Urban Utility EV approved by Board of Directors as ELMS prepares to enter Class 3 commercial vehicle market in 2022
TROY, Mich. – Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (“ELMS” or “the Company”), a pioneer of electric and intelligent mobility solutions for commercial vehicle customers, today announced its intention to move ahead with plans to launch the Urban Utility vehicle after the ELMS Board approved production.
The Urban Utility is a Class 3 commercial electric vehicle targeting over 5,700 lbs. of max payload, more than 11,000 lbs. gross vehicle weight rating (GVWR) and approximately 125 miles of range. Its price positioning is expected to be competitive against ICE counterparts. The cab-over chassis design of the Urban Utility is highly configurable, and it can be outfitted with a dry box, flat bed, stake bed and other customizable cargo options. ELMS sees the introduction of the Urban Utility as an opportunity to greatly expand its target customer applications, including delivery, construction, landscaping, towing and refrigeration.
“After the prototype Urban Utility was shown and tested with customers for the past several months and received such strong feedback, we are excited to proceed with our plan for production and delivery in 2022,” said James Taylor, CEO, ELMS. “As market demand for commercial EVs continue to increase due to rising emissions standards, legislative action and corporate ESG goals, the Urban Utility is an equally capable, emissions-free option compared to its ICE counterparts.”
With the introduction of the Urban Utility, ELMS will have a product portfolio spanning the $130 billion North America Class 1-3 commercial vehicle market. It will join the ELMS Urban Delivery EV, which began production in late September and is the first Class 1 commercial EV in the market.
