This Tesla Rival Just Saw its Shares Climb 39% on it First Buy Rating

Shares of ElectraMeccanica Vehicles Corp. saw its shares jump as much as 39% on Wednesday after the company received a “speculative buy” rating from Benchmark.

This is the first analyst rating for the company and Wall Street was all over it. According to Benchmark analyst Bill Sutherland, SOLO, the company’s one-person, three-wheel, fully enclosed battery electric vehicle “has a large potential” total addressable market, since 83 percent of all cars on the highway only have one occupant.

Sutherland has given the stock a $6 a share price target.

CEO of ElectraMeccanica, Jerry Kroll, stated earlier thi year on Bloomberg Televison, “This company is producing the car that Elon Musk wishes he were building. It is great to produce a $45,000, a $100,000 car or a $250,000 car. But for the masses? A $15,000 car that can get them to stop using gas. That’s creative.”

The Canadian company had non-binding letters of interest for 64,158 corporate orders: 22,242 for SOLOs and 40,997 for Tofinos, a two-seat roadster that is in development, as of Jan. 30th.

The company had also received deposits for 864 SOLOs and 55 Tofinos for personal use.

Not too long ago ElectraMeccanica announced that larger-scale production of its single-seat budget electric car, the SOLO EV, is underway at a facility in central China.

“I am proud of our strategic partners at Zongshen, who have provided us with a state-of-the-art production facility and a highly-skilled production team to make the Electra Meccanica Solo EV a reality,” said Jerry Kroll, CEO of the company.

Disclaimer: We have no position in any of these companies and have not been compensated for this article.