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Horst, that's a superb reply and clarification. I'm not familiar with SPACs so it was educational.
Truly this "dip" is a massive buying opportunity.
Too bad i maxed out buying shares in the $10s and $9s.
12-month price-targets from different 5 analysts --Jefferies, Wedbush, BTIG, Cowen, Colliers-- are now displayed at this MarketBeat.com site:
https://www.pricetargets.com/NASDAQ/ELMS/
It specifically mentions these are "12 month" price targets.....
Nice to see Jeffries with the highest PT yet posted for ELMS.
Wow, the selloff 9 out of the past 10 days has been brutal.
Maybe this marks a bottom, but who knows?
Lots of impatient hands letting shares go for a very cheap price, imo.
This is a longterm hold for me so it doesn't really matter what the current trading is doing but it's still strange to see how this and so many other EV names have been treated by the market.
ELMS - yes, lots of positive and promising developments for ELMS, though you'd never know it from the stock-price, making new lows yesterday, indiscriminately thrown out in this selloff of so many EV and other new tech names during the recent meltdown of the Russell 2000.
Here's a good overview article from FleetOwner yesterday, which anticipated today's PR about ELMS' partnership with a respected co. to provide an integrated, refrigerated version of the ELMS Urban Delivery van for florists, grocers, et al.
https://www.fleetowner.com/emissions-efficiency/electric-vehicles/article/21170595/elms-thermo-king-partner-on-lightduty-commercial-bev-for-refrigerated-delivery
The ELMS refrigeration unit is said to have far less complications and fewer potential problems than trying to integrate refrigeration with the typical internal combustion engine van.
I assume that $15 PT from BTIG analyst Greg Lewis is a 1-yr price target and that by 2023 ELMS' shareprice will be MUCH higher :- )
https://seekingalpha.com/news/3719607-electric-last-mile-solutions-rallies-after-bull-call-from-btig
Electric Last Mile Solutions rallies after bull call from BTIG
Jul. 27, 2021 8:43 AM ETElectric Last Mile Solutions, Inc. (ELMS)By: Clark Schultz, SA News Editor
Electric Last Mile Solutions (NASDAQ:ELMS) shoots higher in early trading after BTIG starts off coverage with a Buy rating.
Analyst Gregory Lewis says the key to ELMS' success will be the successful re-tooling and start-up of its facility in Indiana and its ability to leverage a strategic relationship with Wuling Motors. Lewis and team also point to the ability for Electric Mile to deliver a cost-competitive battery electric vehicle as the company looks to carve out a slice of the roughly 500K annual U.S. delivery van market. For its part, ELMS is targeting ~35K vehicles in 2023.
BTIG assigns a price target of $15 based on ELMS' 2023 sales target of 35K vehicles and estimated 2023 revenue of $1.2B.
Shares of Electric Last Mile Solutions are up 3.86% in premarket trading to $9.15. ELMS trades belows its recent moving averages.
Great news! Thanks for posting here... I was about to do so myself.
It's not yet been PR'd by ELMS.
This is yet another milestone along the road for ELMS to be able to offer this refrigerated van for much lower TCO and fewer complications than the Ford Transit or Dodge van.
I think right now ELMS' stock (along with many other EV tickers) is in "show me" mode as stockmarket investors seem to have lost all interest in ELMS and many other EV cos., but it's only a matter of time before Big Money takes a larger ownership percentage as the co. gets closer to first production and binding orders.
It's at that time that imo the analysts covering ELMS will push up their price-targets and generate more buying interest in the stock.
Electric Last Mile Solutions lands bull rating from Wedbush on EV moat opportunity • 7:26 AM 7/20/21
• Wedbush Securities starts off coverage on Electric Last Mile Solutions (NASDAQ:ELMS) with an Outperform rating on what looks like a very favorable current climate for the company with the EV industry in the first inning of a $5T market opportunity over the next decade.
• Analyst Dan Ives says ELMS is building an EV moat in the commercial last mile by helping its customers save money by providing the lowest TCO possible.
• "The widespread shift to e-commerce seen across industries in buying and other fulfillment methods (buy online, pick up in-store, contactless delivery, etc.) has put last-mile delivery front and center with EV the next step on this last mile journey," notes Ives.
• Electric Last Mile Solutions is anticipated to have the first class 1 electric vehicle in the U.S. market with the Urban Delivery model.
