Lordstown Motors Surpasses 100,000 Pre-Orders for the Lordstown Endurance, First Full-Size, All-Electric Pickup Truck for Fleets
Lordstown Motors Corp. (Nasdaq: RIDE) announced over 100,000 non-binding production reservations for its electric pickup truck, the Lordstown Endurance, aimed at commercial fleets. The average size of each order is around 600 vehicles. CEO Steve Burns highlighted this milestone as unprecedented in the automotive industry. The Endurance features a 250-mile range, 600hp, and a towing capacity of 7,500lbs. Production is set to start in September. The truck will be priced at $45,000 after federal rebates. The company aims to revitalize electric vehicle manufacturing in Ohio.
- Over 100,000 non-binding production reservations received for the Lordstown Endurance.
- Average order size of nearly 600 vehicles per fleet indicates strong market demand.
- The Endurance has a competitive range of 250 miles and can tow 7,500lbs.
- Production of the Endurance is on track to start in September.
- Limited operating history poses risks to production ramp-up.
- Dependence on ATVM Loan approval could impact funding needs.
- Challenges in developing a sales distribution network may hinder growth.
LORDSTOWN, Ohio, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), an emerging OEM producing electric light duty trucks focused on the commercial fleet market, has received more than 100,000 non-binding production reservations from commercial fleets for its Lordstown Endurance™ all-electric pickup truck, with an average order size of nearly 600 vehicles per fleet.
“Receiving 100,000 pre-orders from commercial fleets for a truck like the Endurance is unprecedented in automotive history,” said Steve Burns, CEO of Lordstown Motors. “Adding in the interest we have from federal, state, municipal and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry.”
The Lordstown Endurance is a full-size, all-electric pickup that has a range of 250 miles, the equivalent of 600hp and can tow up to 7,500lbs. After successful prototype and Alpha builds, Lordstown is now building the first Beta Endurance vehicles and is on track for start of production in September of this year. The initial Endurance is a crew cab configuration with medium bed length, priced at
About Lordstown Motors Corp.
Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of light duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio's Mahoning Valley and Lordstown, Ohio, into the epicenter of electric-vehicle manufacturing. The company owns the 785 acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world's first full-size, all-electric pickup truck designed to serve the commercial fleet market. For additional information visit www.lordstownmotors.com.
Forward Looking Statements
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: whether the ATVM Loan will be approved following completion of the due diligence process; our limited operating history and our significant projected funding needs; risks associated with the conversion and retooling of our facility and ramp up of production; our inability to obtain orders from customers and potential customers’ inability to integrate our electric vehicles into their existing fleets; our inability to retain key personnel and to hire additional personnel; competition in the electric pickup truck market; our inability to develop a sales distribution network; and the ability to protect our intellectual property rights. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors Corp. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Contacts:
Investors
Carter Driscoll
lordstownIR@icrinc.com
Media
Ryan Hallett / Leigh Harmon
lordstownmotors@ottoandfriends.com
FAQ
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