Volvo Cars invests in designing and developing electric motors in-house
New process uses localized surface plasmons for room-temperature conversion of CO2 to CO

Electric pickup startup Lordstown Motors goes public via SPAC; $1.6B transaction

Lordstown Motors Corporation, a startup developing an all-electric pickup truck serving the commercial fleet market, merged with DiamondPeak Holdings Corporation, a special purpose acquisition company (SPAC). The combined entity will trade on the NASDAQ exchange under the ticker symbol “RIDE.”

The $1.6-billion transaction provides Lordstown Motors with $675 million of gross proceeds.

In November 2019, the Lodstown Motors acquired the Lordstown Complex, formerly a General Motors Corporation (GM) factory. Lordstown Motors will use the site to build the Endurance, its flagship fully-electric full-size pickup truck designed specifically to serve the commercial fleet market.

The electric powertrain Endurance delivers the equivalent of 75 miles per gallon, an estimated 250 miles per charge, and an anticipated 7,500-pound towing capacity, all of which has been systematically engineered and competitively priced for large commercial fleets.

The Endurance is equipped with hub motors and software in an integration that delivers a “motor and mind” in each wheel. This simplicity results in just four moving parts in the drivetrain, as compared to more than 2,000 in vehicles utilizing a traditional internal combustion engine. The design significantly increases reliability, maximizes performance, and reduces total cost of ownership.

The $1.6-billion transaction provides Lordstown Motors with $675 million of gross proceeds that will be used to fund production of the Endurance and its innovative in-wheel electric hub motor design. The financing and concurrent listing was achieved through a merger with the DiamondPeak SPAC, and a $500 million fully committed PIPE, which includes $75 million of investments by GM, in addition to investments from leading institutional investors such as Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock, among others.



I still find it insane that they are going to put electric motors in the wheels. You hit one pot hole or curb and think the motor is still going to have 100 percent functionality afterwards? HOW ???? Am I crazy?


ejj: Do your brakes or wheel bearings still work after you hit a pot hole? The motors will be at least as rugged the brakes and the most sensitive parts will probably be the bearings. A few months ago, I was off road with my 3/4 ton 4X4 pickup and went to park in what I though was a grassy area. I hit a rock that bottomed both the front and rear suspension. I was surprised that I still had not destroyed the tires but everything was still OK. On the other hand, last spring, I hit a pot hole on a paved road with my daily driver, a Chevy Bolt and got 2 flat tires. I really like driving the Bolt but the tires are the weak link. Anyway, Lordstown Motors should have wheels and tires up to the demands that a pickup designed for contractors will see so I would not worry about the wheel motors.

Now having said that, there are advantages and disadvantages for wheel motors. The main advantages are packaging if you can get the motors to fit inside the wheels and the elimination of driveshafts and CV joints. The main disadvantage is the increased unsprung weight but this is more a concern for racing and performance vehicles.

I looked up the specs for the Lordstown Motors Endurance pickup. The real advantage is that it does not cost anymore than a comparable F-150 and the cost of energy and the maintenance is about 1/5 that of the gas powered pickup so if it meets the needs, it should be an economic win. Also, it can supply electric power so you can also leave the generator home.


The idea is risk reduction, why take a chance if you don't have to?
They can take a regular pickup and make it electric, simple.

Candace Heaney

I am already into the all-electric pickup truck. I would definitely purchase this fascinating product of Lordstown Motors Corporation whenever it is going to be sold commercially. Everyone is saying that this electric pickup truck is more efficient yet it would be available at the same cost. Well, whenever I need to read reviews about writing service I visit website because it also shares real and honest reviews of the people about EduBirdie.

The comments to this entry are closed.