• The firm assigns a price target of $17 to Electric Last Mile Solutions to rep more than 70% upside for shares.
http://ih.advfn.com/stock-market/NASDAQ/electric-last-mile-solut-ELMS/stock-news/85625012/university-of-notre-dame-begins-pilot-of-elms-all
University of Notre Dame Begins Pilot of ELMS All-Electric Urban Delivery to Advance Sustainability Goals
July 20 2021 - 07:00AM
Electric Last Mile Solutions, Inc. (“ELMS” or “the Company”) today announced that the University of Notre Dame (“Notre Dame”) has begun a pilot of the ELMS all-electric Urban Delivery for use on the university’s campus. The testing program will assess how Notre Dame can advance both efficiency and sustainability within its operations by using purpose-built electric vehicles.
“Partnering with ELMS on this pilot program represents a terrific opportunity to explore how Notre Dame can accelerate its sustainability goals while driving operational efficiency and supporting local manufacturing,” said Carol Mullaney, Notre Dame’s Senior Director of Sustainability and Logistics. “We look forward to working with ELMS and setting an example for how higher education can move the needle on sustainability through fleet electrification.”
“We’re thrilled to be partnering with Notre Dame, one of the country’s leading research universities, to pilot our Urban Delivery in what we believe is a considerable yet underserved vertical in the commercial vehicle market,” said ELMS Co-Founder and CEO James Taylor. “With our intended manufacturing operations just down the road, we are excited to work with local partners like Notre Dame to put St. Joseph County on the map as a national hub for American-made, sustainable EVs.”
As part of the pilot program, the ELMS Urban Delivery will be put through the university campus fleet’s various duty cycles. The program will also incorporate the use of advanced vehicle data analytics and telematics, a first for the university’s fleet. Notre Dame and ELMS will work together to gather in-field performance data throughout the pilot.
Production of the Urban Delivery is expected to begin later this year at ELMS’ intended manufacturing and assembly plant in Mishawaka, Indiana. The Urban Delivery is expected to be the first electric Class 1 commercial vehicle available in the U.S. and is anticipated to have a range of 150 miles.
About Electric Last Mile, Inc.
ELMS is focused on redefining the last mile with efficient, connected and customizable solutions. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first class 1 electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com or Twitter @ELMSolutions.
Contacts
Media: elms-svc@sardverb.com
Investor Relations: IR@electriclastmile.com
Forward-Looking Statements
ELMS seems to have been pulled down in price along with the 8%-10% correction on smallcaps and microcaps the past three weeks (just pull up a chart for the IWM and IWC to see the big recent selloff).
I heard from Ihub admin person that the old FIII board that had about 3 dozen messages cannot be merged into this one. No new posts at that board will be possible, but you can read thru the old posts if you like at https://investorshub.advfn.com/Electric-Last-Mile-Solutions-Inc-(previous-FILL)-ELMS-38500/.
Not sure how long that board will be operative at all....
Electric Last Mile Solutions to Ring the Opening Bell at Nasdaq stck.pro/news/ELMS/14253219
COWEN analyst Jeffrey Osborne initiated coverage on ELMS on 7/8/21 with a PT of $14-- i assume that's just a medium term PT. (Osborne is a senior analyst for Cowen and conservative—e.g., he gave TSLA one of the lowest price targets a couple of years ago.)
https://www.freightwaves.com/news/cowen-expects-electric-last-mile-systems-to-charge-ahead
Cowen expects Electric Last Mile Systems to charge ahead
Research firm sets $14 price target, cites experienced management, low capital need as positives
Brian Straight, managing editor, Modern Shipper July 9, 2021
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 1 and Class 3 electric delivery vans to market.
ELMS, which went public on June 28 in a reverse merger with Forum Merger III Corp., was co-founded by former General Motors (NYSE: GM) executive Jim Taylor and Jason Luo, former CEO of Ford China.
Among the reasons Cowen cited for its outperform rating was the early head start ELMS has in the race to electrify commercial delivery vehicles and the company’s plans to retrofit a Sokon platform for its Class 1 Urban Delivery van, which is expected to be available in Q4, Taylor previously told Modern Shipper.
