Electric Last Mile Solutions (ELMS) has secured a binding purchase order for 1,000 units of its Urban Delivery Vehicle. The order is from Randy Marion Automotive. ELMS shares rose 10.34% to close at $7.9 on September 22.
Electric Last Mile Solutions is a commercial electric vehicle solutions company that designs, manufactures, and sells last-mile delivery and utility vehicles. It is currently working on Urban Delivery, its first Class 1 commercial electric vehicle (EV).
The pure-play electric vehicle company has already started production of the commercial electric vehicle, with deliveries scheduled to begin on September 28. The start of production mark an important milestone in Electric Last Mile Solution’s push to deliver commercial EV’s into the U.S. market. (See Electric Last Mile Solutions stock charts on TipRanks)
ELMS CEO James Taylor stated, “This order is reflective of the work that we do with our customers and sales channel partners to understand and meet their unique business needs.”
According to Randy Marion Automotive Group’s CEO Randy Marion, there is strong demand for electric vehicles in the commercial last-mile delivery market. The executive says customers are looking to purchase the Urban Delivery Vehicle for multiple purposes, including e-commerce transportation and other commercial applications.
Recently Colliers Securities analyst Richard Ryan reiterated a Buy rating on ELMS stock. The analyst has set a $13 price target on the stock, implying 64.56% upside potential to current levels. The analyst expects the company to deliver a loss of $0.10 per share for its third quarter.
Consensus among analysts is a Strong Buy based on 6 Buys. The average Electric Last Mile Solutions price target of $15.17 implies 92.03% upside potential to current levels.
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