Strong Market Demand Drives Electric Last Mile Solutions to Proceed with Production Plans of Class 3 Urban Utility Commercial EV
November 08 2021 - 7:00AM
Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (“ELMS” or
“the Company”), a pioneer of electric and intelligent mobility
solutions for commercial vehicle customers, today announced its
intention to move ahead with plans to launch the Urban Utility
vehicle after the ELMS Board approved production.
The Urban Utility is a Class 3 commercial
electric vehicle targeting over 5,700 lbs. of max payload, more
than 11,000 lbs. gross vehicle weight rating (GVWR) and
approximately 125 miles of range. Its price positioning is expected
to be competitive against ICE counterparts. The cab-over chassis
design of the Urban Utility is highly configurable, and it can be
outfitted with a dry box, flat bed, stake bed and other
customizable cargo options. ELMS sees the introduction of the Urban
Utility as an opportunity to greatly expand its target customer
applications, including delivery, construction, landscaping, towing
and refrigeration.
“After the prototype Urban Utility was shown and
tested with customers for the past several months and received such
strong feedback, we are excited to proceed with our plan for
production and delivery in 2022,” said James Taylor, CEO, ELMS. “As
market demand for commercial EVs continue to increase due to rising
emissions standards, legislative action and corporate ESG goals,
the Urban Utility is an equally capable, emissions-free option
compared to its ICE counterparts.”
With the introduction of the Urban Utility, ELMS
will have a product portfolio spanning the $130 billion North
America Class 1-3 commercial vehicle market. It will join the ELMS
Urban Delivery EV, which began production in late September and is
the first Class 1 commercial EV in the market.
About Electric Last Mile Solutions,
Inc. Electric Last Mile Solutions, Inc. (Nasdaq:
ELMS; ELMSW) is focused on defining a new era in which commercial
vehicles run clean as connected and customized solutions that make
our customers’ businesses more efficient and profitable. ELMS’
first vehicle, the Urban Delivery, is the first Class 1 commercial
electric vehicle in the U.S. market. The Company will begin
production of its second vehicle, the Class 3 Urban Utility EV, in
the second half of 2022. ELMS is headquartered in Troy, Michigan.
For more information, please visit www.electriclastmile.com.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. The Company’s actual results may
differ from its expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to future performance of the
business, the size, demands and growth potential of the markets for
the Company’s products and the Company’s ability to serve those
markets, the Company’s ability to develop innovative products and
compete with other companies engaged in the commercial delivery
vehicle industry and/or the electric vehicle industry, the
Company’s ability to attract and retain customers, the estimated go
to market timing and cost for the Company’s products, and the
implied valuation of the Company. These forward-looking statements
involve significant risks and uncertainties that could cause the
actual results to differ materially from the expected results. Most
of these factors are outside the Company’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the inability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of the
Company to grow and manage growth profitably and retain its key
employees; (2) changes in applicable laws or regulations; (3) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; (4) the impact of
COVID-19 on the Company’s business; (5) any delays the Company may
experience in realizing its projected timelines and cost and volume
targets for the production, launch and ramp up of production of the
Company’s vehicles and the modification of its manufacturing
facility; (6) the ability of the Company to obtain customers,
obtain product orders, and convert its non-binding pre-orders into
binding orders or sales; (7) the Company’s ability to implement its
business plans and strategies; and (8) other risks and
uncertainties described in the “Risk Factors” section of the
Company’s Quarterly Report on Form 10-Q for the quarter ended June
30, 2021 and in the Company’s future filings with the Securities
and Exchange Commission. Some of these risks and uncertainties may
in the future be amplified by the COVID-19 outbreak and there may
be additional risks that the Company considers immaterial or which
are unknown. The Company cautions that the foregoing list of
factors is not exclusive. The Company cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. The Company does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
ContactsMedia:
elms-svc@sardverb.com Investor Relations:
IR@electriclastmile.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6251e4d1-ecb7-4d20-9d9d-5b5e81641c49
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