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

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.