Electric Last Mile Solutions to Reveal Medium Duty, All-Electric Urban Utility Vehicle
Electric Last Mile Solutions (NASDAQ: ELMS; ELMSW) announces the unveiling of its all-electric Urban Utility vehicle at the NAFA Institute and Expo in Pittsburgh. The vehicle aims to enhance last-mile delivery with its customization and connectivity features, marking a significant step in expanding ELMS's electric vehicle portfolio. Production is set to start in 2022, alongside the Urban Delivery vehicle, which is expected to begin production this quarter at the Mishawaka facility. CEO James Taylor highlights the importance of this launch for fleet sustainability.
- Launch of the all-electric Urban Utility vehicle at a major expo, showcasing innovation in last-mile delivery.
- Production set to begin in 2022, indicating growth and expansion in electric vehicle offerings.
- Uncertainty surrounding the ability to meet production deadlines and customer demand.
- Risks associated with competition and market acceptance of new electric vehicles.
Vehicle to Debut at NAFA Institute and Expo in Pittsburgh
TROY, Mich., Aug. 31, 2021 (GLOBE NEWSWIRE) -- Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (“ELMS” or “the Company”), a pure-play commercial electric vehicle (“EV”) company focused on redefining productivity for the last mile, today announced that it will unveil its medium duty, all-electric Urban Utility vehicle this week at the NAFA Institute and Expo in Pittsburgh.
“The Urban Utility boasts the ultimate combination of customization and connectivity for last mile delivery requiring medium duty vehicles,” said ELMS CEO James Taylor. “This is a major milestone in production as we expand the ELMS portfolio of all-electric commercial vehicles to help our customers to meet – and exceed – their fleet sustainability goals.”
Production for the Urban Utility is expected to begin in 2022. It will be manufactured alongside ELMS’ Class 1 all-electric Urban Delivery, which begins production later this quarter at the company’s facility in Mishawaka, Indiana.
“We couldn’t think of a more ideal place than NAFA to reveal our medium duty, all-electric Urban Utility for the first time,” said ELMS Chief Revenue Officer, Ron Feldeisen. “The NAFA Expo brings together the largest contingent of fleet professionals in the country and our customers will have the opportunity to see the vehicle up close.”
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 anticipated to be the first Class 1 commercial electric vehicle in the U.S. market. The company 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 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.
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/5b1b37bf-cf08-4e0b-bb85-502895518d32
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