Electric-vehicle IPO Electra Meccanica Vehicles (SOLO) saw its shares double after announcing more than 64,000 preorders for its EVs, representing $2.4 billion in potential sales.
The Canada-based company, which went public via an IPO in August, said Monday that it had received 23,030 preorders for the $15,500 Solo single-passenger electric vehicle, as of Oct. 22. It also had 41,124 preorders for the Tofino electric roadster, with a $50,000 target price.
The Tofino may call to mind the upcoming Tesla (TSLA) Roadster, but it’s a two-seater unlike Tesla’s four-seater supercar.
Electra Meccanica’s Tofino roadster also goes from 0 to 60 mph in 7 seconds; has a range of 250 miles; a base price of $50,000 and top speed of 125 mph. Meanwhile, the Tesla Roadster boasts 0 to 60 mph in 1.9 seconds; range of 620 miles; base price of $200,000; and top speed over 250 mph.
Solo remains on track to deliver its first production electric vehicle this quarter, ramping up to 5,000 deliveries in 2019, CEO Jerry Kroll said in a statement.
Electra Meccanica stock soared 109% to close at 4.55 on the stock market today. It reached as high as 7.48 intraday after closing Friday at 2.18. Shares of Electra Meccanica had fallen since their August debut to 2.18 through Friday.
Among other electric-vehicle stocks, Chinese EV maker Kandi Technologies (KNDI) gained 16.5%, helped by a broad rally for auto stocks on reports of a China tax cut. Tesla rose roughly 4%.
Meanwhile, Ford (F) added 3.3%, and General Motors (GM) rallied 1.5%.