US commercial electric vehicle maker Electric Last Mile Solutions will lay off about 24% of its staff as it looks to focus on its core business and become leaner, the company disclosed in a regulatory filing on Friday. The plan to terminate 50 employees was approved on February 21, according to the regulatory filing. The company, which is struggling with production due to supply chain hurdles, said on February 1 that its top two executives, Chief Executive James Taylor and Chairman Jason Luo, had resigned following an investigation into their share purchases. The company had also said it would restate financial statements as of December 31, 2020 and the nine months ended September 30, 2021. Since the resignation of the executives, the Troy, Michigan-based company’s stock has tumbled about 68%.
Published in The Express Tribune, March 6th, 2022.
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