Automotive sector

ElectraMeccanica Appoints Highly Respected Global Automotive Leader Dave Shemmans to Board of Directors

VANCOUVER, British Columbia, Aug. 24, 2021 (GLOBE NEWSWIRE) — ElectraMeccanica Corp. Vehicles (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles, today announced the appointment of Dave Shemmans, a UK-based sustainability and transport industry leader, to its Board of Directors as an Independent Director, effective Monday, August 23, 2021. Shemmans served as CEO of Ricardo PLC (LSE: RCDO) for the past 16 years, where he grew the company from a automotive engineering company limited to global multi-industry engineering and environmental consulting. The Times of London recently called Dave Shemmans one of Britain’s oldest and best-loved automotive leaders.

Dave Shemmans brings to ElectraMeccanica extensive experience in the transportation industry with direct involvement in building global businesses around innovation and technology, primarily focused on electrification and decarbonization. Shemmans previously co-founded Wavedriver, an electric vehicle powertrain company, which he led through two funding rounds from patented concept to production, delivering electric and hybrid vehicle demonstrators in Brazil, Australia, Italy and the UK. In addition to his current responsibilities as CEO of Ricardo PLC, Shemmans is a Non-Executive Director of Sutton and East Surrey Water, a major UK regulated water company serving customers in parts of Surrey, Kent and South London.

Shemmans holds a BSc in Electrical and Electronic Engineering from the University of Manchester Institute of Science and Technology and an executive certification from Harvard Business School.

“We believe that Dave’s direct experience leading the development of electrified automotive products and his demonstrated ability to scale new technologies in global markets will make him instrumental in the future evolution of our products,” said said ElectraMeccanica President and CEO Paul Rivera. “In addition, his entrepreneurial experience, complemented by his sixteen years at the helm of a UK-based listed company, provides him with a solid foundation to help us execute our global growth strategy and advise on corporate governance.

Shemmans added, “Right now is an exciting and important time in the progress of ElectraMeccanica. With the impacts of climate change visible around us, there is a compelling need for decarbonized and electrified vehicles in commercial and consumer markets. Additionally, with the continued impact of the pandemic on public transportation and general congestion in city centers, the SOLO presents a clear and viable alternative for individual and fleet-based transportation on a global scale. I look forward to working alongside Paul and the rest of the Board to capture these significant market opportunities and realize the company’s vision of a SOLO revolution.”

The company also wishes to announce that Peter Savagian will step down and leave the ElectraMeccanica Board of Directors to pursue other obligations effective August 23, 2021.

Rivera added, “I would like to thank Peter for his valuable contributions to our Board of Directors during his nearly two-year tenure. He has been a tremendous asset and we wish him the best as he focuses on other business endeavors.

With these changes, the composition of ElectraMeccanica’s board of directors remains at eight directors, four of whom are independent.

About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of energy-efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built single-seat electric vehicle called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. the SOLO offers a unique, fashionable, fun, affordable and eco-friendly driving experience. InterMeccanica, a subsidiary of ElectraMeccanica, has been successfully building high-end specialty cars for 62 years. For more information, please visit www.electrameccanica.com.

Safe Harbor Statements
Except for statements of historical facts contained herein, the information set forth in this press release constitutes “forward-looking statements” as that term is used under applicable United States and Canadian securities laws. These statements relate to analyzes and other information that are based on forecasts of future results, estimates of amounts not yet determinable and management’s assumptions. Any statement that expresses or implies discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, or future events or performance (often, but not always, using words or phrases such that “anticipates”, “estimates”, “plans”, “expects”, “intends”, “intends”, “believes”, “plans”, “may”, “will”, or their negative or other comparable words) are not statements of historical fact and should be considered “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. forward-looking statements. These risks and other factors include, among others, the prices of other electric vehicles, the costs associated with manufacturing vehicles, the availability of capital to fund business plans, and the resulting dilution caused by raising capital through the sale of shares, changes in the electric vehicle market, changes in government regulations, developments in alternative technologies, inexperience in servicing electric vehicles, labor disputes and other risks of the electric vehicle industry, including, without limitation, those associated with delays in obtaining government approvals and/or certifications. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results are not those anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release and any document referred to in this press release. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date the statements are made, and the Company undertakes no obligation to update any forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change, unless necessary. by applicable law. These forward-looking statements reflect our current views regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties described in our most recent financial statements and reports and the registration statement filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with the Canadian securities regulators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. Investors should consider all information presented herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time to time with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Company and there will be no sale of such securities in any jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification. under the securities laws of such jurisdiction.

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