The vehicle will be produced at the former Hummer plant in Mishawaka, Indiana. The Urban Delivery van will have a range of about 250 miles [not 150?]. The batteries and power system will come from China but the skateboard chassis will be sourced in the U.S. This approach helps ELMS avoid costs to retrofit the chassis for electric motors. Unlike competitive vehicles, ELMS’ products are purpose-built for commercial use, Taylor noted. Its Urban Delivery van features a 42-kilowatt battery and between 170 and 180 cubic feet of cargo capacity.
“This approach simplifies manufacturing but comes with many challenges around passing stringent U.S. safety requirements, however we believe the management team’s deep experience will enable ELMS to successfully achieve necessary certification,” Cowen wrote in its report.
Taylor told Modern Shipper the company was working through that certification process now and was on track to meet its delivery target. He also said ELMS’ budget called for $160 million in expenses to produce the vehicles – a funding level the company reached through the stock deal.
Cowen also noted lower cost of ownership as a factor as compared to competitors. Taylor said that, with incentives, the Urban Delivery van would cost roughly $25,000. Its current list price is $32,500.
A Class 3 vehicle – the Urban Utility – is being planned for 2022. Both vehicles will be shown at the upcoming Route Consultant Contractor Expo, a FedEx (NYSE: FDX) contractor event.
“The ability to leverage an already proven and developed platform is core to the company’s simplified manufacturing process, as 80% of the engineering will be complete by the time it hits the production line,” Cowen wrote. The research firm also cited ELMS first-on-the-road status as a key to the company’s success and a reason for the stock rating.
ELMS currently has 45,000 preorders for the Class 1 van, Taylor said.
Just to let folks here know:
Ihub admin Warren just messaged me to let me know he has transitioned the older FIII board into a new ELMS board. It has all the older pre-merger posts about FIII and ELMS.
So now there are two ELMS boards, that one and this one.
I just contacted him with the hope that both boards can be merged into one ELMS board to keep that older DD.
Let's see what happens.
But in the meantime i wanted to let readers know what's happening and why there are now two ELMS ihub boards for this ticker.
Everything i've heard from CEO Taylor in interviews and the SEC filings & PRs says "late Sept" or "this Fall."
ELMS - hopefully today was the start of a nice recovery after the two-day selloff.
ELMS' IR contact Erik Grossman emailed me today with some answers to my Qs, saying that with the $268M cash infusion from the merger (after subtracting $26M for banking & legal transaction costs, not my posited figure of $21M), ELMS has $108M more than the $160M needed to fulfill its business plan as outlined in the lengthy SEC proxy document. He further stated:
"There are a couple ways to think about our launch requirements. If you add up the CapEx numbers in the deck through 2025 you get the ~$200m figure. We have stated that we need $160m to execute the business plan laid out – this assumes the cash flow break even in Q4 2022. That is the number James [CEO James Taylor] typically refers to. In summary, we believe we have sufficient capital to execute the business plan laid out in the merger. We’re thrilled to have finally closed and are focused on execution."
ELMS' IR contact Erik Grossman emailed me today, saying that with the $268M cash infusion from the merger (after subtracting $26M for banking & legal transaction costs, not my posited figure of $21M), ELMS has $108M more than the $160M needed to fulfill its business plan as outlined in the lengthy SEC proxy document. He further stated:
"There are a couple ways to think about our launch requirements. If you add up the CapEx numbers in the deck through 2025 you get the ~$200m figure. We have stated that we need $160m to execute the business plan laid out – this assumes the cash flow break even in Q4 2022. That is the number James [CEO James Taylor] typically refers to. In summary, we believe we have sufficient capital to execute the business plan laid out in the merger. We’re thrilled to have finally closed and are focused on execution."
So right now
--Jason Luo has nearly 59.3M shares (47.8% of O/S)
--CEO Jim Taylor has 5.3M shares (4.3%)
--David Boris (of FIII and now on the ELMS board) has 6.86M shares (5.5%)
--Marshall Kiev (of FIII) has 7.36M shares (5.9%).
So just these four individuals own 63.5% of the outstanding shares.
There's a huge amount of insider ownership after the merger, so, along with the earnout-shares available in future, they should be highly motivated to perform and get the ELMS shareprice much higher over coming seasons. For those keeping track, here's the tally from the 8-K:
"Immediately after giving effect to the business combination, there were 124,027,012 shares of common stock and warrants to purchase 8,580,375 shares of common stock of the Company issued and outstanding. As of Closing, Jason Luo, the Executive Chairman and President of the Company, beneficially owned approximately 47.8% of the outstanding shares of common stock of the Company."
