Lordstown Motors Hits 40K Preorders, Shows Interior for 1st Time
LORDSTOWN, Ohio – Lordstown Motors Corp. has secured 40,000 preorders for its Endurance pickup truck, the company announced Wednesday.
The preorders, which are not binding, are equal to roughly $2 billion in potential revenue, the company said in its announcement.
To celebrate the milestone, Lordstown Motors released its first images of the truck’s interior. When the Endurance was unveiled earlier this summer, the interior designed had not been finalized and was still using a generic finish.
The news came on the same day that Lordstown Motors leadership were at the Ohio Statehouse to show off the Endurance and its technology to lawmakers. Rather than a traditional internal combustion engine or the battery-powered motor that powers other electric vehicles, the Endurance uses a battery pack to power each wheel.
“I am thrilled to have Lordstown Motors at the Statehouse today highlighting the ingenuity and economic revival in the Mahoning Valley,” said state Sen. Michael Rulli during the press conference in Columbus. “I couldn’t be prouder to represent the people of the 33rd District. Together, we have fought for strong economic policies that have brought jobs and life back to the hard-working families in northeast Ohio.”
Added Ohio Senate President Larry Obhof: “This new electric truck represents Ohioans getting back to work. I commend Lordstown Motors and others who recognized the value of the Mahoning Valley and have made good on their commitment to invest in the people and future of this state.”
In early August, it was announced that Lordstown Motors had entered an agreement with DiamondPeak Holdings Corp. to combine the two entities. Through the combination, Lordstown Motors will become a publicly listed company on the NASDAQ under the new ticker symbol “RIDE.”
At close on Tuesday, DiamondPeak was trading at $28.17. Its stock priced dipped throughout the day Wednesday, but bumped up slightly to $23.90 as of 3:15 p.m. after Lordstown Motors’ announcement of its preorder numbers.
Copyright 2020 The Business Journal, Youngstown, Ohio.