Lordstown Motors, regardless of nonetheless being an underdog truckmaker, has made good on its promise to point out a shifting prototype. Earlier this 12 months, thewith Vice President Mike Pence behind the wheel, and now the startup is full pace forward in the direction of a launch within the first quarter of subsequent 12 months.
Amid all of the hoopla, Lordstown Motors launched an preliminary public providing, or IPO, due to its merger with a particular objective acquisition firm. Shares started buying and selling on Monday beneath the ticker RIDE and in an announcement, the startup stated beneath the phrases of its merger with the SPAC, DiamondPeak Holdings Company, it acquired a sum of $675 million to finance its operations. Crucially, CEO Steve Burns stated the money injection is “greater than sufficient funding to get us by preliminary manufacturing.”
Manufacturing will begin on the former General Motors manufacturing unit in subsequent 12 months, the place the startup believes it can churn out not less than 20,00zero pickups. Not everybody will be capable to purchase one, nonetheless. As a substitute of promoting to the general public, Lordstown Motors will concentrate on the business sector and promote the Endurance to fleets. It guarantees an estimated 250-mile vary and 600 horsepower, due to 4 in-wheel motors.
Costs for the truck, and pending success, Lordstown sees house to maneuver into different segments — it and a second pickup within the pipeline.