According to this section of the 8-K, the other ELM stockholders beneficially owned approx. 14.6% of the O/S of common stock, PIPE Investors owned 10.5%, the holders of the ELM Convertible Notes owned 2.2%, SERES owned 4.0%, and the former security holders of Forum owned 21.1% of the outstanding shares of common stock of ELMS.
ELMS - Electric Last Mile Solutions filed an 8-K after hours. It appears they got all the cash they needed and maybe 33% more from the SPAC merger with FIII and the additional PIPE investment (etc.) to launch their Urban Delivery EV van this Fall (Sept-Oct) and then their Urban Utility EV truck-cab next year.
11.077M shares were redeemed, fully 44.3% of shares made available by the FIII SPAC, more than i thought, but still leaving MORE THAN SUFFICIENT CASH for ELMS when adding the $155M in PIPE funding.
SUBTOTAL = $139.2M from merger (out of $250M in FIII trust) + $155M PIPE funding, MINUS "transaction costs" of what i recall to be >$21M.
= TOTAL of approx. $271M CASH (someone might want to check my math).
Outstanding shares = 124,027,012 shares (less dilution than previously thought)
Fully diluted includes warrants to purchase 8,580,375 shares, plus several million earnout shares if future price-targets hit ($14 and $16).
It was probably the attack on SPACs, nasty sell-off of EV and tech sector, fear over chip shortage this past Spring, and other market fears that caused the substantial amount of share redemptions. But thank God and the business plan, ELMS only needs about $200M to launch both the Urban Delivery van and Urban Utility truck-cab over the next 15-18 months or so.
One thing this financial info means is that there is now less dilution for shareholders, so when ELMS becomes profitable, the EPS will be higher.
It also means they have less cash overall on the balance sheet to start with. But it's no big deal-- CEO Jim Taylor has clearly stated (as does the prospectus filed with SEC) that ELMS only needs $200M to accomplish everything they want to in the first 15-18 months of production of their 2 different EV vehicles (the Class 1 van and Class 3 truck cab).
Also, ELMS could always raise more money at presumably a much higher shareprice by then (and less share-dilution) if they want to generate a lot more cash for acquisitions and some of the other things that CEO Taylor has mentioned in some of the Zoom interviews we've seen this past Spring
As i posted over at Stocktwits ($ELMS),
it was probably the attack on SPACs, nasty sell-off of EV and tech sector, fear over chip shortage this past spring, and other market fears that caused the substantial amount of share redemptions. But thank God and the business plan, ELMS only needs about $200M to launch both the Urban Delivery van and Urban Utility truck-cab.
OK, looks like fully 44.3% of shares got redeemed, more than i thought, but still leaving more than sufficient cash for ELMS when adding the $155M in PIPE funding, TOTAL = $139.2M + $155M = $294.2M CASH.
Outstanding shares = 124,027,012 shares
Fully diluted includes warrants to purchase 8,580,375 shares
---------------------
From the AH filing:
Prior to the Special Meeting, holders of 11,077,058 shares of Class A common stock included in the units issued in Forum’s initial public offering (“public shares”) exercised their right to redeem those shares for cash at a price of approximately $10.00 per share, for an aggregate of approximately $110,771,731 [44.3% shares redeemed]. The per share redemption price of approximately $10.00 for holders of public shares electing redemption was paid out of Forum’s trust account, which, after taking into account the redemption but before any transaction expenses, had a balance immediately prior to the Closing of approximately $139,230,866 [plus the PIPE’s $155M].
Immediately after giving effect to the business combination, there were 124,027,012 shares of common stock and warrants to purchase 8,580,375 shares of common stock of the Company issued and outstanding. As of the Closing, Jason Luo, the Executive Chairman and President of the Company, beneficially owned approximately 47.8% of the outstanding shares of common stock of the Company, the other ELM stockholders beneficially owned approximately 14.6% of the outstanding shares of common stock of the Company, the PIPE Investors beneficially owned approximately 10.5% of the outstanding shares of common stock of the Company, the holders of the ELM Convertible Notes beneficially owned approximately 2.2% of the outstanding shares of common stock of the Company, SERES beneficially owned approximately 4.0% of the outstanding shares of common stock of the Company, and the former security holders of Forum beneficially owned approximately 21.1% of the outstanding shares of common stock of the Company.
