Orders for Lordstown Motors’ all-electric Endurance pickup truck are coming in, with the truck maker announcing on Monday that it has received around 50,000 non-binding production reservations from commercial fleets, with an average order of around 500 vehicles per fleet.
“This figure does not reflect the interest the company has received from organizations that are unable to place pre-orders, such as federal, state and municipal governments and military fleets,” the company added.
Lordstown said they plan to produce 40 to 50 new prototype Endurance, or “beta” vehicles from early 2021, which will be used for crash testing, engineering and validation. In addition, some of the vehicles may be sent to some original customers for comments.
Lordstown Endurance deliveries are scheduled to begin in September 2021, with full production increasing throughout 2022.
“GREENEST AND SAFEST” PICUP ELECTRIC TRUCK TO DELIVER BY SEPTEMBER: LORDSTOWN MOTORS CEO
Lordstown Motors CEO Steve Burns told FOX Business’s Stuart Varney last month that the truck contained a 600-horsepower engine and was getting the equivalent of 75 miles of gasoline per gallon.
The 2021 Endurance uses wheeled motors with one motor and independent software attached to each wheel, making it “true four-wheel drive,” Burns said.
“We want this to be the safest van,” he explained. “We don’t have a big V8 in there, so a lot of cutoffs. We maneuver each other very well. We behave like a sports car. We get great traction thanks to the true all-wheel drive. It is therefore the most economical, green and safest vehicle. ”
Endurance is priced at $ 45,000, according to Burns.
In order to meet demand for its Endurance pickup, Lordstown plans to increase its workforce to 500 by the end of 2020 and to 1,500 by the end of 2021. The company currently employs more than 250 people in the fields. from manufacturing, engineering, marketing, sales, facilities, human resources, IT, supply chain, accounting and finance. Lordstown has also hired around 150 contractors.
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The company went public on NASDAQ under the ticker RIDE through a special buying acquisition company, or SPAC, as of last month. A PSPC is a company – also known as a “blank check company” – that does not have any business operations and enters into a deal to go public without going through the traditional IPO. Lordstown combined with blank check company DiamondPeak Holdings Corp.
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Monday’s announcement sent Lordstown shares soaring in Monday’s trading session, with shares closing at $ 22.55, up more than 25%.
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