Benzinga | Jul 12, 2021 10:30AM EDT

Electric Last Mile Solutions Signs Supply Agreement With Wuling Motors

* Electric Last Mile Solutions Inc (NASDAQ: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.