Electric Last Mile Solutions Product and Tech on Display at CES

Rhea-AI Summary

Electric Last Mile Solutions (Nasdaq: ELMS; ELMSW) is showcasing its all-electric commercial vehicles at CES 2022. The highlight is the new Urban Delivery model, which offers 20% more cargo space and a best-in-class payload capacity of 2,100 pounds. ELMS is also promoting the Urban Utility vehicle, set for production in the second half of 2022, targeting a payload of over 5,700 pounds. CEO James Taylor remarked that this event is vital for demonstrating their commitment to electrifying fleets and fulfilling ESG goals.

Positive

• The Urban Delivery model is the first Class 1 commercial electric vehicle in the U.S.
• Urban Delivery offers 20% more cargo space and a payload capacity of 2,100 pounds.
• Showcase at CES enhances brand visibility and potential fleet electrification opportunities.

Negative

• Production of the Urban Utility is expected in the second half of 2022, indicating potential delays.
• Risks and uncertainties highlighted may impact projected timelines and customer orders.

• ELMS showcasing all-electric model line-up of commercial vehicles at CES
• New Urban Delivery model highlighted in vehicle display
• Digital Strategy to be presented by Chief Digital Officer
  

TROY, Mich., Jan. 05, 2022 (GLOBE NEWSWIRE) -- 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 it is hosting an exhibit at the Consumer Electronics Show (CES) to be held on January 5-7, 2022. ELMS is displaying both of its ELMS all-electric commercial vehicles – the Class 1 Urban Delivery and Class 3 Urban Utility – at CES. Additionally, ELMS Chief Digital Officer Jonathan Ballon, will present the Company’s digital strategy at CES. The presentation will be posted on the Investors section of the ELMS website at www.electriclastmile.com.

The ELMS Urban Delivery is expected to be the first and only Class 1 commercial electric vehicle available in the United States. The Urban Delivery boasts 20% more cargo space (157 cubic feet) than the current leading Class 1 ICE model and targets a best-in-class payload of 2,100 pounds. The newest model of the Urban Delivery that will be on display at CES has an impressive suite of state-of-the-art safety systems including a patent pending energy absorbing front bumper system, a full suite of driver side airbags, and advanced seat belt pre-tensioners. This new model of Urban Delivery is expected to join the Urban Delivery campus model for sale to customers later this month.

“CES provides a tremendous opportunity for ELMS to showcase our products, especially the newest Urban Delivery model, to companies looking to electrify their fleets and meet their ESG goals,” said James Taylor, CEO of ELMS.

The ELMS Urban Utility is slated for production in the second half of 2022, and it is targeting more than 5,700 pounds of max payload and 125 miles of range. The Urban Delivery’s cab-over chassis design can be configured to cover a wide variety of customer use cases including delivery, construction, landscaping, towing and refrigeration.

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 expects to 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 Statements
This 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 the anticipated timeline for and sales of the Class 1 Urban Delivery and production of the Class 3 Urban Utility, as well as the success and use of each vehicle. 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 other filings with the Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the quarter ended September 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.

Contacts
Media: elms-svc@sardverb.com
Investor Relations: IR@electriclastmile.com

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a61e8210-a52e-4201-9951-e8dfda04e0e0

FAQ

What models are ELMS showcasing at CES 2022?

ELMS is showcasing the Class 1 Urban Delivery and Class 3 Urban Utility models.

What is the significance of the Urban Delivery model?

The Urban Delivery is set to be the first Class 1 commercial electric vehicle available in the U.S.

When is the Urban Utility vehicle expected to go into production?

The Urban Utility vehicle is slated for production in the second half of 2022.

What are the key features of the Urban Delivery model?

The Urban Delivery features 20% more cargo space and a payload capacity of 2,100 pounds, along with advanced safety systems.

What is the role of ELMS’ Chief Digital Officer at CES?

The Chief Digital Officer will present the Company's digital strategy during the CES event.