Thanks, Jack, for creating the new ELMS board. I started to do the same the other day, but the Ihub message said that for any ticker name converting to another, then private message the admin, and NOT create a new board.
Don't know if that will create any problems with this one (e.g., the admin might cancel this newly created board and just rename / reformat the older FIII board).
But maybe they'll let this ELMS board stand instead.
Yeah, it will be good to know just how much cash actually came into the coffers from the FIII merger. I'm assuming a redemption rate of around 30%, leaving about $175M in cash, and then further subtracting, what, about $21M for all the legal & other middleman fees?
That $175M plus the $150M from the PIPE would make for a really nice $325M or so in cash.
As i recall, they only need $200M to launch both the Urban Delivery van and next year's Urban Utility truck cab.
Anyone please correct me with better numbers if you have them....
Btw, today's disappointing trading looks to me (speculation here) like short positions were placed over past several days and weeks by hedge fund and/or PIPE investors who then profited by unloading some shares. What a manipulation. Down the road none of this game-playing with FIII / ELMS will matter.... But it's ridiculous to watch. Never thought the bozos could stage a bear-raid to crash ELMS back down below the 50dma, but stranger things have happened. Presently the stock is trading between its 50dma (10.01) and its 20dma / mid-Bollinger band (10.13).
ELMS (formerly FIII spac) - ELMS - Best short video presentation i've seen yet on ELMS. Looks like it's ready to be an ad for running during the Olympics!
https://twitter.com/ELMSolutions/status/1409522690118111233
ELMS / formerly SPAC FIII - the morning spike from low $10s to low $11s sold off but nice big buying came back in and now stock is up just touching $12. Finally in the green, with a big position now.
ELMS (Electric Last Mile Solutions) has so many positives to distinguish it from most of the rest of the EV field.....
All four S.Alpha articles posted on FIII (now ELMS) are positive, and provide some of the many positive investor arguments.
ELMS' presentation from March is also worth examining. I would expect an updated presentation any day/week now, given that the co. is now infused with a few hundred million in cash and ready to roll off first major production wave this fall. (Most recent SEC filings were saying "by late Sept.")
Co. claims to hit breakeven point by latter half of 2022.
Their new Class 3 truck cab should steal a lot of marketshare just as their imminent Class 1 delivery van, with its oversized cargo space and very low cost of operation/servicing, should take a lot of marketshare from current gas-powered class 1 & 2 vehicles.
Everything looking great thus far for ELMS and the FIII investment.
Nice breakout today. Hopefully loosened up to be able to continue an upward move going forward especially after the merger closes tomorrow.
FIII - Hugely bullish news today after-hours with the announcement that the Forum III SPAC mgmt team bought 500k shares on open mkt today, or $4.9M, in support of its merger-target ELMS (Electric Last Mile Solutions).
ELMS announced news this a.m. about its next project: an all-EV Class 3 truck-cabin, slated for production in 2022, and reconfirmed that their more immediate production of the Class 1 Urban Delivery van is on track for later this year (2021).
The merger vote finishes on June 24, and the ELMS Urban Delivery EV van is said to start production in mid-Sept., according to some recent messages from mgmt.
From the AH news about 500k share purchase today on the open market:
“This additional investment [$4.9M] in Forum ahead of our business combination with Electric Last Mile, Inc. is a testament to our confidence in ELMS’ future as a leader in the commercial electric vehicle industry,” said a member of the Forum management team. “With an expected first-mover advantage and seasoned leadership team, we believe ELMS is strongly positioned to redefine the last mile industry and we look forward to supporting their efforts. As we approach the close of the business combination, we continue to be excited for the future of ELMS.”
HUGELY BULLISH NEWS, this massive purchase (500k shares = $4.9 million) by FIII mgmt, announced after hours today. That's a big vote of confidence.
“This additional investment [$4.9M] in Forum ahead of our business combination with Electric Last Mile, Inc. is a testament to our confidence in ELMS’ future as a leader in the commercial electric vehicle industry,” said a member of the Forum management team. “With an expected first-mover advantage and seasoned leadership team, we believe ELMS is strongly positioned to redefine the last mile industry and we look forward to supporting their efforts. As we approach the close of the business combination, we continue to be excited for the future of ELMS.”
Yes, scheduled for this coming Thurs, June 24.
Looks like a shortseller bear raid today to exploit fears of "big % redemption rate happening! ELMS won't get enough money!" --It's all a ruse to separate you from your shares.
