ElectraMeccanica Vehicles (NASDAQ:SOLO) stock is on the move Thursday after announcing a major deal with Robert Bosch LLC.
The agreement between the two companies will have Bosch setting up a service network of independent automotive repair shops. These will service and maintain the upcoming Solo electric vehicle (EV) from ElectraMeccanica Vehicles.
According to a press release, the shops will pop up in commercial launch locations across the eastern U.S. Following this, they will expand outwards to the rest of the country. These locations will be uniquely set up to service the single-seat SOLO EV.
Kevin Pavlov, CEO of ElectraMeccanica Vehicles, said this in the news release moving SOLO stock today.
“Bosch’s global network of Bosch Car Service repair shops, which go through a qualified certification process, aligns well with ElectraMeccanica’s specialized SOLO EV maintenance and repair training. Our SOLO is a purpose built vehicle meeting top quality and safety standards, and we hope that our customers can find confidence in a world-class partner like Bosch, for any service or repair needs.”
SOLO stock is getting attention from traders today with decent volume. This has some 1.5 million shares changing hands as of this writing. That’s approaching the company’s daily average trading volume of 2.2 million shares.
SOLO stock was up earlier this morning but is down 1.4% as of noon Thursday.
Investors looking for more stock market news today are in luck!
InvestorPlace has all the latest stock stories that traders need to know about for Thursday. A few examples of those include Taiwan Semiconductor (NYSE:TSM) rising higher, GitLab (NASDAQ:GTLB) going public, as well as details for Vestas Wind Systems (OTCMKTS:VWDRY). You can learn all about these subjects by following the links below!
More Thursday Stock Market News
- TSM Stock: 10 Reasons Why Taiwan Semiconductor Investors Are Feeling Chipper Today
- GTLB Stock IPO: 7 Things to Know as GitLab Starts Trading Today
- VWDRY Stock: 10 Things to Know About Vestas Wind Systems as Wind Farms Come Into Focus
On the date of publication, William White 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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
