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SOLO Stock Surges on Monday as ElectraMeccanica Shifts Into a New Gear

Today, one of the electric vehicle (EV) startups investors have their eye on is ElectraMeccanica (NASDAQ:SOLO). Indeed, SOLO stock has surged more than 7% at the time of writing on a relatively bullish day for EV-related stocks overall.

The Solo vehicle from Electra Meccanica Vehicles (SOLO) drives through Vancouver
Source: Luis War / Shutterstock.com

This sector is seeing a tremendous amount of interest today on expectations that the $1 trillion infrastructure bill could be passed later this week. House Speaker Nancy Pelosi has scheduled a vote for Thursday, with many experts optimistic on this bill passing. This bill is expected to include various EV-related investments that are bullish for the overall sector. Accordingly, higher-leverage plays on the sector, such as SOLO stock, are seeing outsized interest right now.

That said, there are other company-specific catalysts at work for SOLO stock today. Let’s dive into what investors are watching with ElectraMeccanica right now.

SOLO Stock Higher on a Number of Catalysts

In addition to bullish overall sentiment among EV stocks, ElectraMeccanica appears to be making all the right moves of late.

Earlier last week, it was reported that ElectraMeccanica would be holding a test drive event on Sept. 29. Those looking for an inside peek into what the company’s product line looks and feels like will get their first chance to do so on Wednesday. Besides being an obvious marketing attraction for the company, investors will be looking to gauge consumer interest in these models as these vehicles hit the road.

Additionally, the company has announced that it is starting customer deliveries of its three-wheeled EV, the SOLO, on Oct. 4. On this date, the company plans to hold a special launch event, which is expected to bring increased attention to this stock many investors may have put on the backburner recently.

As the company nears commercial deliveries for its unique EV fleet, ElectraMeccanica has also been making some executive shifts that investors seem to like. The company appointed a new CEO and director last week. This week, ElectraMeccanica announced it has engaged MZ Group to lead strategic investor relations and shareholder communications.

In other words, ElectraMeccanica appears to be growing into a big-time potential competitor in the EV space. Investors seem to like all the moves this company is making. Accordingly, today’s impressive rise in SOLO stock may hold water from here. That is, if momentum remains bullish.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/09/solo-stock-surges-on-monday-as-electrameccanica-shifts-into-a-new-gear/.

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