Lordstown Motors Corp. | Electric Work Vehicles | Lordstown, OH, USA

https://lordstownmotors.com/
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Lordstown Motors Corp. builds electric pickup trucks and other vehicles to revolutionize the way work gets done. The World's First All Electric Commercial Pickup The World's First All Electric Commercial Pickup The World's First All Electric Commercial Pickup The World's First All Electric Commercial Pickup The World's First All Electric Commercial Pickup Lordstown Endurance at SCORE San Felipe 250 6.2 million square feet of working space in the heart of America. “Lordstown Motors Corp. said it already has begun metal stamping and welding for the Endurance All-Electric Pickup Truck prototypes, which will be used for testing. Full production of the Endurance pickups is slated to begin in September at the former General Motors assembly plant near Youngstown, which Lordstown Motors bought in 2019.” “We must remember that in this segment, Lordstown Motors must focus on cost, as well as simple and reliable solutions for a work truck, rather than anything fancy that would additionally require a lot of time and resources to develop.” “You couldn’t have picked a better place to showcase an electric pickup truck ready to sweep into its market niche. Lordstown Motors on Jan. 14 brought the alpha version of the Endurance to the gently sloping front lawn of its new West Coast office building on a corner lot in a technology and business office park.” “We watch all of those pieces of data here because our culture and our people are very important to us,” Green said. “We take care of our employees. We are setting the company up for a long, fruitful future. It’s not fueled by how we feel, but it’s fueled by data. How can we make this the best place to work? Are we weak in any areas? We look at data points internally, but we take external data into consideration as well.”



Lordstown Motors Reports First Quarter 2021 Financial Results ...

https://investor.lordstownmotors.com/.../lordstown-motors-reports-first- quarter-2021-financial-results
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May 24, 2021 ... ... Ohio, May 24, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty ... Lordstown Motors Reports First Quarter 2021 Financial Results LORDSTOWN, Ohio, May 24, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, today released its first quarter 2021 financial results and provided a business outlook. Reported first quarter 2021 net loss of $125 million, capex of $53 million and cash of $587 million on March 31, 2021. Timeline to Start of Production (SoP) in late-September 2021, which will be at limited capacity, remains on track. To-date, we have completed construction of 48 out of 57 prototypes and will begin pre-production vehicle (PPV) builds in July. We have passed two of the most difficult crash tests – frontal and pole – and vehicles are performing as planned during other durability and validation tests; we continue to expect we can achieve a 5-star crash rating. Retooling of stamping, assembly, body, and paint shops at our Lordstown plant are nearly complete. Phase One of our battery line is installed and is in the commissioning phase, while our first electric hub motor line remains on track to begin equipment installation in July. Revising upward our 2021 expectations for operating expenses by $115 million at the midpoint of the guidance range relative to guidance provided with our fourth quarter 2020 earnings release to reflect significantly higher spending related to: (1) completing our beta program, (2) conducting vehicle validation tests, (3) securing necessary parts/equipment for production, and (4) utilizing third-party engineering resources. As a result, we need to raise additional capital to complete our business plans and have begun those discussions.



Lordstown Motors Corp. to List on NASDAQ Through Merger With ...

https://www.businesswire.com/.../Lordstown-Motors-Corp.-to-List-on- NASDAQ-Through-Merger-With-DiamondPeak-Holdings-Corp.
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Aug 3, 2020 ... Lordstown Motors Corp. (“Lordstown”), a leader in electric light duty trucks, and DiamondPeak Holdings Corp. (“DiamondPeak”) ... Lordstown Motors Corp. to List on NASDAQ Through Merger With DiamondPeak Holdings Corp. Lordstown has entered into a definitive merger agreement with DiamondPeak Holdings Corp. (NASDAQ:DPHC); upon closing, the combined company will remain listed on the NASDAQ under the new ticker symbol “RIDE” Lordstown Endurance™ will be the first full-size electric pickup truck designed to serve the U.S. commercial fleet market with initial production expected in the second half of 2021 Approximately $675 million of gross proceeds that are expected from the transaction will be used to fund production of the Endurance and its innovative in-wheel electric hub motor design Transaction includes a $500 million fully committed PIPE, which includes $75 million of investments by General Motors in addition to investments from institutional investors, including Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock, among others Pro forma implied equity value of the combined company is approximately $1.6 billion Combined company Board of Directors will include Steve Burns, Founder and CEO of Lordstown, and David Hamamoto, Chairman and CEO of DiamondPeak Transaction is expected to close in the fourth quarter of 2020 August 03, 2020 06:30 AM Eastern Daylight Time LORDSTOWN, Ohio & NEW YORK--(BUSINESS WIRE)--Lordstown Motors Corp. (“Lordstown”), a leader in electric light duty trucks, and DiamondPeak Holdings Corp. (“DiamondPeak”) (NASDAQ:DPHC), a special purpose acquisition company, today announced they have entered into a definitive agreement for a business combination that would result in Lordstown becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under the new ticker symbol, “RIDE.”



