“Upon closing the ELMS transaction, the company will be in a position to strategically leverage all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market,” David Michery, CEO and chairman of Mullen, said in the release.
The Indiana factory, formerly a Hummer plant, will have capacity to produce 50,000 vehicles annually, according to Mullen. It plans to launch production of its FIVE EV Crossover there in 2024.
Electric Last Mile’s demise began in February after the abrupt resignation of two top executives accused of improperly purchasing shares of the company. In the months that followed, the company made sweeping layoffs, halted production plans and ultimately filed for bankruptcy.
