CCIV - Electric Last Mile: 2 Key Advantages Make It A Top Fleet EV Pick

• Electric Last Mile is targeting the last mile delivery/utility van space with its Urban Delivery and Utility models, and expects to have a first mover advantage.
• Last mile delivery vehicles are expected to grow by ~500,000 units by 2025, with high demand from fleet operators creating a supply-demand imbalance.
• A TCO advantage and purchase price parity could convince fleets to choose ELMS from ~$19,000 lifecycle costs savings vs. the Ford Transit Connect.
• Attractive valuation at 1.0x 2023 EV/revenue and 4.8x EV/EBITDA combined with conservative delivery outlooks provides a positive long-term forecast.
• Execution risk in terms of deliveries is a sector-wide risk, but ELMS has first mover advantage plus OEMs would have to compete against a tough price point.

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