Lordstown Motors Announces Leadership Transition | Lordstown ...

https://investor.lordstownmotors.com/.../lordstown-motors-announces- leadership-transition
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15 hours ago ... LORDSTOWN, Ohio, June 14, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), ... Lordstown Motors Announces Leadership Transition Angela Strand, Lead Independent Director, appointed Executive Chairwoman Becky Roof, appointed Interim CFO CEO Steve Burns and CFO Julio Rodriguez resign from Company LORDSTOWN, Ohio, June 14, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), a leader in electric light duty trucks focused on the commercial fleet market, today announced several changes to its executive management team as the Company begins to transition from the R&D and early production phase to the commercial production phase of its business. To that end, Lordstown Motors Lead Independent Director Angela Strand has been appointed Executive Chairwoman of the Company, and will oversee the organization’s transition until a permanent CEO is identified, and Becky Roof, will serve as Interim Chief Financial Officer. Steve Burns has resigned as Chief Executive Officer and from the Company’s Board of Directors, and Chief Financial Officer Julio Rodriguez has also resigned. All changes are effective immediately and the Company has engaged an executive search firm to identify a permanent CEO and CFO. On behalf of the Board of Directors, David Hamamoto stated, “Lordstown Motors has achieved significant milestones on the path to developing the first and best full-size all-electric pickup truck, the Lordstown Endurance. We thank Steve Burns for his passion and commitment to the company. As we transition to the commercial stage of our business – with planned commencement of limited production in late-September – we have to put in place a seasoned management team with deep experience leading and operating publicly-listed OEM companies. We have complete confidence in Angela and Becky, and our expanded leadership team, to effectively guide the company during this interim period.”



Lordstown shares reverse losses after company says it is in talks for ...

https://www.reuters.com/.../lordstown-motors-going-concern-warning-spooks -investors-2021-06-09/
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5 days ago ... Lordstown Motors Corp (RIDE.O) shares rallied to positive territory on Wednesday afternoon after the electric truck maker said it was in talks ... Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions. Lordstown shares reverse losses after company says it is in talks for additional funds A 2021 Lordstown Motors Endurance truck is pictured at the White House in Washington D.C. behind former U.S. President Donald Trump. Washington, U.S., September 28, 2020. REUTERS/Carlos Barria Lordstown Motors Corp (RIDE.O) shares rallied to positive territory on Wednesday afternoon after the electric truck maker said it was in talks with multiple parties to raise funds. The disclosure came a day after Lordstown warned in a U.S. regulatory filing that there was "substantial doubt" about its ability to continue as a going concern in the next year due to problems in funding production of its vehicle. read more Shares of Lordstown were up 2% on Wednesday afternoon. Earlier in the day they plunged as much as 20% as investors awoke to a vastly different financial picture than Lordstown faced last August when it announced it would go public through a reverse merger with a blank-check company. Lordstown in a Wednesday statement reaffirmed it has "adequate capital to continue operations, meet supplier obligations and begin limited production," but will need to raise additional funds and was in talks to do that. "We are debt free, have significant tangible assets and multiple viable avenues to raise capital including asset-backed financing, equity, equity-related or debt financing, loans, as well as potential strategic investments over the longer term," the company said. "We are already in active conversations with multiple parties to do so."








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