I talked with Erik Grossman, IR contact person for ELMS, and he said "no one knows what the redemption rate is until the vote closes."
Great news on FIII merger with ELMS getting nearer completion. IR told me that production is still slated for Q3.
ELMS' IR person Erik confirmed for me over the weekend by email that the merger is still expected to be complete this quarter (i.e., by June 30) and that first production is still scheduled by late Q3 (i.e., late Sept.).
Let's see how fast they can ramp up to meet that "overwhelming demand" that new distribution partner Randy Marion confirmed in the news filed last week.
If you guys like impersonations (e.g., Rich Little, Dana Carvey), ya gotta check out perhaps the greatest of our current era-- J-L Cauvin.
https://www.youtube.com/user/JLCauvin/videos
He's got impersonations going back several years to "prosperity gospel" preacher Joel Osteen up through Trump, Pence, Andrew Cuomo, Pillow-guy Lindell, and McConnell.
He can keep the Trump thing going for an hour or more, as when he sat down a couple of times for podcast discussions with "the Mooch" Scaramucci.
And check out the "Trump Bible series."
Absolutely brilliant LOL stuff.
Interesting post, Jwb. Thanks for taking the time to put it all together.
FIII (Spac) / ELMS (target) - Very positive distribution-partner news for ELMS' Urban Delivery EV van with RMA. It's impressive to hear what Randy Marion, the Founder/CEO of RMA, has to say about the "overwhelming" demand for the ELMS electric van:
ELMS Selects Randy Marion Automotive Group as First Strategic Distribution Partner
May 19 2021 - 08:00AM
Business Wire
--Randy Marion Automotive Group (RMA), one of the largest commercial fleet dealers in the nation, is selected as ELMS’ first Strategic Distribution Partner for the Urban Delivery
--RMA is expected to order 6,000 Urban Delivery EVs subject to the finalization of the commercial relationship
--ELMS also partnering with RMA for testing with existing and potential RMA customers
--The ELMS Urban Delivery is anticipated to be the first Class 1 commercial EV available in the U.S. market and is expected to offer fleets a lower total cost of ownership versus competing gas vehicles
------------
Electric Last Mile, Inc. (“ELMS” or “the Company”) today announced a new collaboration with Randy Marion Automotive Group’s commercial division (“RMA”) that selects RMA as the Company’s first Strategic Distribution Partner to help execute the launch of the Urban Delivery. By partnering with RMA, ELMS believes it can bring the anticipated first Class 1 commercial EV available in the U.S. market to fleet customers of all sizes and geographies across the country.
The agreement between ELMS and RMA, one of the nation’s largest commercial dealerships, also proposes to cover an order of 6,000 Urban Delivery vehicles subject to the finalization of the commercial relationship. This would represent a significant portion of ELMS’ initial launch volume through the first half of 2022 for RMA’s commercial fleet customers.
“Our fleet customers are seeking solutions that both address their sustainability goals and also drive their bottom line,” said Randy Marion, founder and CEO of RMA. “After presenting the Urban Delivery, the demand from our customers across the country has been overwhelming, and by working with ELMS, we expect we can deliver them the first Class 1 commercial EV in the U.S. market.”
“We are thrilled to have the opportunity to work with Randy Marion Automotive Group, one of the largest and most prominent commercial dealers in the country, to combine our anticipated first-to-market Class 1 commercial EV with an established commercial fleet customer network,” said James Taylor, co-founder and CEO of ELMS. “This is really a new and bold approach by Randy Marion to jump the curve on fleet electrification, and a strong validation of our differentiated business model and expected first mover advantage in the Class 1 commercial EV space.”
ELMS further announced that it is working with RMA and several of their long-term fleet customers and others across several industry verticals to initiate trials of the Urban Delivery vehicle. Customers that are scheduled to participate in testing include a California FedEx Delivery Service Provider, a regional plumbing services company, an east coast-based HVAC systems provider, a major university and a southeast produce distributor. ELMS plans to provide more details on customer testing in the near future.
With the Urban Delivery, ELMS is working to deliver fleets the most reliable and efficient last mile solutions, combining integrated deep data analytics, customization and sustainable engineering.
