ELMS Sets Production Schedule for 2021

TROY, Mich., Aug. 09, 2021 (GLOBE NEWSWIRE) -- 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 .

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Forward-Looking Statements

This 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.