ELMS Announces Successful Completion of Next Critical Milestone for Start of Production
September 07 2021 - 7:00AM
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
announced that it successfully completed structural confirmation
impact testing for its Urban Delivery commercial class 1 vehicle.
With this phase complete, the body design has been frozen. Testing
took place at the NHTSA validated Calspan facility in Buffalo, NY.
James Taylor, ELMS CEO, said, “Passing these
tests is not only a testament to our ability to design and engineer
leading safety systems specific to commercial EVs, but it is also a
critical milestone as we move towards full regulatory approvals,
production and delivering our first vehicles to customers.”
“Incorporating our all new, ELMS-engineered,
patented, front bumper energy absorption system along with a series
of structural reinforcements allowed the Urban Delivery to meet
federal safety testing standards,” added Praveen Cherian, ELMS Vice
President of Engineering. “I am extremely pleased with the results
of the confirmation test and proud of our global engineering
development team at ELMS for their innovative thinking and methods
that helped us deliver robust results in a very compressed
timeline. This was certainly no ordinary achievement especially
being the first Commercial Class 1 EV engineered for the US
market.”
ELMS plans to launch introduction models of the
Urban Delivery electric vehicle in the U.S. market beginning late
in the third quarter. Production will occur at the Company’s plant
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.
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 described in the “Risk Factors” section of the
Company’s Quarterly Report on Form 10-Q for the quarter ended June
30, 2021 and in 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 its expectations or any change in events, conditions or
circumstances on which any such statement is based.
ContactsMedia:
elms-svc@sardverb.com Investor Relations:
IR@electriclastmile.com
Photos accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9f2d522-667a-42a2-b1de-23fb6169686c
https://www.globenewswire.com/NewsRoom/AttachmentNg/4526641d-2db8-4a01-b195-2526c9bbf283
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