Electra Meccanica, maker of single-passenger electric car, files for $10 million public offering

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Where's the other half of this car?

Electra Meccanica, a Canadian firm gearing up manufacturing of a single-seat automotive that appears prefer it’s lacking its again half, is about to go public.

The corporate introduced Wednesday that it’ll listing a $10 million public providing on the NASDAQ. Shares can be bought beginning Thursday underneath the tickers “SOLO” (for widespread shares) and “SOLOW” (for warrants). The ticker symbols are a reference to the automobile it produces — the “Solo.”

The Electra Meccanica Solo is a tiny three-wheeled automotive designed for these occasions when all you want is to get your self, and solely your self, from one place to a different. It is primary transportation at its most simple. The electrical automotive has a variety, on a full cost, of about 100 miles and a prime velocity of 82 miles an hour.

The truth that the automotive has three wheels implies that it isn’t, in most locations, thought-about a automotive. That frees the Solo from having to adjust to varied rules which, in flip, means it may be extremely small and light-weight. It is about 10 ft lengthy or two ft shorter than a two-door Mini Cooper and weighs 1,100 kilos much less.

A prototype of the Solo offered for a check drive proved too tough across the edges, and all of the components in between, to render honest judgment of the ultimate automotive. One factor it did, nonetheless, was garner consideration. At each cease gentle folks gathered round clearly questioning what they have been taking a look at.

The bafflement comes from the truth that the Solo does not seem like a automotive nevertheless it does not actually seem like … not a automotive, both. The entrance finish has a “grill,” of types, and headlights, however when you get again previous the windshield it simply shrinks away to nothing. One benefit of getting only a single seat however two doorways is that drivers can simply enter or exit the automobile from both facet.

The corporate can also be growing a two-seat electrical sports activities automotive known as the Tofino that is set to go on sale subsequent 12 months. Plans name for a prime velocity of 125 mile an hour and vary of as much as 250 miles with a value round $50,000.

Associated: The corporate that unveiled a $2 million electrical automotive makes one for $11,000, too

Electra Meccanica spun off in 2015 from an organization known as Intermeccanica, a small quantity automaker based by Canadian Frank Reisner in Turin, Italy, in 1959. That firm began out constructing performance-tuning kits for varied automobiles then, later moved into making its personal automobiles. Intermeccanica is now primarily based in Canada and nonetheless makes sports activities automobiles that resemble classic Porsches and an off-road automobile resembling the World Conflict II period German Kübelwagen.

So far as the Solo is anxious, Electra Meccanica CEO Jerry Kroll known as it “attractive” in an interview final April, and mentioned, “I may see Daniel Craig getting out of it and feeling good about himself.”

Don’t count on to see it as the following “Bond automotive,” although.

CNNMoney (New York) First printed August eight, 2018: 9:01 PM ET

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