Electric vehicle startup Lordstown Motors is now publicly trading on the NASDAQ under the ticker symbol “RIDE.”
“We are proud of this momentous occasion,” said Lordstown Motors founder and CEO, Steve Burns, last week following the announcement that the company would go public. “Electrification of the automotive industry is at an inflection point, and this transaction helps us play our part in this transformation. At Lordstown, we have built a differentiated company, and we look forward to combining our EV startup culture with the infrastructure and assets we already have in place in order to successfully achieve our production milestones.”
Last Friday, Lordstown Motors announced that it had completed its business combination with DiamondPeak Holdings Corp. following approval from DiamondPeak stockholders. The new automaker unveiled a prototype of its all-electric Endurance pickup truck last June, which is slated for commercial production in the second half of 2021.
Back in August, General Motors announced it would invest $75 million into the EV startup, including $25 million in cash, and $50 million in production plant assets permits. It was also revealed that GM would connect Lordstown Motors to its Tier 1 supply chain, providing the company with access to a swath of General Motors vehicle components.
“GM is excited about the progress Lordstown Motors is making because we believe they will help create more good-paying jobs in Ohio and especially in the Lordstown community,” General Motors said following the announcement that the startup was set to go public.
Lordstown Motors’ up-and-coming Endurance pickup will be powered by a quartet of in-wheel hub motors producing a maximum of 600 horsepower, as well as providing a max towing capacity of 7,500 pounds and a range of 250 miles. The vehicle is intended primarily for fleet buyers, and is priced at $52,500 for entry-level models. Production will take place at the former GM Lordstown Assembly plant, which the startup acquired from General Motors last year.