ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) Stock Sees Sudden Buying: But Why?
Nowadays, the Tesla stock is not the only viable option for investors who wish to invest in the electric vehicle space. There are plenty of other options and one company that investors could consider looking into at this point is ElectraMeccanica Vehicles Corp (NASDAQ:SOLO).
The stock was in sharp focus among investors yesterday and managed to clock gains of as much as 5%. However, that is not all. The upward move in the stock has continued during premarket trading period today and the ElectraMeccanica stock has gone by 6% already. In this situation, it might be a good move to take a closer look at the company and its operations.
The company started work on building a new United States electric vehicle assembling plant and engineering technical hub in Mesa in Maricopa County. It is a major new move from the Canadian company since it is going to be its first plant that is going to be based in the United States.
ElectraMeccanica Vehicles is going to spend as much as $35 million building this new plant and create as many as 500 high value jobs in Mesa. Investors could do well to keep the stock in their electric vehicle stock watch lists.
Market Reaction:
On Wednesday, SOLO stock gained 4.80% at $3.50 with more than 2.94 million shares, compared to its average volume of 4.05 million shares. The stock has moved within a range of $3.3550 – 3.5100 after opening the trade at $3.36. Over the past 52-week, the stock has been trading within a range of $2.3400 – 13.6000.
