Ohio-based EV manufacturer, Lordstown Motors, continues to have an electrifying year. In August 2020, the company announced in a press release its plans to go public after a merger agreement with DiamondPeak Holders Corp., expecting a deal to close in the fourth quarter of 2020. This would provide Lordstown Motors with roughly $675M in funding, which CEO Steve Burns says is needed to get the Endurance – its commercial electric pickup truck – into production by mid-2021. Upon closing, the combined company will remain listed on the NASDAQ under the ticker symbol “RIDE”.
“We are thrilled with the opportunity to build Lordstown Motors into a top-tier electric truck company that is highly differentiated from the competition. We are uniquely positioned to be a leader in the industry, with our first vehicle, the revolutionary Lordstown Endurance. Our all-electric full-size pickup truck delivers the equivalent of 75 miles per gallon and has been systematically engineered and competitively priced specifically for the large commercial fleet market, which includes companies in manufacturing, contracting, utilities, transportation and delivery, and agriculture, among others. Since its unveiling just over a month ago, the Endurance has been met with enthusiastic support, and to date, we have secured $1.4 billion of pre-orders. Our platform is rooted in sustainability, and the entire Lordstown team is committed to ensuring we contribute to a healthier planet for generations to come.”, said Steve Burns, Founder and CEO of Lordstown Motors, in a press release.
Lordstown Motors Stands Out Among Competition
Although Lorsdstown Motors is in a highly competitive market featuring the likes of Tesla, Ford, GM, Rivian and Nikola, the startup may have a leg up on the competition. First, the company plans to primarily focus its attention on fleet use (although they are still accepting orders for private use). Moreover, the one-year-old startup already has its hands on a factory in Lordstown, Ohio – an old production facility that GM used to occupy. Lastly, Lordstown Motors has an asset in their founder, Steve Burns, who has expertise in developing vehicles for commercial fleets from his previous years at electric vehicle startup Workhorse.
The Endurance is set to start at $52,500 and was “constructed from the ground up with simplicity in mind,” said Burns. “Equipped with hub motors in each wheel, and seamlessly integrated with our software system, we are effectively able to deliver a motor and mind in each wheel. Further, this design means that the Endurance has just four moving parts in the drivetrain, as compared to more than 2,000 in vehicles utilizing a traditional internal combustion engine. Together, this allows us to significantly increase reliability, maximize performance, and reduce the total cost of ownership. Our streamlined and simplified design positions the Endurance to be one of the simplest and most cost-effective vehicles on U.S. roads.”
The truck is expected to have a 250-mile range. According to the company’s website, Lordstown Motors has already received more than 40,000 pre-orders (primarily from commercial fleet customers) for its pickup truck representing over $2 B in potential revenue.
Notably, the company recently announced Joe Burrow, Heisman trophy winner and current NFL quarterback for the Cincinnati Bengals, as its celebrity spokesman. This partnership was announced on October 13.
“We’re proud to announce our partnership with pro quarterback & all-humanitarian person Joe Burrow,” Lordstown Motors said in a tweet. “Joe is all about what we’re all about” hard work, endurance, loyalty to home and sustainability – driven by the desire to be the best & to make the world a better place.”
