Electric Last Mile Solutions Announces Long-Term Supply Agreement with Wuling Motors
July 12 2021 - 7:00AM
Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) (“ELMS” or “the
Company”), a designer of intelligent, e-mobility workstations for
the last mile, today announced that it has signed a binding,
long-term supply agreement with Liuzhou Wuling Automobile Industry
Co., Ltd. (HKSE: 305) (“Wuling Motors”), a supplier of automotive
components and one of China’s leading automotive manufacturers of
electric cargo vans and light duty specialty vehicles.
Under the agreement with Wuling Motors, ELMS
will have long-term access to EV component systems and parts from
Wuling Motors’ commercial EV cargo van platform for the manufacture
of the ELMS all-electric Urban Delivery vehicle.
“At ELMS, we are reimagining the design of
commercial vehicles as efficient, intelligent and profit-driving
e-mobility workstations for our customers,” said ELMS Co-Founder
and CEO, James Taylor. “We are delighted to be collaborating with a
company of Wuling Motors’ caliber to broaden our long-term,
strategic supply base. We believe that this partnership, as a part
of our solutions ecosystem model and supplemental to our core
vehicle integration and engineering capabilities, will enable us to
quickly bring to market, segment-defining and U.S.-made EVs
customized to our customers’ individual needs and optimized for the
qualities that matter most to them: efficiency, reliability and
total cost of ownership.”
The agreement with Wuling Motors adds to the
Company’s existing and developing strategic partnerships with other
industry-leading suppliers and service providers, including CATL
for battery packs, Geotab for advanced telematics, Cox Automotive
for comprehensive service coverage and Randy Marion Automotive
Group for distribution.
The ELMS Urban Delivery, anticipated to launch
later this year, is expected to be the first Class 1 commercial EV
available in the U.S. market and will be produced at the Company’s
plant in Mishawaka, Indiana. The Urban Delivery is anticipated to
have a range of approximately 150 miles and is also expected to
come with a suite of connectivity and productivity solutions,
including over-the-air updates.
About Electric Last Mile,
Inc.ELMS (NASDAQ: ELMS) is focused on redefining the last
mile with efficient, connected and customizable solutions. ELMS’
first vehicle, the Urban Delivery, is anticipated to be the first
Class 1 commercial electric vehicle in the U.S. market. ELMS is now
listed on NASDAQ following the completion of its merger with Forum
Merger III Corporation, providing it with sufficient capital to
execute its business plan. The company is headquartered in Troy,
Michigan. For more information, please visit
www.electriclastmile.com or Twitter @ELMSolutions.
About Liuzhou Wuling Automobile Industry
Co., Ltd.Liuzhou Wuling Automobile Industry Co., Ltd.
(Wuling Industry Co., Ltd. for short) was established in 2007 by
Guangxi Automobile Group Co., Ltd. (formerly Liuzhou Wuling
Automobile Co., Ltd.), integrating the company’s auto parts,
engine, and special-purpose vehicle businesses with a Hong Kong
listed joint venture company, Wuling Automobile Group Holdings Co.,
Ltd. (HK.00305), with total assets of 13.18 billion yuan and
operating income of 18.48 billion yuan in 2019. With a history of
more than 30 years of automotive manufacturing, Wuling focuses on
providing customers with high-value products, from parts to cargo
van and light duty vehicles.
ContactsMedia: elms-svc@sardverb.com Investor
Relations: IR@electriclastmile.com
Forward-Looking StatementsThis
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 with Forum Merger
III Corporation, 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 the proxy statement filed by Forum relating to
the business combination, including those under the “Risk Factors”
section therein, and in Forum’s other filings and 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 their
expectations or any change in events, conditions or circumstances
on which any such statement is based.
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