ELMS

Carnage grows among transportation startups

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In the world of electric vehicle and autonomous trucking startups, the picture of winners and losers...

https://www.freightwaves.com/news/carnage-grows-among-transportation-startups

Is last-mile startup ELMS on its last legs?

An Electric Last Mile Solutions delivery van in the ELMS factory

Electric delivery van startup Electric Last Mile Solutions (ELMS) appears near the end of the line with only enough cash to last through the end of the month, according to a Securities and Exchange Commission filing.

The ongoing struggles of the company importing bodies from China to marry with electric chassis built in the former General Motors Hummer plant in Indiana continue to worsen.

ELMS is one of many “de-SPACed” startups struggling to survive as investors abandon young companies they...

https://www.freightwaves.com/news/is-last-mile-startup-elms-on-its-last-legs

Nightmare on ELMS Street: Electric Last Mile Solutions faces SEC probe

EV maker Electric Last Mile Solutions faces an SEC probe

The past couple of months for Electric Last Mile Solutions (ELMS) could certainly be described as a horror movie. The tumultuous stretch kicked off in February with a ​​pair of resignations from ex-CEO James Taylor and ex-Chairman Jason Luo, following a board investigation that revealed the two had purchased heavily discounted shares of company stock pre-SPAC merger.

So far in March, things haven’t improved for ELMS. At the beginning of the month, the company announced that it would be laying off

https://www.freightwaves.com/news/nightmare-on-elms-street-electric-last-mile-solutions-faces-sec-probe

Truck Tech: SPAC shenanigans edition

This week, Electric Last Mile Solutions becomes another data point for those who argue shady dealings are a byproduct of SPAC mergers; Hyliion recruits another all-star board member but investors would rather see hybrid truck contracts generating revenue; and Paccar extends its deal for Meritor’s integrated electric powertrain.

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The shady side of SPACs

The stock shenanigans that took down the top two...

https://www.freightwaves.com/news/truck-tech-spac-shenanigans-edition

Another SPAC scandal: Top ELMS leaders resign over discounted stock buys

CEO James Taylor and Chairman Jason Luo are out at Electric Last Mile Solutions Inc., a startup last-mile van maker, following a board probe into their deeply discounted stock purchases before the company went public via SPAC in December 2020. 

Both Luo and Taylor are veteran auto executives. Taylor had a long career at General Motors (NYSE: GM) before running Workhorse Group (NASDAQ: WKHS). Luo is the former president of Ford China.

ELMS is assembling Class 1 delivery vans at a former GM plant...

https://www.freightwaves.com/news/another-spac-scandal-top-elms-leaders-resign-over-discounted-stock-buys

ELMS passes first test, delivers first EV cargo van ahead of schedule

ELMS delivers first electric cargo van

The first step in the mission to launch a Class 1 electric delivery van has been reached with Electric Last Mile Solutions announcing on Wednesday that it has delivered the first Urban Delivery van from its Indiana assembly facility.

The vehicle was handed over to Randy Marion Automotive Group, a large nationwide commercial dealership group. Just last week, the dealer announced an order for 1,000 of the EVs.

“There is no doubt that the commercial last-mile delivery market is demanding electric...

https://www.freightwaves.com/news/elms-passes-first-test-delivers-first-ev-cargo-van-ahead-of-schedule

Surging container rates, semiconductor shortage only blips on radar for Arrival, ELMS

Two electric van startups are facing different challenges in the months ahead, but at least one analyst remains supportive of both firms’ long-term potential.

Electric Last Mile Systems (ELMS) will be first out of the gate with its Class 1 electric van, but shipping costs could alter the pricing dynamics for customers, according to research firm Cowen. Conversely, Arrival (NASDAQ: ARVL) will take longer to bring its vehicles to market, but as a result should avoid the peak of the global...

https://www.freightwaves.com/news/surging-container-rates-semiconductor-shortage-only-blips-on-radar-for-arrival-elms

Cowen expects Electric Last Mile Systems to charge ahead

Cowen issues positive report on electric vehicle maker ELMS

In an increasingly competitive space, Cowen Equity Research has initiated coverage of Electric Last Mile Systems (ELMS) with an outperform rating, setting a per-share price target of $14.

ELMS (NASDAQ: ELMS) closed Thursday at $9.15, down 6% from the open.

The research firm said it was “impressed by the company’s experienced management team and capital-light go-to-market business model that focuses on keeping its approach to manufacturing simple” and a low capital expenditure need to bring Class...

https://www.freightwaves.com/news/cowen-expects-electric-last-mile-systems-to-charge-ahead

ELMS to show prototype Class 3 electric van at FedEx event

Electric last mile systems to debut electric cargo van at FedEx contractor event

Electric Last Mile Systems (ELMS) will debut the second of its fully electric delivery vehicles at the upcoming Route Consultant Contractor Expo on July 30-31. The event is the largest FedEx Ground contractors event in the country and will be held in Nashville, Tennessee.

ELMS will show a prototype of its Class 3 vehicle, what it is calling the Urban Utility. The vehicle will join its smaller Class 1 sibling, the Urban Delivery cargo van, which will also be on display. The Class 1 is expected to...

https://www.freightwaves.com/news/elms-to-show-prototype-class-3-electric-van-at-fedex-event

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