Electric Last Mile is the latest speculative EV company.

Share Electric last mile solution With its trading debut on the Nasdaq on Monday, the list of speculative electric vehicle start-ups to be revealed through deals with special-purpose companies is increasing.

According to ELMS CEO James Taylor, the Michigan-based company plans to begin production of small electric commercial vans at its Indiana plant this fall. The factory last produced the gas-intensive Hummer SUV in the mid-2000s.

The company’s stock-the ticker symbol “ELMS” -opened on Monday for $ 11.10. They jumped as much as 9.8% before losing most of their profits. Stock prices rose about 1.9% around 11:40 EST.

Taylor, former executive General MotorsHe said he believes the company is different from other EV startups because it is dedicated to commercial vehicles.That electric van is also based on the vehicle already produced by Chongqing Sokon Industry Group Stock In China.

Scheduled to launch later this year, ELMS Urban Delivery is the first Class 1 commercial electric vehicle available on the US market and will be produced at the company’s facility in Mishawalka, Indiana.

Electric last mile solution

“We need much less capital. The break-even point was much faster, and frankly, the plan from day one was very conservative,” he said in an interview Monday. CNBC’s “Squawk Box”. “Our overall risk is much lower than other entrants in this area from an EV perspective.”

ELMS agreed to open in December through a reverse merger with blank check firm Forum Merger III Corp., bringing the value of the EV company to $ 1.4 billion.

Investors were bullish on EV start-ups such as ELMS when the deal was announced. But that bull has become skeptical this year, following SPAC-backed car companies and others. Lordstown Motors In an inquiry from the US Securities and Exchange Commission, Canoe changed its business plan and expelled executives. In addition, competition in the EV market with well-established automobile manufacturers such as GM is intensifying. Ford motor..

Taylor said he was “extremely pleased” that ELMS got the cash and closed the deal instead of trying to do it now.

“I’m glad I didn’t start SPAC today,” he said. “No doubt, some SPACs had some challenges.”

The transaction provided ELM with a total revenue of $ 379 million, including $ 155 million from retail investors such as BNP Paribas Asset Management and Jenison Associates.

Electric Last Mile is the latest speculative EV company.

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