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Lordstown Motors

From Wikipedia, the free encyclopedia

Lordstown Motors
IndustryAutomotive
Founded2018; 2 years ago (2018)
FounderSteve Burns
HeadquartersLordstown, Ohio, U.S.
WebsiteLordstown Motors

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

History

Lordstown Motors Corporation was founded[when?] by Steve Burns, former CEO of Workhorse Group, based in Loveland, Ohio, which developed battery electric powertrains[when?] for UPS delivery trucks (United Parcel Service).[2]

On November 7th, 2019, Lordstown Motors became the owner of the former GM Lordstown plant, after signing a sales agreement with automaker General Motors in May 2019.[3] GM loaned Lordstown Motors US$40 million in 2019 to underwrite a substantial part of the plant purchase.[4]

On August 3rd, 2020, Lordstown Motors announced that they will merge with a special acquisition purpose company (SPAC) named DiamondPeak Holdings. The merged company will trade on the NASDAQ under the name RIDE. The merger would give Lordstown Motors an estimated equity value of $1.6 billion dollars which includes $75 millions worth of investment from General Motors. The merger is expected to close in the fourth financial quarter of 2020.[5]

Vehicles

The Lordstown Endurance is an in-development all-wheel-drive, electric pick-up (double cabin with separate bucket). It is to have one electric motor at each wheel. As of 2019, the truck was expected to be released in the US market in late 2020, at a price of US$52,500.[6]

References

  1. ^ Sam McEachern (26 November 2019). "Lordstown Motors Endurance Electric Pickup Will Start At $52,500". gmauthority.com. Retrieved 5 December 2019.
  2. ^ Jeff Sheban (25 November 2019). "Upstart Lordstown Motors Racing To Be First With All-Electric Pickup Truck".
  3. ^ Sean O'Kane (8 November 2019). "GM sells Lordstown factory to the offshoot of a struggling EV startup".
  4. ^ The Osborne Effect: Why Big Auto Is Lying To You | In Depth, Now You Know, at 21:30, 17 July 2020, accessed 24 July 2020.
  5. ^ 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.
  6. ^ "Le Lordstown Endurance est un pick-up électrique venu d'Amérique". 4 December 2019.

External links

This page was last edited on 23 September 2020, at 09:28
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