PALO ALTO, Calif., Dec. 8, 2021 /PRNewswire/ -- Nauto, a leading provider of AI-based vehicle safety technology for commercial fleets and the automotive sector, announced today it has launched a partnership with Electric Last Mile Solutions, Inc. (Nasdaq: ELMS; ELMSW) ("ELMS"), a pioneer of electric and intelligent mobility solutions for commercial vehicle customers.
ELMS plans to offer Nauto's advanced predictive-AI fleet safety platform as a customer option, available pre-installed on new vehicles. The partnership will help drivers of ELMS vehicles avoid collisions and enable fleet managers to improve operational efficiency, reduce vehicle downtime and provide cost savings from discounted insurance premiums. Nauto's safety platform option will be available through the ELMS Air + Driver Safety Package.
"ELMS vehicles understand their environment, containing advanced sensors with deep learning and predictive behavioral algorithms that improve operational efficiency and reduce downtime," said Jonathan Ballon, Chief Strategy and Digital Officer, ELMS. "Together with Nauto, ELMS customers will dramatically increase the safety and performance of their drivers."
Trained on more than 1.3 billion AI-processed driving miles and used by the world's top commercial fleets, Nauto's AI solution is designed to warn drivers of imminent collisions before they happen. These predictive alerts may translate into critical extra time for drivers to react, helping to avoid collisions and reduce the costs that result from them. Nauto technology has demonstrated its ability to deliver preventive warnings with 95-99% accuracy, and dramatically reduce risky driving behaviors in just a few weeks.
Customers of ELMS' Urban Delivery and Urban Utility vehicles will leverage Nauto's technology across various use cases and industries, including parcel delivery, telecom, utilities, hauling, and e-commerce.
"As a commercial EV leader, it's a natural fit for ELMS to continue to innovate. This partnership will upgrade the safety capabilities across ELMS fleets, and help keep communities safe," said Stefan Heck, CEO, Nauto. "We look forward to working with ELMS to reduce risk for not only drivers, but also vulnerable road users like cyclists, children, and pedestrians. Nauto's fleet customers drive a disproportionate number of urban miles, which are the most complex, highest risk roads where fatalities take place. Together we're working towards vision zero – zero emissions, zero fatalities."
About Electric Last Mile Solutions, Inc.
Electric Last Mile Solutions, Inc. (Nasdaq: ELMS; ELMSW) is focused on defining a new era in which commercial vehicles run clean as connected and customized solutions that make our customers' businesses more efficient and profitable. ELMS' first vehicle, the Urban Delivery, is the first Class 1 commercial electric vehicle in the U.S. market. The Company expects to begin production of its second vehicle, the Class 3 Urban Utility EV, in the second half of 2022. ELMS is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.
Nauto is a leading provider of innovative advanced driver assistance system technology that improves the safety of commercial fleets today and the various levels of autonomous vehicles of tomorrow. Nauto's solutions combine predictive-AI technology, data science, and more than 1.3 billion AI-processed driving miles to help predict and prevent collisions before they occur. This unique approach can improve driver performance and help reduce collision loss, providing rapid ROI while mitigating risk factors of greatest impact. Trusted by nearly 800 fleets worldwide, Nauto helps customers reduce up to 80% of collisions with predictive driver alerts.
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance of the business, the size, demands and growth potential of the markets for the Company's products and the Company's ability to serve those markets, the Company's ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, the Company's ability to attract and retain customers, the estimated go to market timing and cost for the Company's products, and the implied valuation of the Company. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably and retain its key employees; (2) changes in applicable laws or regulations; (3) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (4) the impact of COVID-19 on the Company's business; (5) any delays the Company may experience in realizing its projected timelines and cost and volume targets for the production, launch and ramp up of production of the Company's vehicles and the modification of its manufacturing facility; (6) the ability of the Company to obtain customers, obtain product orders, and convert its non-binding pre-orders into binding orders or sales; (7) the Company's ability to implement its business plans and strategies; and (8) other risks and uncertainties described in the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in the Company's future filings with the Securities and Exchange Commission. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that the Company considers immaterial or which are unknown. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
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