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Lordstown Motors Corp. (Nasdaq: RIDE) is a pioneering automotive company specializing in the development, manufacturing, and sales of light-duty electric trucks. Established in 2019 and headquartered in Lordstown, Ohio, the company is committed to transforming the commercial fleet market with its innovative electric vehicles (EVs).
The flagship product of Lordstown Motors is the Endurance, an all-electric, full-size pickup truck designed to meet the rigorous demands of fleet customers. The Endurance stands out for its robust performance and advanced technology, making it a highly capable vehicle for a variety of commercial applications.
Recently, Lordstown Motors announced a strategic restructuring process to maximize the value of its assets. This includes its on-the-road Endurance EV and the intellectual property and platform that developed it. The restructuring is occurring under Chapter 11 of the U.S. Bankruptcy Code, a move aimed at facilitating an expedited sale process and addressing litigation against Hon Hai Technology Group, also known as Foxconn.
The lawsuit against Foxconn alleges fraud and repeated contractual breaches, which have significantly harmed Lordstown Motors’ business and future prospects. Despite these challenges, the company remains focused on maximizing stakeholder value through the sale of its Endurance vehicle and related assets. Lordstown Motors continues to operate with significant cash on hand and is debt-free, ensuring business continuity during the Chapter 11 process.
Lordstown Motors has additional facilities for engineering, research, and development located in Farmington Hills, Michigan, and Irvine, California. These centers contribute to the company's ongoing efforts to advance EV technology and develop new products.
For more information, visit www.lordstownmotors.com.
Lordstown Motors Corp. (Nasdaq: RIDE) addressed a recent short-seller report by Hindenburg Research, acknowledging the remarks and stating intentions to respond appropriately. The company remains committed to the production of its all-electric Lordstown Endurance pickup truck, scheduled for September 2021. A key update on production and business developments will be shared during the earnings call on March 17, 2021. The company aims to transform Ohio's Mahoning Valley into a hub for electric vehicle manufacturing.
Lordstown Motors Corp. (Nasdaq: RIDE) announced it will release its Q4 2020 and full-year financial results on March 17, 2021, after market close. A conference call is scheduled for 4:30 PM ET, accessible via a live webcast from the company's Investor Relations website. The Ohio-based company aims to transform the region into a hub for electric-vehicle manufacturing, producing the Lordstown Endurance, the first full-size all-electric pickup designed for commercial fleets.
Lordstown Motors Corp. (Nasdaq: RIDE) has announced agreements with Holman Enterprises to enhance the integration of its all-electric Lordstown Endurance truck into commercial fleets. The partnership includes a co-marketing agreement, a vehicle procurement agreement for a specified number of trucks over three years, and an upfit services agreement with Auto Truck Group. These initiatives aim to streamline vehicle delivery and customization, reinforcing Lordstown Motors' position in the electric vehicle market.
Lordstown Motors Corp. (RIDE) is participating in the 2021 SCORE International San Felipe 250, marking a significant milestone for electric vehicles. The Endurance Beta skateboard will race on April 17, aiming to be the first electric pickup to complete the challenging 290-mile course. The Endurance boasts a range of 250 miles, 600hp, and a towing capacity of 7,500 lbs, with production slated for September 2021 at their Ohio facility. CEO Steve Burns highlights the event's importance for the electric vehicle community and the truck's performance capabilities.
Lordstown Motors Corp. (Nasdaq: RIDE) has provided significant updates regarding the production of the Lordstown Endurance, aiming for a September 2021 launch. Key developments include the start of Beta vehicle production, a multi-year battery supply agreement with LG Energy Solution, and plans for service centers with Camping World. The firm also anticipates unveiling the Electric Van in June 2021, with construction ongoing at its Ohio facility. Lordstown Motors is targeting 1,000 employees by year-end and will announce its full-year 2020 financial results in March 2021.
Lordstown Motors Corp. (Nasdaq: RIDE) announced on January 13, 2021, that it has been invited by the U.S. Department of Energy (DOE) to begin the due diligence process for an Advanced Technology Vehicles Manufacturing Loan. While this invitation is significant, it does not guarantee loan approval. The ATVM Loan Program, established in 2007, has allocated over $8 billion in loans to support U.S.-based vehicle manufacturing. CEO Steve Burns emphasized that while the loan could enhance production and R&D, the company’s business model is not reliant on it.
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.
Lordstown Motors (RIDE) and Camping World have partnered to create a national electric vehicle service and collision network for the Lordstown Endurance, an all-electric pickup truck. This initiative, announced on December 15, 2020, will utilize Camping World's 170 service centers across the U.S. to enhance support for Lordstown Motors' fleet customers. The collaboration aims to develop new EV products for the RV market and includes plans for a charging network. Both companies highlight the potential for improved customer service and innovation in the electric vehicle sector.
Lordstown Motors Corp. (Nasdaq: RIDE) has announced the effective registration of 152,999,357 shares of its Class A common stock by the SEC as of December 4, 2020. This includes 143,666,024 shares sold by security holders, 5,066,667 shares from private placement warrants, and 9,333,333 shares from public warrants. While Lordstown will receive proceeds from cash exercises of warrants, it will not benefit from sales by security holders. The offering is subject to SEC regulations, and further details can be accessed via the SEC's website or the company's investor relations.
LORDSTOWN, Ohio, Dec. 01, 2020 – Lordstown Motors Corp. (Nasdaq: RIDE) announced that CEO Steve Burns will participate in a fireside chat at the Credit Suisse Eighth Annual Virtual Industrials Conference. The event is scheduled for December 2, 2020, from 2:30 p.m. to 3:00 p.m. EST and will be webcasted live. Interested parties can register to access the event through a provided link. Lordstown Motors focuses on electric light-duty trucks for the commercial fleet market, aiming to produce the Lordstown Endurance, the first full-size, all-electric pickup truck aimed at commercial fleets.
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