ELMS Signs Agreement with Cox Automotive to Deliver Nationwide Service and Support Solutions to its Customers

October 6, 2021 7:00 AM EDT
Get Alerts ELMS Hot Sheet
Price: $4.88 +3.83%

Overall Analyst Rating:
    BUY (= Flat)

Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
  • ELMS signs agreement with Cox Automotive to provide comprehensive service and support ecosystem for its commercial EV customers, who have begun receiving vehicles
  • Agreement gives ELMS customers access to more than 6,000 service centers, 3,000 partner locations and 800 mobile technicians nationwide
  • Full scope of service solutions will be provided to customers, including preventative maintenance, vehicle and collision repairs, and battery servicing

TROY, Mich., Oct. 06, 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 it has signed an agreement with Cox Automotive Inc. (“Cox Automotive”) to provide comprehensive service and support solutions for its commercial EV customers nationwide. ELMS’ Urban Delivery has already been shipped and sold to customers, becoming the first Class 1 commercial EV available in the U.S. market. Now, these customers have industry-leading service solutions from Cox Automotive – one of the largest automotive service providers in the world.

ELMS and Cox Automotive have been collaborating since May to understand ways to provide EV commercial customers best-in-class service solutions. The two companies are now acting on those discussions, with ELMS Urban Delivery customers receiving access to more than 6,000 service centers and 3,000 partner locations across the country that collectively service millions of vehicles each year. Customers will also have access to Dickinson Fleet Services’ network of more than 800 mobile technicians bringing service directly to their vehicles.

This new arrangement provides a full scope of service solutions to ELMS customers, including preventative maintenance, vehicle pick-up and delivery, battery servicing, vehicle and collision repairs, and roadside assistance.

“Our customers now have a collection of service solutions at their disposal from Cox Automotive, who are experts in providing trusted, reliable commercial vehicle maintenance and repairs,” said Ron Feldeisen, Chief Revenue Officer, ELMS. “This allows fleet and commercial owners to maximize vehicle uptime and improve cost efficiencies to get the most out of their vital resources.”

“We are excited to work with ELMS and provide its Urban Delivery EV customers world-class service solutions,” said Alex Fraser, AVP of Fleet Operations, Cox Automotive Mobility. “Keeping commercial vehicles on the road so they can accomplish their daily responsibilities is what we strive for each and every day.”

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.

About Cox Automotive Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company’s more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson Fleet Services®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto ® and Xtime ®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.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.

ContactsMedia: elms-svc@sardverb.com   Investor Relations: IR@electriclastmile.com

Primary Logo

Source: Electric Last Mile Solutions, Inc.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Globe Newswire, Press Releases