SOLO - ElectraMeccanica announces cost reduction initiatives to cut 98 jobs

• ElectraMeccanica Vehicles ( NASDAQ: SOLO ) on Thursday notifies cost-reduction initiatives to further streamline the business in order to consolidate operations at Mesa HQ.
• The move will accelerate the company's path to profitability, by imposing a new level of fiscal discipline that preserves the ability to commercialize and scale operations while also eliminating excess costs, the company said.
• The company also reduces majority of headcount outside Arizona.
• The actions improves operating costs by ~$10M annually and increase fiscal discipline without compromising ability to further commercialize and scale.
• The new CEO/interim COO Susan Docherty has been appointed to ElectraMeccanica board.
• The company notes that its balance sheet and market demand for the SOLO remain healthy.
• Separately, the company announced it had appointed Ms. Docherty to its board effective December 20, 2022.
• Additionally, as another outcome of its top-to-bottom review of the business, ElectraMeccanica is postponing its Investor Day until June 14, 2023, in order to focus exclusively on near term execution.

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