint.
The NASDAQ-traded company, founded in Vancouver in 2015 by Jerry Kroll and Henry Reisner, as recently as February was still touting its flagship Solo as a revolutionary affordable EV for commuting and light commercial applications.
But the Solo, sold exclusively in the United States, was subject to a voluntary recall in February for unexplained power losses that could increase the risk of a crash.
EM now has decided to buy back all Solos sold since 2019 — estimated at 429 units — at full price, including taxes, and has stopped production of the vehicle at its Mesa, Arizona assembly facility.
Most Solos were produced in China under a manufacturing agreement with Chongqing Zongshen Automobile Industry Co., which was cancelled last December.