ElectraMeccanica Announces Cost-reduction Initiatives; Lowers Headcount By 98 Positions

(RTTNews) - ElectraMeccanica Vehicles Corp. (SOLO) announced cost-reduction initiatives to further streamline the business in order to better consolidate onshore manufacturing capabilities and operations at its newly-commissioned Mesa, Arizona headquarters.

The company currently has elected to resize its workforce, lowering its headcount by 98 positions. This reduces the employee base outside Arizona by 57% and improves operating costs by about $10 million annually.

The company appointed Susan Docherty to its Board of Directors effective December 20, 2022.

Additionally, ElectraMeccanica noted that it is postponing its Investor Day until June 14, 2023, in order to focus exclusively on near term execution and so that it can provide the most comprehensive possible review of its business and future plans to shareholders.