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Electra Meccanica Vehicles Corp., the maker of a tiny three-wheeled electric car, saw its shares surge in early trading Tuesday as another Wall Street analyst added to bullish commentary.

The carmaker aims to tap the market for short-distance commuters with its flagship SOLO vehicle, Roth Capital Markets said in a note to clients. Roth’s Craig Irwin started coverage of the microcap stock with a buy rating and $7.50 price target, the highest among analysts tracked by Bloomberg, and more than three times the last closing price.

Shares of the Vancouver-based company rose as much as 32% on Tuesday, their biggest gain since March 20. The shares have risen more than 177% this year.

“Mass-production of the SOLO is slated to begin later this year, and we believe the company’s 962 SOLO deposits and 23,340 pre-orders as of April 20 suggest a healthy demand outlook,” Irwin wrote. “We believe the market Electra Meccanica is looking to serve is larger than many might appreciate, as more expensive comparable vehicles often achieve substantial volumes.”

In addition, Roth expects the introduction of Electra Meccanica’s Tofino two-seater electric roadster in 2021 will be a major driver of profitability given its $50,000 price tag and expected mass market appeal.

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