Everything is going as planned.
There was a time when industry watchers didn't think Ohio-based Lordstown Motors was going to make it. Although the battery-electric truck company enjoys state tax benefits and its home factory is the former GM-owned Lordstown Complex facility, which previously built the now-discontinued Chevy Cruze, the odds of success in this highly competitive industry were never guaranteed.
But succeed it has, and starting today, October 26, it will be listed on the NASDAQ stock exchange under the ticker symbol "RIDE" and its warrants will trade under the ticker symbol "RIDEW".
"We are proud of this momentous occasion. Electrification of the automotive industry is at an inflection point, and this transaction helps us play our part in this transformation," said Steve Burns, Founder and CEO of Lordstown Motors.
"We have a near production-ready plant and approximately $675 million in proceeds from this transaction, which is more than enough funding to get us through initial production."
Last August, LM announced it had entered into a merger agreement with DiamondPeak Holdings Group, a special-purpose acquisition company, or SPAC. Opting for the SPAC approach allows a company to avoid a traditional IPO, a typically lengthy and complex process involving gathering investors. An IPO can even be canceled at the last minute. A SPAC dodges all of that because the negotiations are with just one company and the valuation is already known.
Although the prototype LT Endurance was only revealed last June, the company has already received $1.4 billion of pre-orders, mainly through fleet sales. The revamped 6.2-million square foot Lordstown Assembly Plant will soon be capable of churning out 600,000 trucks annually.
While not a direct rival to the Tesla Cybertruck or even the Rivian R1T, the Lordstown Endurance is expected to produce around 600 horsepower and a continuous torque output of around 2,000 lb-ft. Peak torque will kick in at about 4,400 lb-ft while towing capacity is around 7,500 pounds. Unlike other upcoming EV trucks, the Endurance has electric motors mounted in the hubs instead of the chassis, thus freeing up more space for the batteries. Expect around a 250-mile range.
Assuming everything continues to go to plan, the Lordstown Endurance will begin rolling off the assembly line sometime next year.