Electric Vehicles
EV-Truck Startup Electric Last Mile Says It Plans to Liquidate
- ELMS is the first SPAC-born electric-vehicle maker to fail
- Company struggled after top executives resigned in February
Electric vans on the production line at the Electric Last Mile Solutions facility in Indiana.
Photographer: Taylor Glascock/BloombergThis article is for subscribers only.
Electric Last Mile Solutions Inc. plans to liquidate its operations about a year after the electric-vehicle startup went public and just four months after both its chief executive officer and chairman resigned.
The Troy, Michigan-based company said in a statement late Sunday that its board and interim CEO, Shauna McIntyre, decided to liquidate through a Chapter 7 bankruptcy process. The decision comes after a review of Electric Last Mile’s products and plans turned up no better option for stockholders, creditors and other interested parties, it said.