LORDSTOWN, Ohio, Nov. 7, 2019 /PRNewswire/ -- Lordstown Motors
Corp. (LMC), a new original equipment manufacturer (OEM), today
announced the acquisition of the GM manufacturing complex in
Lordstown, Ohio. The move paves
the way for LMC to begin production of the Endurance™ pickup truck,
the industry's first all-electric pickup truck purpose-built for
fleets starting in late 2020.
"We are committed to the people of Lordstown, we will locate our headquarters in
the Lordstown plant, and we plan
to build the Endurance™ pickup truck utilizing experienced workers
who helped produce millions of vehicles in this very same plant,"
said Steve Burns, LMC CEO.
The 6.2 million square-foot Lordstown factory is a fully-equipped
automotive plant that has produced over 16 million vehicles to
date.
"The quality and precision of the production robotics and
equipment in the Lordstown
facility is evident," said Rich
Schmidt, Chief Production Officer, Lordstown Motors, and
former Director of Manufacturing, Tesla, Inc. "Our team feels this
is a factor to help us hit the ground running in building the
Endurance™ pickup truck."
Lordstown Motors will be licensing components of Workhorse
Group's (NASDAQ: WKHS) proven electric drive technology in building
the Endurance™ electric pickup truck, a plan designed to achieve
greater speed to market. The agreement with Workhorse also provides
the opportunity to transfer 6,000 existing pre-orders received by
Workhorse for its W-15 prototype to LMC.
The Endurance™ pickup truck is designed to be the first
production vehicle that utilizes a 4-wheel-drive hub-motor system,
a design that reduces the number of moving parts. With its hub
motor design, Lordstown engineers
have set out to re-invent the electric vehicle. Fleet managers
benefit with less breakdowns, lower maintenance, and most
importantly, less cost. The overall benefit is an attractive Total
Cost of Ownership (TCO), which translates into a significantly
lower lifetime operational cost compared to traditional pickup
trucks.
The Endurance™ pickup truck is designed with features fleets
want, like an onboard power export, allowing fleet workers to run
power tools at the job site without the need for a portable
generator or leaving the truck running. The truck is engineered to
be lightweight, with all-wheel drive and a low center of gravity,
while maintaining ground clearance. Lordstown Motors has set a goal
to make the Endurance™ pickup truck the safest, most economical,
and greenest electric pickup truck ever built.
"Lordstown Motors, along with other planned investments in the
area and other start-ups, are positioning Northeast Ohio as a hub for technology, which
completely reshapes the future trajectory of the whole Mahoning
Valley," said Jim Tressel, President
of Youngstown State University. "Think
of being in the epicenter of EV technology. We must take charge of
our future."
Burns added: "We're honored to have the opportunity to build
electric vehicles in Lordstown
because the people of Lordstown
and the plant are and will be the history and future of the auto
industry. When the first Endurance electric pickup rolls off that
line, it will be a great day for Lordstown, Ohio and America."
About Lordstown Motors Corp.
Lordstown Motors
Corp. (LMC), is an Ohio-based
original equipment manufacturer (OEM) of light duty fleet vehicles.
The company plans to begin building the Endurance™ electric pickup
truck in 2020 in the former GM Lordstown,
Ohio factory, where Lordstown Motors Corp. will also locate
its headquarters.
For additional information visit www.lordstownmotors.com
Forward Looking Statement
This press release includes
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements may be identified by words
such as "feel," "believes," expects," "estimates," "projects,"
"intends," "should," "is to be," or the negative of such terms, or
other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein. Factors that could cause actual
results to differ materially include, but are not limited to: our
limited operations and need to expand in the near future to fulfill
product orders; risks associated with obtaining orders and
executing upon such orders, the ability to protect our intellectual
property; the potential lack of market acceptance of our products;
potential competition; our inability to retain key members of our
management team; our inability to raise additional capital to fund
our operations and business plan; our inability to maintain our
listing of our securities on the Nasdaq Capital Market; our ability
to continue as a going concern; our liquidity and other risks and
uncertainties and other factors discussed from time to time in our
filings with the Securities and Exchange Commission ("SEC"),
including our annual report on Form 10-K filed with the SEC.
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SOURCE Lordstown Motors Corp.