The ELMS Urban Delivery is anticipated to have approximately 150 miles of range [for commercial vehicles that have a daily duty cycle of usually 40-60 miles] and provide 170 cubic feet of cargo space, which is estimated to be approximately 34% more than the current leading gas model in the Class 1 commercial vehicle segment. The Urban Delivery is also expected to be offered at a net price of $25,000 based upon the presently available U.S. federal tax credit of $7,500, giving it a lower expected total cost of ownership compared to existing gas competitors. ELMS also expects to equip the Urban Delivery with a data and connectivity suite to maximize fleet efficiency and plans to customize vehicles through its integrated upfitting operations and partnerships.
In December 2020, ELMS announced its intention to merge with Forum Merger III Corporation (Nasdaq: FIII). Upon closing of the merger transaction, the combined company will be named Electric Last Mile Solutions, Inc. and the common stock of Electric Last Mile Solutions, Inc. is expected to be listed on the Nasdaq Capital Market under the new ticker symbol, “ELMS.” The merger is expected to close in the second quarter.
About Electric Last Mile, Inc.
ELMS is focused on redefining the last mile with efficient, connected and customizable solutions. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first class 1 electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com or Twitter @ELMSolutions.
FIII (Spac) / ELMS (target) - More very positive partnership news for ELMS' Urban Delivery EV van.... It's impressive to hear what the CEO of the partner company RMA has to say about the "overwhelming" demand for the ELMS van:
ELMS Selects Randy Marion Automotive Group as First Strategic Distribution Partner
May 19 2021 - 08:00AM
Business Wire
Randy Marion Automotive Group (RMA), one of the largest commercial fleet dealers in the nation, is selected as ELMS’ first Strategic Distribution Partner for the Urban Delivery
RMA is expected to order 6,000 Urban Delivery EVs subject to the finalization of the commercial relationship
ELMS also partnering with RMA for testing with existing and potential RMA customers
The ELMS Urban Delivery is anticipated to be the first Class 1 commercial EV available in the U.S. market and is expected to offer fleets a lower total cost of ownership versus competing gas vehicles
Electric Last Mile, Inc. (“ELMS” or “the Company”) today announced a new collaboration with Randy Marion Automotive Group’s commercial division (“RMA”) that selects RMA as the Company’s first Strategic Distribution Partner to help execute the launch of the Urban Delivery. By partnering with RMA, ELMS believes it can bring the anticipated first Class 1 commercial EV available in the U.S. market to fleet customers of all sizes and geographies across the country.
The agreement between ELMS and RMA, one of the nation’s largest commercial dealerships, also proposes to cover an order of 6,000 Urban Delivery vehicles subject to the finalization of the commercial relationship. This would represent a significant portion of ELMS’ initial launch volume through the first half of 2022 for RMA’s commercial fleet customers.
“Our fleet customers are seeking solutions that both address their sustainability goals and also drive their bottom line,” said Randy Marion, founder and CEO of RMA. “After presenting the Urban Delivery, the demand from our customers across the country has been overwhelming, and by working with ELMS, we expect we can deliver them the first Class 1 commercial EV in the U.S. market.”
“We are thrilled to have the opportunity to work with Randy Marion Automotive Group, one of the largest and most prominent commercial dealers in the country, to combine our anticipated first-to-market Class 1 commercial EV with an established commercial fleet customer network,” said James Taylor, co-founder and CEO of ELMS. “This is really a new and bold approach by Randy Marion to jump the curve on fleet electrification, and a strong validation of our differentiated business model and expected first mover advantage in the Class 1 commercial EV space.”
ELMS further announced that it is working with RMA and several of their long-term fleet customers and others across several industry verticals to initiate trials of the Urban Delivery vehicle. Customers that are scheduled to participate in testing include a California FedEx Delivery Service Provider, a regional plumbing services company, an east coast-based HVAC systems provider, a major university and a southeast produce distributor. ELMS plans to provide more details on customer testing in the near future.
With the Urban Delivery, ELMS is working to deliver fleets the most reliable and efficient last mile solutions, combining integrated deep data analytics, customization and sustainable engineering.
The ELMS Urban Delivery is anticipated to have approximately 150 miles of range [for commercial vehicles that have a daily duty cycle of usually 40-60 miles] and provide 170 cubic feet of cargo space, which is estimated to be approximately 34% more than the current leading gas model in the Class 1 commercial vehicle segment. The Urban Delivery is also expected to be offered at a net price of $25,000 based upon the presently available U.S. federal tax credit of $7,500, giving it a lower expected total cost of ownership compared to existing gas competitors. ELMS also expects to equip the Urban Delivery with a data and connectivity suite to maximize fleet efficiency and plans to customize vehicles through its integrated upfitting operations and partnerships.
