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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.

Electric vans on the production line at the Electric Last Mile Solutions facility in Indiana.

Photographer: Taylor Glascock/Bloomberg
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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.