ELMS Sets Production Schedule for 2021
August 09 2021 - 7:00AM
Electric Last Mile Solutions, Inc. (NASDAQ: “ELMS” or “ELMSW”)
(“ELMS” or “the Company”) announced today that based on customer
demand and the overall launch program status of the all-electric
Urban Delivery van, the Company was able to set its production
schedule for 2021.
“We are pleased to confirm our intention to
begin production at the end of the third quarter and that we have
set our production schedule through 2021,” said ELMS Co-founder and
CEO James Taylor. “Despite the delay in the closing of our merger,
impacts from COVID-19 and a number of industry-wide supply chain
and logistics challenges, we believe we are on track to produce an
estimated 1,000 of our all-electric Urban Delivery vans this year.
We are continuing to work hand-in-hand with our supplier and
partner community and believe we can seize a first-mover
opportunity at scale in the Class 1 commercial EV segment.”
As part of setting its production schedule, ELMS
has aligned with suppliers for launch to understand each of their
readiness and production capabilities. Last week, the Company held
an update for strategic suppliers and partners, including
Continental, Siemens, CATL, Maersk, Glovis and others.
ELMS has further been working with customers to
convert pre-orders to order commitments with allotted allocation
schedules. The intended end-customers for the first order
commitments include some of the nation’s leading fleet management
companies, as well as an on-demand cargo van rental company, FedEx
independent contractors and Amazon Delivery Service Partners. In
addition, ELMS management believes it is on track for FY 2022
production targets laid out in their business plan.
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.
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.
ContactsMedia:
elms-svc@sardverb.comInvestor
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, 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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