An in-demand sector of the electric vehicle space will be the last mile solutions or final delivery vehicles. We often touch on consumer vehicles and wanted to switch it up and discuss delivery and utility vehicles’ future. Today there is a big market for these vehicles; everyone can relate to an amazon van in and out of their neighborhood.
Why is Electrifying Last Mile Solutions Vehicles Important?
Last mile shipping is the most expensive part of the entire logistics chain. With e-commerce booming, efficiencies in this area are needed drastically. Electrifying the fleet can bring exactly that to the table as studies show, fleet costs for electric cars tend to be cheaper per mile.
Additionally, the added impacts on emissions from this sector are growing. Electrifying the fleet will reduce big corporations’ carbon footprints. A major focal point over the next decade will be on reducing carbon footprints for companies. Electric delivery vans can bring a solution to the table.
Who is Electric Last Mile Solutions Inc.?
Electric Last Mile Solutions (ELMS) is a relatively new company located in Michigan specializing in last mile delivery vehicles. Their products would be geared to support companies like Amazon, Walmart, FedEx, etc. They have already been able to produce 30,000 vehicles and have received an additional 30,000 pre-orders for their electric delivery van.
The company recently acquired a manufacturing plant in Mishawaka, Indiana, optimized for EV production. They have also recently been in talks with a SPAC merger company to bring the company public. The CEO, James Taylor, has extensive leadership in the automotive industry with GM, Workhorse, and Karma Automotive LLC, to name a few.
What Vehicle is Electric Last Mile Solutions Making?
Electric Last Mile Solutions, or ELMS, manufactures the first electric Class 1 delivery vehicle, putting them apart from all the other EV manufacturers. The UD-1 electric delivery van can carry up to 2,400 lbs with a capacity of 170 cubic feet. The vehicle can get a range up to 150 miles and have onboard over the air technology to track the fleet.
ELMS does not carry the wow factor like Tesla because it does not build visually appealing sports cars. Regardless of that fact, a company in this niche will be a major player overall. The growing demand for the electric last mile delivery vehicle will continue on an upward trajectory year over year. Be prepared to see an ELMS vehicle dropping off your packages in the near future!
There have also been talks of a Class 3 truck release in late 2022.
ELMS – The Electric Vehicle SPAC Stock to Watch
On Friday, ELMS announced it would go public through a reverse merger with the blank-check company “SPAC” Forum Merger III Corp. The deal values the U.S. electric commercial vehicle maker at $1.4 billion.
The deal, expected to close in the first quarter, will provide ELMS with $379 million in gross proceeds. The company will trade on the NASDAQ under the stock symbol “ELMS.” With the electric vehicle stock market heating up, this is definitely one that is on our radar.
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