Electrameccanica Vehicles Corp (SOLO) stock was up by 42% since the company released its financial results for the first quarter of 2021 on May 13. The company said in the release that its flagship vehicles, called the SOLO, are now sold in a total of twenty retail locations throughout ten metropolitan areas in five western states.
Image source: Electrameccanica Vehicles Corp website
In addition, the company also announced last month that it has started the construction of its new U.S. Assembly and Engineering Technical Center in Mesa, AZ. The facility will have a production capacity of up to 20,000 vehicles per year and employ upwards of 200-500 people. The current completion date is slated for Spring 2022.
So, should you buy the stock based on these moves from the company recently? There is a question that is not clear for me. The company did not give any forward guidance on its SOLO sales in the coming quarters. This sale data is an important indicator for evaluating the future value of its stock. Therefore, it is not a good time to buy the stock.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.