Lordstown Motors

Lordstown Motors Corporation is an American automobile manufacturer of electric vehicles. Lordstown Motors is located in Lordstown, Ohio, and is based in the former Lordstown Assembly which previously belonged to General Motors.[1]

Lordstown Motors
Type Public
NASDAQ: RIDE
IndustryAutomotive
Founded2018 (2018)
FounderSteve Burns
HeadquartersLordstown, Ohio, U.S.
WebsiteLordstown Motors

General Motors has invested $75 million USD in Lordstown Motors. GM obtained a seat on Lordstown Motors' board of directors, and is now including Lordstown Motors into its Tier 1 supply chain. With the deal, Lordstown Motors is expected to become a rival to Tesla, Rivian, and Nikola.[2][3]

History

Lordstown Motors is an American electric vehicle automaker based in Lordstown, Ohio, which was founded in 2018 by Steve Burns, former CEO of Workhorse Group.[4]

On November 7, 2019, Lordstown Motors became the owner of the former GM Lordstown plant, after signing a sales agreement with automaker General Motors in May 2019.[5][6][7] GM loaned Lordstown Motors US$40 million in order to underwrite a substantial part of the plant purchase.[8]

In March 2020, Lordstown Motors paid Workhorse Group $12 million dollars for the licensing rights to the intellectual property of the Workhorse W-15 pickup truck. Lordstown Motors intends on developing its own electric pickup truck based upon Workhorse's prexisting design. As part of the business deal, Workhorse Group was given a 10% equity stake in Lordstown Motors.[9][10]

In October 2020, Lordstown Motors reverse merged with a special-purpose acquisition company (SPAC) named DiamondPeak Holdings (NASDAQ:DPHC). The merged company trades on the NASDAQ under the symbol RIDE.[11] The merger gives Lordstown Motors an estimated equity value of $1.6 billion.[12][13] GM released Lordstown Motors from its mortgage obligations related to the purchase of the Lordstown factory.[14]

Vehicles
Lordstown Endurance

The Lordstown Endurance is an in-development all-wheel-drive, electric pick-up. It is to have one electric motor at each wheel or hub motors. The four-wheel drive hub motor system aims to reduce the amount of moving parts with no wheel axles or a transmission.[15] As of 2019, the truck was expected to be released in the US market in late 2020, at a price of US$52,500.[16] This date was later changed for the vehicle fulfillment to begin in September 2021, with production ramping up through 2022.[17]

See also

References
  1. Sam McEachern (26 November 2019). "Lordstown Motors Endurance Electric Pickup Will Start At $52,500". gmauthority.com. Retrieved 5 December 2019.
  2. O'Kane, Sean. "GM-backed electric truck startup Lordstown Motors is going public". www.theverge.com. Retrieved 17 November 2020.
  3. Hall, Kalea (August 3, 2020). "Lordstown Motors to merge with acquisition company, go public". The Detroit News. Retrieved 17 November 2020.
  4. Jeff Sheban (25 November 2019). "Upstart Lordstown Motors Racing To Be First With All-Electric Pickup Truck".
  5. Sean O'Kane (8 November 2019). "GM sells Lordstown factory to the offshoot of a struggling EV startup".
  6. Szymkowski, Sean. "General Motors Lordstown plant officially sold to electric truck startup". www.cnet.com. CBS. Retrieved 17 November 2020.
  7. Welch, David. "An Electric Truck Startup Is Buying a Highly Politicized Ohio Factory From GM". www.time.com. Retrieved 17 November 2020.
  8. Shepardson, Ruan (December 9, 2019). "GM loans $40 million to firm to acquire, retool shuttered Lordstown, Ohio, factory". Thomson Reuters. Retrieved 17 November 2020.
  9. "Lordstown Motors Paid $12.2M for Workhorse Tech". www.businessjournaldaily.com. Youngstown Publishing Company. Retrieved 17 November 2020.
  10. O'Kane, Sean. "Lordstown Motors wants to avoid the 'carnage' of failed EV startups". www.theverge.com. The Verge. Retrieved 17 November 2020.
  11. Lareau, James L. "Lordstown Motors, an electric truck rival to Rivian and Tesla, gets GM investment and becomes publicly traded". www.chicagotribune.com. Chicago Tribune. Retrieved 17 November 2020.
  12. Stevens, Pippa. "MARKETS Move over Nikola: A new electric truck SPAC called Lordstown is forming and the shares are surging". CNBC. CNBC. Retrieved 13 August 2020.
  13. Edelstein, Stephen. "Lordstown Motors becomes publicly traded, before delivering its electric vehicles". Green Car Reports. Retrieved 30 October 2020.
  14. O'Brien, Dan. "General Motors Releases Lordstown Motors Mortgage". www.businessjournaldaily.com. Youngstown Publishing Company. Retrieved 17 November 2020.
  15. Hall, Kalea (October 26, 2020). "Lordstown Motors pushes forward with Endurance electric truck". The Detroit News. Retrieved 17 November 2020.
  16. "Le Lordstown Endurance est un pick-up électrique venu d'Amérique". 4 December 2019.
  17. "Lordstown Motors Releases Business Updates; Remains on Track to Begin Production of the Lordstown Endurance in September 2021". 16 November 2020.
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