SOLO Stock Has Quadrupled This Week

The automaker is considering the purchase of GM's Oshawa plant

Electra Meccanica Vehicles Corp (NASDAQ:SOLO) is among the top performers on the Nasdaq again today. The stock shot up 220.7% yesterday -- its biggest one-day rally ever -- after CEO Jerry Kroll said it's considering taking over a shuttered General Motors (GM) plant in Oshawa, Ontario. Further, the firm's electric one-seater vehicle -- retailing for $15,500 and attracting notable pre-orders -- is "the car that [Tesla's] Elon Musk wishes he were building," Kroll told Bloomberg TV.

SOLO stock was up nearly 56% at its $6.75 peak today, and was halted twice due to volatility. The equity was up 26.1% at $5.46, at last check. The stock debuted in September, peaking at $16 nearly out of the gate, but subsequently falling into single digits not long thereafter. SOLO touched an all-time low of 90 cents on Dec. 24, but has skyrocketed from there, and is on pace to finish the week above its 20-week moving average for the first time ever. Already this week, the shares have surged more than 330%.

Just two analysts are currently covering SOLO, both with a "buy" rating, according to Zacks. Should the automaker extend its journey higher, upbeat analyst initiations could drive more gains.