In December 2020, ELMS announced its intention to merge with Forum Merger III Corporation (Nasdaq: FIII). Upon closing of the merger transaction, the combined company will be named Electric Last Mile Solutions, Inc. and the common stock of Electric Last Mile Solutions, Inc. is expected to be listed on the Nasdaq Capital Market under the new ticker symbol, “ELMS.” The merger is expected to close in the second quarter.
About Electric Last Mile, Inc.
ELMS is focused on redefining the last mile with efficient, connected and customizable solutions. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first class 1 electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com or Twitter @ELMSolutions.
BTuna, yes that's an example of the kind of weird inter-dimensionality involved. Many, many highly-trained human observers (pilots, law enforcement, military, air control personnel) have had these observations of UAPs appearing, vanishing, suddenly reappearing, transforming from one object into 3 or 5, rejoining into one object, etc. Bizarre, but utterly explicable if that alien intelligence and its manifest "craft/vessel" are making use of just one extra dimension of space.
Michio Kaku, who wrote a textbook on Superstring theory for physics grad students, also explained all of this for the interested lay reader in his classic text of the early 1990s, Hyperspace. Other authors have also explored the kinds of capacities that would be available to anyone capable of acting within just one extra spatial dimension. They'd have "god-like powers," as Kaku wrote.
Obviously, the technological, religious, political and cultural implications would be enormous and unpredictable.
Ezra Klein just touched on some of these implications in his piece for the NY Times a few days ago....
Hey, it's one of your (GOP) guys Marco Rubio who speaks out on that 60 Minutes episode, calling for greater transparency.
From the transcript:
"There’s a stigma on Capitol Hill. Some of my colleagues are very interested in this topic and some kind of giggle when you bring it up, but I don't think we can allow the stigma to keep us from having an answer to a very fundamental question."
"I want us to take it seriously and have a process to take it seriously,” Mr Rubio said of UFOs. "I want us to have a process to analyse the data every time it comes in”.
"That there be a place where this is catalogued and constantly analysed, until we get some answers. Maybe it has a very simple answer. Maybe it doesn't."
I don't think the UFO / UAP coverage is a "distraction," actually more the case that the longstanding coverup and smear campaign (aimed at serious researchers of the associated anomalies) orchestrated since the early 1950s (thanks to think-tank Battelle Institute's recommendation to the CIA Robertson Panel) is finally coming to an end nearly 70 years later.
The New Yorker ran an excellent indepth article a few weeks ago about how longtime researcher Leslie Kean got the NY Times to start publishing on UFOs / UAPs in that ground-breaking story in Dec. 2017.
https://www.newyorker.com/magazine/2021/05/10/how-the-pentagon-started-taking-ufos-seriously
It's also worth watching last Sunday's CBS "60 Minutes" segment (and the extra interview footage online), viewable at YouTube.
What's especially fascinating to some of us who've read the most early & longtime serious researchers of the subject (like J. Allen Hynek, Jacques Vallee, et al.) is how the data clearly point to the "Interdimensional Hypothesis" over the "Extraterrestrial Hypothesis".
E.g.https://en.wikipedia.org/wiki/Interdimensional_hypothesis
That has profound implications for physics, and actually exemplifes the "multi-dimensional" models that theoretical physics takes for granted in recent decades with Superstring / M theories.
Look, some of us have been eyewitnesses to aspects of the phenomena -- e.g., one day in 1974 i watched 3 unidentified flying/maneuvering objects over the west coast of Maui, Hawaii, zipping around at high speeds, stopping on a dime, flying off at instant high speeds from hovering positions, etc., all of which utterly defies Newton's laws of motion and inertia.
HYRE - this web-based car-sharing company's stock is breaking out to new all-time highs (since it began trading in June 2018).
Continuing to badly insult me for having sold too early last Friday for a mere 15% gain in the $10.90s-- it just keeps knifing higher and higher, closing at $17.24 near its HOD of $17.40.
If/when this ever returns to Earth again (e.g., in the $12s), it's probably worth a buy.
Lots of shares available last Thurs in upper $8s and low $9s, but i don't think we'll see those prices again anytime soon.
That's a great listing of stocks in the materials sector relevant to the coming EV boom....