Electrameccanica Vehicles Corp. - A Fresh Start, Part Twopage-0001

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School
Conestoga College **We aren't endorsed by this school
Course
GBM 8035
Subject
Management
Date
Oct 17, 2023
Pages
1
Uploaded by ProfComputerNewt39 on coursehero.com
NASDAQ: SOLO $0.47 VOL: 284,177 ELECTRA " |NVESTOR RELATIONS MECCANICA eMOTIO NEWS EVENTS STOCKINFO v FILINGS v GOVERNANCE v RESOURCES v A Fresh Start, Part Two MARCH 14, 2023 Roughly 100 days ago, | wrote to our shareholders and other stakeholders about the need for ElectraMeccanica to take a new path. | noted at the time that this need was obvious, even after less than three weeks inside the business. Today, having the benefit of just over three months as a Board member, CEO and interim COO of EMV, | want to provide an update on that perspective as well as the business itself - ahead of our fiscal year 2022 financial results, which we will issue in the near future. First, let me identify what remains as true today about EMV as it did 100 days ago: « We have a proven capacity to design, make and sell a distinctive, low-priced EV - a product reflective of our long history of seeing the auto market differently than everyone else. * We retain a purpose-built, highly-flexible assembly and manufacturing space in Mesa, where we've consolidated our talent and operations. « We have a healthy balance sheet, zero debt, and a lowered cash burn, following our consolidation efforts in mid-December. ¢ In short, we have experience competing in an emerging, volatile market; we have space, equipment and a leaner, more disciplined team; and we also have capital. This means that we have options. I'd like you all to bear this truth in mind as you continue to read this update. Now, let me summarize what's new. The items below reflect decisions made with our Board''s support. They also reflect business realities the Roard and | have clarified, together, since December: 1. We're concluding the contract manufacturing relationship with Zongshen. This collaborative partnership represented a strategic first step, allowing us to go to market with the SOLO and test
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