ELMS Provides Key Updates to Suppliers and Partners Ahead of Start of Production
Electric Last Mile Solutions (NASDAQ: ELMS, ELMSW) hosted an update for over 40 strategic suppliers and partners in Troy, Michigan, to discuss the upcoming launch of its all-electric Urban Delivery van, set to begin production by Q3 2021. The meeting, led by ELMS executives, focused on production logistics and readiness. The company is aiming for a first-mover advantage in the EV market, leveraging partnerships with major industry players. Production will take place in Mishawaka, Indiana, where hiring has commenced to support the new facility.
- Scheduled production of the Urban Delivery van is set for Q3 2021.
- Company has engaged over 40 strategic suppliers to ensure launch readiness.
- Production facilities in Indiana have begun hiring in various operational areas.
- Market competition remains a significant risk for ELMS's anticipated first-mover advantage.
- Uncertainties surrounding supply chain and production timelines due to external factors.
- Dependence on customer conversion from pre-orders to binding orders is uncertain.
TROY, Mich., Aug. 05, 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 held an update for more than 40 of its strategic suppliers and partners to align on launch readiness ahead of the start of production of the all-electric Urban Delivery van, scheduled to start at the end of the third quarter this year.
The conference for strategic suppliers and partners, including Continental, Siemens, CATL, Maersk and others, was led by ELMS Co-Founder and Chief Executive Officer James Taylor, Chief Operating Officer Jerry Hu and Vice President of Engineering Praveen Cherian. Mr. Taylor covered the Company’s recent listing on Nasdaq as well as the planned logistics, material flow and production schedule of the Urban Delivery through the fourth quarter this year. Management also shared more details on the Company’s engineering progress and production readiness.
“The demand from our customers is there, and with your continued support we can achieve our production milestones this year,” Mr. Taylor said during the meeting. “Together, we have a terrific opportunity to seize a first-mover advantage, help lead commercial fleets’ transition to electric and establish America as a global center for EV manufacturing.”
The Urban Delivery, the anticipated first Class 1 commercial EV in the U.S. market, will be produced at the Company’s 675,000 sq. ft. facility in Mishawaka, Indiana. In preparation, the Company has already commenced hiring at the facility in areas spanning production, process engineering, material management and employee training.
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.
Contacts
Media: elms-svc@sardverb.com
Investor Relations: IR@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 plan, 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 indicated from time to time in Securities and Exchange Commission filings by the Company relating to the business plan and in the Company’s other filings and 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 their expectations or any change in events, conditions or circumstances on which any such statement is based.
FAQ
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