ELMS - ELMS STOCK NEWS

Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) has appointed Thomas M. Dono, Jr. as Chief Legal Officer and Corporate Secretary. With over 20 years of experience in the automotive and technology sectors, Dono's expertise includes ESG, SEC reporting, and international law. Previously, he held the same position at Stoneridge and served in high-level legal roles at Metaldyne. His leadership is expected to support ELMS in advancing urban mobility solutions, including the upcoming production of their Class 3 Urban Utility EV.

Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) announced the successful launch and delivery of the ELMS Urban Delivery, the first Class 1 commercial electric vehicle in the U.S. The company secured a 6,000-unit order commitment and signed long-term agreements for battery and components supply. Despite global supply-chain challenges, ELMS revised its 2021 production target to 300-500 vehicles. The company reported a net loss of $17.8 million for Q3 2021, with a total cash balance of $170.9 million as of September 30, 2021.

ELMS announces the Board's approval for production of the Urban Utility EV, targeting the Class 3 commercial vehicle market in 2022. This vehicle has a max payload of over 5,700 lbs, a gross vehicle weight rating of over 11,000 lbs, and a range of approximately 125 miles. With this launch, ELMS aims to capture a share of the $130 billion North American market for Class 1-3 commercial vehicles, building on the success of its Urban Delivery EV already in production.

Electric Last Mile Solutions (NASDAQ: ELMS; ELMSW) has partnered with EVgo (NASDAQ: EVGO) to create a charging ecosystem for commercial electric vehicle fleets. This partnership aims to deliver EVgo's charging solutions to ELMS' Urban Delivery vehicles, supporting lower total ownership costs. A preferred fleet charging program will facilitate large-scale deployments, including comprehensive services such as transition planning and maintenance. ELMS' Urban Delivery is the first Class 1 commercial electric vehicle in the U.S., with production of its second vehicle set for late 2022.

Electric Last Mile Solutions (NASDAQ: ELMS; ELMSW) has announced the launch of the ELMS EV Campus Program, designed to assist universities in achieving their sustainability and ESG goals. This initiative will allow universities to pilot ELMS Urban Delivery commercial electric vehicles for free for up to four weeks, while also installing telematics devices in their existing fleets to analyze data for fleet optimization. With nearly 1,500 U.S. universities targeting sustainability, this program aims to facilitate the transition to electric vehicles, ultimately reducing carbon emissions and costs.

Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) will report its Q3 2021 financial results on November 10, 2021, after market close. A conference call at 5 p.m. ET will follow, where management will discuss earnings, the CATL battery agreement, and launch plans for the Class 3 Urban Utility vehicle. Key executives on the call will include CEO James Taylor and CFO Rob Song. The company aims to define a new era in commercial vehicles with its first Class 1 electric vehicle already in the U.S. market and anticipated production of its next vehicle scheduled for H2 2022.

Electric Last Mile Solutions (NASDAQ: ELMS; ELMSW) announced key new executive hires aimed at ramping up production of its all-electric Urban Delivery Class 1 vehicle. The new team includes experienced professionals from major industry players like Intel and General Motors, enhancing the company's strategic planning, supply chain, sales, parts and service, eDrive, and investor relations. These appointments come as the company prepares for the production of its second vehicle, the Class 3 Urban Utility EV, expected in late 2022, signaling a commitment to growth and innovation in electric commercial vehicles.

Electric Last Mile Solutions (ELMS) has announced its expansion into Canada, appointing David MacPhail as President to oversee operations. This move follows the company's establishment of regional hubs in Michigan, Indiana, California, and China. Canada's commitment to electric vehicles, including incentives up to C$8,000 and a goal for 100% zero-emission vehicle sales by 2035, presents a promising market for ELMS. The company anticipates strong demand amid Canada's e-commerce growth, which is expected to reach US$40.3 billion by 2025.

Electric Last Mile Solutions (NASDAQ: ELMS; ELMSW) has entered into a significant agreement with Contemporary Amperex Technology Co., Limited (CATL) to secure battery supply for its Class 1 Urban Delivery commercial electric vehicle, lasting through 2025. The partnership focuses on a 42-kWh lithium-ion battery featuring lithium-iron phosphate (LFP) chemistry, promising enhanced safety, reliability, and manufacturing cost savings through CATL's innovative cell-to-pack technology. Both companies are also exploring future localization of battery production in the U.S.