ELMS Announces Successful Completion of Next Critical Milestone for Start of Production

Rhea-AI Summary

Electric Last Mile Solutions (Nasdaq: ELMS, ELMSW) announced the successful completion of structural confirmation impact testing for its Urban Delivery vehicle, projected to be the first commercial Class 1 electric vehicle in the U.S. Testing was conducted at the NHTSA-validated Calspan facility, confirming compliance with federal safety standards.

The company plans to launch models of the Urban Delivery electric vehicle in late Q3, with production occurring in Mishawaka, Indiana. CEO James Taylor highlighted the milestone as a key step towards regulatory approvals and market entry.

Positive

• Successful completion of structural impact testing for Urban Delivery vehicle.
• Expected to be the first commercial Class 1 electric vehicle in the U.S.
• Production to occur at the Mishawaka plant, indicating readiness for market.

Negative

• None.

- Urban Delivery Vehicle Expected to be First Commercial Class 1 Electric Vehicle in the U.S.

- Structural Crash Tests and Engineering Validation Phase Complete

TROY, Mich., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Electric Last Mile Solutions, Inc. (Nasdaq: ELMS or 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 successfully completed structural confirmation impact testing for its Urban Delivery commercial class 1 vehicle. With this phase complete, the body design has been frozen. Testing took place at the NHTSA validated Calspan facility in Buffalo, NY.

James Taylor, ELMS CEO, said, “Passing these tests is not only a testament to our ability to design and engineer leading safety systems specific to commercial EVs, but it is also a critical milestone as we move towards full regulatory approvals, production and delivering our first vehicles to customers.”

“Incorporating our all new, ELMS-engineered, patented, front bumper energy absorption system along with a series of structural reinforcements allowed the Urban Delivery to meet federal safety testing standards,” added Praveen Cherian, ELMS Vice President of Engineering. “I am extremely pleased with the results of the confirmation test and proud of our global engineering development team at ELMS for their innovative thinking and methods that helped us deliver robust results in a very compressed timeline. This was certainly no ordinary achievement especially being the first Commercial Class 1 EV engineered for the US market.”

ELMS plans to launch introduction models of the Urban Delivery electric vehicle in the U.S. market beginning late in the third quarter. Production will occur at the Company’s plant in Mishawaka, Indiana.

About Electric Last Mile Solutions, Inc.

Electric Last Mile Solutions, Inc. (Nasdaq: ELMS) 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

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b9f2d522-667a-42a2-b1de-23fb6169686c

https://www.globenewswire.com/NewsRoom/AttachmentNg/4526641d-2db8-4a01-b195-2526c9bbf283

FAQ

What milestone did Electric Last Mile Solutions recently achieve regarding its Urban Delivery vehicle?

Electric Last Mile Solutions completed structural confirmation impact testing for its Urban Delivery vehicle, marking a key milestone towards regulatory approvals.

When does Electric Last Mile Solutions plan to launch the Urban Delivery electric vehicle?

The launch of the Urban Delivery electric vehicle is planned for late in the third quarter.

Where will the production of the Urban Delivery vehicle take place?

Production of the Urban Delivery vehicle will occur at the company's facility in Mishawaka, Indiana.

Is the Urban Delivery vehicle compliant with federal safety standards?

Yes, the Urban Delivery vehicle has met federal safety testing standards following successful impact testing.