Shares of tiny Canadian auto company Electrameccanica Vehicles (NASDAQ:SOLO), a start-up placing its bets on the electric cars popularized by Tesla, leapt out of the gate on Thursday, rising 8.5% as of 10:20 a.m. EDT on the smallest of news: Electrameccanica is opening a new retail store in Portland, Oregon.
Electrameccanica makes the Solo electric car, a three-wheeled, one-passenger cross between an econobox and a motorcycle, boasting a range of 100 miles and a top speed of 80 miles per hour. Manufactured in China at a factory supposedly able to crank out 20,000 of the electro-buggies a year, the company hasn't actually sold any Solos yet, but it's getting ready to.
According to a New York Times article in May, the company has already opened a retail storefront in Los Angeles and is readying a second in Sherman Oaks, California. Last month, the company unveiled plans to open additional stores in Arizona and Oregon, and today, it announced the location of the latter: On Sept. 1, Electrameccanica will open a storefront at the Washington Square Mall in Portland, Oregon.
That's it. That's the story. Electrameccanica hasn't sold any cars nor announced any sales numbers, revenue, or profits. It's just opening a store in hopes it will sell a car one day. And the stock is up 8.5%, and Electrameccanica shareholders are $20 million richer, on that news.