Lordstown Motors is looking to the U.S. government to help make its new Endurance electric pickup truck a reality.
According to Reuters, Lordstown Motors is in “advanced talks” with the U.S. Department of Energy to secure a large loan that will help it retool the company’s assembly plant in order to begin production of the Endurance pickup later this year.
Lordstown Motors purchased the Lordstown Assembly plant from General Motors for an undisclosed sum back in 2019. The purchase included the building and the vehicle manufacturing equipment inside of it, although the plant still needs certain upgrades in order to start production on an advanced electric vehicle like the Endurance.
Speaking to Reuters, Lordstown Motors CEO Steve Burns said the loan is essentially “the same loan that Tesla got” in 2010, when the U.S. Department of Energy funnelled it $465 million through its Advanced Technology Vehicles Manufacturing program. The program has not given out any new loans since 2011, however.
Burns also said that Lordstown Motors does not need the loan in order to start production of the Endurance this year, but said the cash injection “puts things on steroids” and will help it speed up and streamline production of the vehicle.
The Lordstown Endurance has so far attracted over 100,000 pre-orders after the Ohio-based manufacturer first began accepting reservations for the truck last year. The body-on-frame pickup is powered by four in-wheel hub motors, which together have a maximum system output of roughly 600 horsepower. The truck will be able to travel up to 250 miles on a full charge and will also be able to accelerate from 0 to 60 mph in about 5.5 seconds. The Endurance will launch in Crew Cab configuration with a medium bed length and is priced from $52,500 USD, or $45,000 with potential federal rebates factored in.