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Electric Last Mile Solutions (ELMS) confirmed the production start of the Urban Delivery, the U.S.'s first Class 1 commercial electric vehicle, by Q3 2021. The company completed a business merger raising approximately $294 million and acquired a manufacturing facility in Indiana with a 100,000-unit capacity. ELMS reported a net loss of $8.6 million for Q2 2021, with a cash balance of $217.4 million. The company aims to produce 1,000 vehicles in 2021 and is on track for a significant 2022 production target. Strategic partnerships have been established to enhance service capabilities.
Electric Last Mile Solutions (NASDAQ: ELMS, ELMSW) has announced its production schedule for the all-electric Urban Delivery van, set to begin at the end of Q3 2021. The company anticipates producing approximately 1,000 units this year despite challenges including COVID-19 and supply chain issues. ELMS is collaborating with key suppliers and converting pre-orders to commitments from significant customers like FedEx and Amazon Delivery Service Partners. The production will occur at their facility in Mishawaka, Indiana, marking a pivotal step in the Class 1 commercial EV sector.
Electric Last Mile Solutions (NASDAQ: ELMS, ELMSW) will release its Q2 2021 financial results on August 12, 2021, after market close. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss the results. The company focuses on providing clean commercial electric vehicles, with its first model, the Urban Delivery, expected to be the leading Class 1 commercial EV in the U.S. market. Interested parties can access the live webcast via the company's website.
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.
Electric Last Mile, Inc. (Nasdaq: ELMS) and Thermo King are collaborating to develop an all-electric refrigerated delivery vehicle, with a prototype expected to launch in 2021. This vehicle will integrate Thermo King's E-200 all-electric refrigeration unit into ELMS’ Urban Delivery EV, aiming to enhance sustainability in last-mile deliveries, especially for perishable goods. The prototype will be showcased at upcoming industry events, reflecting both companies’ commitment to sustainable transport solutions.
Electric Last Mile Solutions (ELMS) has filed a provisional patent for an innovative EV crash protection system aimed at enhancing vehicle safety and battery stability. Preliminary tests of the energy-absorbing front bumper, featuring a honeycomb structure, reported positive results. The Urban Delivery, ELMS's first Class 1 commercial electric vehicle, is set for launch later this year and will utilize this advanced design. Further crash tests are planned for August, reinforcing ELMS’s commitment to safety in commercial EVs.
Electric Last Mile Solutions (Nasdaq: ELMS) celebrated its public listing by ringing the opening bell at Nasdaq MarketSite on July 13, 2021. CEO James Taylor highlighted the company's strong position to meet the growing demand for commercial electric vehicles (EVs), particularly with the upcoming launch of the ELMS Urban Delivery, anticipated to be the first Class 1 commercial EV in the U.S. The listing follows the merger with Forum Merger III Corporation, providing critical capital to execute its business plan.
Electric Last Mile Solutions (ELMS) has signed a long-term supply agreement with Wuling Motors, enhancing its access to electric vehicle (EV) components for the Urban Delivery all-electric cargo van. This vehicle, anticipated to be the first Class 1 commercial EV in the U.S., is set to launch later this year with a starting price around $25,000 after incentives. The Urban Delivery is expected to have a range of approximately 150 miles and will feature advanced connectivity capabilities. This partnership aims to strengthen ELMS's supply chain and enable quick market entry.
Electric Last Mile Solutions (ELMS) has commenced trading on Nasdaq under the tickers ELMS and ELMSW following its business combination with Forum Merger III Corporation. This milestone positions ELMS to lead in the Class 1 commercial electric vehicle market. CEO Jim Taylor emphasized the anticipated launch of the Urban Delivery vehicle, promoting sustainability and efficiency for customers. The company aims to capitalize on the $1 trillion North American e-commerce market with innovative EV solutions and has formed partnerships with key industry players.
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