Lordstown Motors Passes 100,000 Preorders

LORDSTOWN, Ohio – Lordstown Motors Corp. has surpassed 100,000 preorders, the startup automaker announced Monday morning, with an average order size of 600 trucks.

“Receiving 100,000 preorders from commercial fleets for a truck like the Endurance is unprecedented in automotive history,” said CEO Steve Burns in a statement. “Adding in the interest we have from federal, state, municipal and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry.”

All preorders are nonbinding, the company said. In its Dec. 21 filing with the SEC, Lordstown Motors said it had received 80,000 preorders. Among the largest recent orders announced are 14,000 from E Squared Energy Advisors, a Texas-based energy management provider for the commercial, industrial and municipal energy markets.

Lordstown Motors is on track to begin production of its electric-powered Endurance pickup in September, reaching full production capacity in 2022. 

By the end of the year, Lordstown Motors plans to have 1,500 employees across its main production site in Lordstown, its research center in Farmington Hills, Mich., and service center in Irvine, Calif.

After markets opened Monday, Lordstown Motors’ stock price was on a consistent rise, up 6% by 11 a.m. to $23.35.

Copyright 2021 The Business Journal, Youngstown, Ohio.