Electric Last Mile Solutions Announces Long-Term Supply Agreement with Wuling Motors

  • A binding agreement with a leading manufacturer expands the supply base and provides access to market-proven electric vehicle (EV) component parts and systems for the all-electric ELMS Urban Delivery van.

  • The segment-defining ELMS Urban Delivery is expected to be the first Class 1 commercial EV in the United States with production slated for later this year.

  • Urban Delivery is expected to enter the US market at a starting price of around $ 25,000, after incentives.

TROY, Michigan, July 12, 2021 (GLOBE NEWSWIRE) – Electric Last Mile Solutions, Inc. (NASDAQ: ELMS) (“ELMS” or “the Company”), a designer of intelligent workstations and e-mobility for the last mile, today announced that it has signed a long-term binding supply agreement with Liuzhou Wuling Automobile Industry Co., Ltd. (HKSE: 305) (“Wuling Motors”), an automotive component supplier and one of China’s leading automobile manufacturers. electric vans and light specialty vehicles.

Under the agreement with Wuling Motors, ELMS will have long-term access to the EV component systems and parts of Wuling Motors’ EV van business platform for manufacturing the all-electric ELMS urban delivery vehicle.

“At ELMS, we are reinventing the design of commercial vehicles as efficient, intelligent and profitable electric mobility workstations for our customers,” said James Taylor, co-founder and CEO of ELMS. “We are delighted to partner with a company of the caliber of Wuling Motors to expand our long-term strategic supply base. We believe that this partnership, as part of our ecosystem of solutions model and in addition to our core vehicle integration and engineering capabilities, will allow us to quickly bring segment-defined electric vehicles to market and Made in the USA, tailored 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 builds on the company’s existing and developing strategic partnerships with other leading suppliers and service providers, including CATL for batteries, Geotab for advanced telematics, Cox Automotive for coverage of full service and Randy Marion Automotive Group for distribution.

The ELMS Urban Delivery, slated for launch later this year, is expected to be the first commercial Class 1 EV available in the U.S. market and will be produced at the company’s plant in Mishawaka, Indiana. Urban delivery is expected to have a range of around 150 miles and is also expected to come with a suite of connectivity and productivity solutions, including live updates.

About Electric Last Mile, Inc.
ELMS (NASDAQ: ELMS) focuses on redefining the last mile with efficient, connected and customizable solutions. ELMS ‘first vehicle, Urban Delivery, is expected to be the first Class 1 commercial electric vehicle in the US market. ELMS is now listed on the NASDAQ following the finalization of its merger with Forum Merger III Corporation, which provides 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. , engines and special-purpose vehicles with a Hong Kong-listed joint venture, Wuling Automobile Group Holdings Co., Ltd. (HK.00305), with total assets of 13.18 billion yuan and operating profit of 18.48 billion yuan in 2019. With a history of over 30 years of automotive manufacturing, Wuling focuses on the supplying its customers with high-value products, from spare parts to vans and light vehicles.

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Forward-looking statements
This press release includes “forward-looking statements” within the meaning of the “safety rule” provisions of the Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates and projections and, therefore, you do not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “anticipate”, “anticipate”, “intend to”, “plan”, “can”, “can” , “Could”, “” believes “,” predicted “,” potential “,” continuing “and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations regarding the 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 serving these 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 the customers, the estimated timing and cost of bringing the Company’s products to market, and the Company’s implied valuation. These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. Most of these factors are beyond the control of the Company and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) failure to recognize the anticipated benefits of the business combination with Forum Merger III Corporation, which may be affected, among others, by competition and The company’s ability to grow and manage its growth profitably and retain key employees; (2) changes in applicable laws or regulations; (3) the possibility that the Company will be affected by other economic, commercial and / or competitive factors; (4) the impact of COVID-19 on the Company’s activities; (5) any delay that the Company may experience in achieving its projected timelines and cost and volume targets for the production, launch and acceleration of production of the Company’s vehicles and the modification of its plant Manufacturing ; (6) the Company’s ability to secure customers, secure product orders and convert non-binding pre-orders into firm 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 Circular filed by Forum relating to the business combination, including those mentioned in the “Risk Factors” section thereof, and in other documents filed by Forum and in future documents filed by the Company with the Securities Company. and the Foreign Exchange Commission. Some of these risks and uncertainties may in the future be magnified by the COVID-19 outbreak and there may be additional risks that the Company considers insignificant or which are unknown. The Company cautions that the above list of factors is not exclusive. The Company cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are posted. The Company does not undertake or accept any obligation or commitment to publicly issue any updates or revisions to forward-looking statements to reflect any change in their expectations or any change in the events, conditions or circumstances upon which such statement is made. based.

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