Electric Last Mile : Enters Canadian Market, Expanding Its Global Footprint
ELMS
TROY, Mich., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (“ELMS” or “the Company”), a pure-play commercial electric vehicle (“EV”) company focused on redefining productivity for the last mile, today announced the expansion of its global footprint to Canada. As part of the expansion, ELMS hires David MacPhail as President of Canada.
Canada has been progressive in its recent sustainability actions, supporting the Paris Climate Accord and making aggressive decisions that support the push towards an electric vehicle ecosystem. A combination of federal and provincial incentives can reach up to C$8,000 for Canadian customers who buy or lease an electric vehicle. Canada announced a mandatory target requiring 100% of car and light truck sales to be zero-emission vehicles by 2035.
Furthermore, Canada is experiencing an e-commerce boom similar to the U.S., with 72.5% of the country’s population purchasing through e-commerce platforms this year. It is estimated that retail e-commerce sales will total US$40.3 billion by 2025. The Canadian market for commercial vehicles is an estimated 15% of the U.S. market, and sales have nearly doubled over the past decade to support the country’s growing e-commerce trend.
“With Canada’s commitment to sustainability and EVs and the need for more delivery vehicles in a growing e-commerce market, we see a good market opportunity and application for our all-electric commercial vehicles,” said Ron Feldeisen, Chief Revenue Officer, ELMS. “We’re excited to bring on David, with his wealth of sales experience and knowledge in the high-tech hardware and software solutions sector to help us grow our operations in Canada, where we have already received distribution and sales interest.”
Mr. MacPhail brings two decades of international B2B experience, with a particular focus in high-tech solutions encompassing hardware, software and capital equipment. He brings in-depth sales knowledge from a variety of high-growth subsectors aligned with ELMS’ strategy, including e-commerce, electric vehicle manufacturing, logistics, telecommunications and utilities. Prior to joining ELMS, he held various sales and engineering positions at JR Automation, ATS Automation Tooling Systems, Stabil and CAE Inc.
The Canada expansion is the latest in a series of moves by ELMS to broaden its global capabilities in sales, engineering, supply chain and advanced technology solutions.
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 the first Class 1 commercial electric vehicle in the U.S. market. The Company expects to begin production of its second vehicle, the Class 3 Urban Utility EV, in the second half of 2022. ELMS is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.
Forward-Looking StatementsThis 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 described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in 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 its expectations or any change in events, conditions or circumstances on which any such statement is based.
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