Published on 17 Apr 2023 on Zacks via Yahoo Finance
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.
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