Recently, we have seen a number of companies in the electric vehicle sector looking to go public by acquiring a Special Purpose Acquisition Company or SPAC, which is a holding company that is already publicly traded with the aim of proceeding with a reverse merger with a private company.
Lordstown Motors is one of them.
They just completed their merger with DiamondPeak and now trade on NASDAQ under the ticker (RIDE) – becoming one of the few pure electric vehicles to play in the public market.
The deal earned them $ 675 million to help put their electric pickup, the Endurance, into production.
The Endurance is one of many race vehicles to become the first fully electric pickup truck on the market next year.
It has a few interesting qualities, like a starting price of just $ 52,500 and a range of “over 250 miles”, but one of the coolest things about Endurance is the fact that Lordstown has decided to go. ‘Use 4 wheel hub motors to power it.
Lordstown Motors CEO Steve Burns said of the motors to the Detroit News question:
“Everyone says, ‘Why hubs?’ It’s our way of building a very sturdy vehicle. The fleets are very cost-oriented. They buy on total cost of ownership, so when we can tell them to look, same original purchase price and you start making money from day one of reduced fuel and maintenance savings, it is convincing.
However, there are questions about its “robustness” in reality.
The idea of wheel hub motors has been around for decades and it is widely used in lighter vehicles like e-bikes, but it has never been used in a much heavier vehicle like Endurance.
Some people worry about placing one of the most critical components, like the electric motor, inside one of the parts of the vehicle that takes the hardest hits and is exposed to the elements, the wheel.
Here you can see a photo of the Endurance’s hub motor with power cables running right next to the suspension (photo via Detroit News):
Will Lordstown deliver the first electric pickup truck with motors in the wheels? We might find out soon enough since the company is currently upgrading GM’s old factory in Lordstown, Ohio to build the pickup truck.
They aim to bring the electric vehicle to market by September 2021.
I certainly have my concerns about the motors in the wheels, but I’m glad a company is trying to do it.
It will be interesting to follow. Hopefully they get into production and we’ll see how the engines hold up for several years.
As for investing in Lordstown, I will stay away for this one, but I wish them well.
And you? What do you think? Let us know in the comment section below.
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