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RIDE - Lordstown Motors News Story

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Last Trade - 14/05/21

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £918.2m
Enterprise Value £472.2m
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Position in Universe 2596th / 6846

Lordstown Motors Corp. Advances to Next Stage in Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program Application

Wed 13th January, 2021 12:30pm
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LORDSTOWN, Ohio, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp.
(Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty
trucks focused on the commercial fleet market, has accepted an invitation from
the United States Department of Energy to start the due diligence process
toward securing an Advanced Technology Vehicles Manufacturing Loan (“ATVM
Loan”).

The DOE’s invitation is not an assurance that Lordstown Motors will secure
an ATVM loan. The ATVM Loan Program was authorized by the Energy Independence
and Security Act of 2007 to support the manufacturing of eligible light-duty
vehicles and qualifying components in the United States. Since the start of
the program, the Department of Energy has closed on more than $8 billion in
loans.

“As we’ve said before, our business model is not reliant on receiving the
ATVM loan,” remarked Lordstown Motors CEO Steve Burns. “The funds would,
however, enable us to increase production capacity to get the Lordstown
Endurance to more customers more quickly, while simultaneously advancing
research and development of future vehicles.”

About Lordstown Motors Corp.
Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of
light duty fleet vehicles, founded by CEO Steve Burns with the purpose of
transforming Ohio's Mahoning Valley and Lordstown, Ohio, into the epicenter of
electric-vehicle manufacturing. The company owns the 785 acre, 6.2 million
square foot Lordstown Assembly Plant where it plans to build the Lordstown
Endurance, believed to be the world's first full-size, all-electric pickup
truck designed to serve the commercial fleet market. For additional
information visit www.lordstownmotors.com.

Forward Looking Statements
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
not guarantees of future performance and are subject to risks and
uncertainties, which could cause actual results to differ materially from the
forward-looking statements contained herein due to many factors, including,
but not limited to: whether the ATVM Loan will be approved following
completion of the due diligence process; our limited operating history and our
significant projected funding needs; risks associated with the conversion and
retooling of our facility and ramp up of production; our inability to obtain
orders from customers and potential customers’ inability to integrate our
electric vehicles into their existing fleets; our inability to retain key
personnel and to hire additional personnel; competition in the electric pickup
truck market; our inability to develop a sales distribution network; and the
ability to protect our intellectual property rights. Any forward-looking
statements speak only as of the date on which they are made, and Lordstown
Motors Corp. undertakes no obligation to update any forward-looking statement
to reflect events or circumstances after the date of this press release.

Contacts:

Investors
Carter Driscoll
lordstownIR@icrinc.com

Media
Ryan Hallett / Leigh Harmon
lordstownmotors@ottoandfriends.com

(https://www.globenewswire.com/NewsRoom/AttachmentNg/8d071099-ed8d-4087-a166-862dc4563096)



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