Lordstown Motors, despite still being an underdog truckmaker, has made good on its promise to show a moving prototype. Earlier this year, thewith Vice President Mike Pence behind the wheel, and now the startup is full speed ahead towards a launch in the first quarter of next year.
Amid all the hoopla, Lordstown Motors launched an initial public offering, or IPO, thanks to its merger with a special purpose acquisition company. Shares began trading on Monday under the ticker RIDE and in an announcement, the startup said under the terms of its merger with the SPAC, DiamondPeak Holdings Corporation, it received a sum of $675 million to finance its operations. Crucially, CEO Steve Burns said the cash injection is “more than enough funding to get us through initial production.”
Production will start at the former General Motors factory in next year, where the startup believes it will churn out at least 20,000 pickups. Not everyone will be able to buy one, however. Instead of selling to the public, Lordstown Motors will focus on the commercial sector and sell the Endurance to fleets. It promises an estimated 250-mile range and 600 horsepower, thanks to four in-wheel motors.
Prices for the truck, and pending success, Lordstown sees space to move into other segments — it and a second pickup in the pipeline.