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RIDE - Lordstown Motors News Story

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Last Trade - 07/05/21

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £1.01bn
Enterprise Value £559.8m
Revenue £n/a
Position in Universe 2535th / 6858

Lordstown Motors Surpasses 100,000 Pre-Orders for the Lordstown Endurance, First Full-Size, All-Electric Pickup Truck for Fleets

Mon 11th January, 2021 12:45pm
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LORDSTOWN, Ohio, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp.
(Nasdaq: RIDE), (“Lordstown Motors”), an emerging OEM producing electric
light duty trucks focused on the commercial fleet market, has received more
than 100,000 non-binding production reservations from commercial fleets for
its Lordstown Endurance™ all-electric pickup truck, with an average order
size of nearly 600 vehicles per fleet.

“Receiving 100,000 pre-orders from commercial fleets for a truck like the
Endurance is unprecedented in automotive history,” said Steve Burns, CEO of
Lordstown Motors. “Adding in the interest we have from federal, state,
municipal and military fleets on top of that, I think you can see why we feel
that we are about to revolutionize the pickup truck industry.”

The Lordstown Endurance is a full-size, all-electric pickup that has a range
of 250 miles, the equivalent of 600hp and can tow up to 7,500lbs. After
successful prototype and Alpha builds, Lordstown is now building the first
Beta Endurance vehicles and is on track for start of production in September
of this year. The initial Endurance is a crew cab configuration with medium
bed length, priced at $45,000 after federal rebate.

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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