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RIDE - Lordstown Motors News Story

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Lordstown Motors Releases Business Updates; Prepares Ohio Factory to Begin Building Betas Next Month

Thu 28th January, 2021 12:00pm
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LORDSTOWN, Ohio, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp.
(Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty
trucks focused on the commercial fleet market, has announced another round of
commercial, operational and strategic development updates as it remains on
track to begin production of the Lordstown Endurance, which is anticipated to
be the world’s first mass produced full-size all-electric pickup truck, this
year.

“We are hard at work in the factory preparing to begin Beta builds in the
coming weeks,” remarked Steve Burns, Chief Executive Officer of Lordstown
Motors. “With this step on the horizon, we remain on track to meet our
September start-of-production timeline while continuing to see indicators of
strong demand for an all-wheel drive, full-size electric pickup truck with 250
miles of range from commercial, government and military fleets.”

Notable developments are as follows:
* Lordstown Motors has initiated the metal stamping and welding for the first
57 Endurance Beta prototypes of the Endurance and expects to complete the
first Beta vehicles on schedule in March. The Beta series prototypes will be
used for crash, engineering and validation testing. The company also expects
some of these vehicles may be sent to some initial customers for their
feedback. The Lordstown Endurance has already achieved a 5-Star crash test
rating via software crash simulation.


* Lordstown Motors has added to its long-term, high-quality battery cell
supply chain. Lordstown Motors recently signed a multi-year supplier agreement
with LG Energy Solution, a global leader in battery cell technology,
broadening Lordstown Motors’ high-quality, diverse battery cell supply chain
that will power the Endurance for years to come.


* Evaluation of the first Camping World / Lordstown Endurance Service Centers
continues. In addition to Lordstown Motors-owned service centers, such as the
newly opened facility in Irvine, California, the company is continuing its
review of plans to utilize Camping World’s extensive footprint and service
expertise to ensure nationwide service coverage for all Lordstown vehicles.


* The Lordstown Motors Electric Van is in development with plans to be
unveiled in June and production starting in the second half of 2022. Based on
the Endurance platform, the van will utilize hub motors to achieve all-wheel
drive and low ground clearance, and have a class-leading range. An initial use
case of the van will be as the world’s first production all-electric RV,
produced in partnership with Camping World. The van will be priced
competitively with comparable internal combustion-based vans.


* Lordstown Motors has been added to the United States General Services
Administration listing, the first step towards being able to sell to
government fleets. With this step complete, the company has started its
outreach to state and local government entities, including the U.S. Military.
The company believes these markets represent a significant opportunity for the
Endurance and follow-on products.


* Construction continues on an 800,000 square foot propulsion renovation at
Lordstown Motors’ 6.2 million square foot Ohio headquarters. Completion of
the first stage of the previously announced facility, which will house
production lines for advanced battery packs and hub motors, is expected in
time for the planned start of production of the Endurance in 2021. When
completed, Lordstown Motors expects the facility to be one of the largest of
its kind in the United States.


* Lordstown Motors currently has 343 full-time employees, including 171 at its
Ohio headquarters, 131 engineers at the satellite research and development
center in Farmington Hills, Michigan, 18 remote workers and 23 at the service
center in Irvine, California. The company expects to increase its internal
headcount to upwards of 1,000 individuals by the end of 2021 across the areas
of manufacturing, engineering, marketing, sales, facilities, human resources,
IT, supply chain, accounting and finance. Individuals interested in careers
with Lordstown Motors Corp. can click here
(https://recruiting.paylocity.com/Recruiting/Jobs/All/ddd48b68-5d30-4845-bd31-2cbbac035ac6/Lordstown-Motors-Corp).
Lordstown Motors expects to announce its full-year 2020 financial results and
hold its first earnings call in March 2021.

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: 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 binding
purchase 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
lordstownmotors@ottoandfriends.com

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



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