Electric Last Mile Solutions Signs Supply Agreement With Wuling Motors

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Electric Last Mile Solutions Inc ELMS has signed a binding, long-term supply agreement with Liuzhou Wuling Automobile Industry Co Ltd (Wuling Motors).
Under the terms of the agreement, the company will have access to EV component systems and parts from Wuling Motors' commercial EV cargo van platform to manufacture its all-electric Urban Delivery vehicle.
"We are delighted to be collaborating with a company of Wuling Motors' caliber to broaden our long-term, strategic supply base,” said CEO James Taylor.
Electric Last Mile Solutions expects to launch Urban Delivery van later this year at a starting price of approximately $25,000, after incentives. The company will produce the vehicle at its Mishawaka, Indiana plant.
Price action: ELMS shares are trading higher by 0.36% at $9.75 on the last check Monday.