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ELMS Announces Second Quarter 2021 Financial Results Urban Delivery is on track to be the first Class 1 commercial electric vehicle in the U.S. , with start of production confirmed for the third quarter this year . Continued strong demand for the Urban Delivery and actively working to finalize order commitments . ● ● ● ● + || + ELMS ELECTRIC LAST MILE SOLUTIONS Completed business combination to become a publicly traded company , with approximately $ 294 million of capital raised . Acquired EV manufacturing facility with up to 100,000 - unit annual capacity in Mishawaka , Indiana . Troy , MI . ( August 12 , 2021 ) - Electric Last Mile Solutions , Inc. ( NASDAQ : ELMS ; ELMSW ) ( " ELMS " or the " Company " ) , a commercial electric vehicle ( “ EV ” " ) company focused on creating intelligent , e - mobility workstations for last mile customers , today announced financial and operating results for the quarter ended June 30 , 2021 . Strategic supply chain in place , production schedule set for 2021 with an updated volume target of 1,000 units . ELMS engineering center established and staffed for vehicle integration , design and launch of commercial EV products . " We made great strides in the second quarter , achieving multiple key milestones in our mission to redefine productivity for the last mile . We are affirming our intentions to launch production of the U.S. market's first Class 1 commercial EV , the Urban Delivery , by the end of the third quarter , " said James Taylor , Co - Founder and CEO of ELMS . " In the second quarter , we successfully closed our business combination , providing us with sufficient funds to execute our business plan . We also acquired our EV factory and are progressing towards production readiness . From an engineering perspective , we are on schedule to finalize our testing . Reception of the Urban Delivery has been positive , and we are now actively working to finalize order commitments . Meanwhile , we have scheduled pilots for our EVs , including our second product , the all - electric medium duty Urban Utility , with potential customers across industry verticals . " ● " We believe ELMS is well - positioned to seize a first - mover opportunity in the Class 1 commercial EV segment at scale and provide customers with sustainable and efficient EV solutions that are profit drivers , not cost - centers . " ● Second Quarter 2021 Highlights Net loss for the second quarter was $ 8.6 million , or $ 0.10 per share . The Company had a cash balance of $ 217.4 million as of June 30 , 2021 . Completed business combination with Forum Merger III Corporation resulting in ELMS becoming a publicly traded company .