Lordstown Motors Corp. Acquires Factory in Lordstown, Ohio
SOURCE Lordstown Motors Corp.
New Electric Automaker Positioned to Make Northeast Ohio Epicenter of Technology
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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