Lordstown Revs Up as It Exceeds 100,000 Electric-Pickup Orders

Lordstown Motors has received more than 100,000 orders for its electric pickup, with the average order size nearly 600 vehicles per fleet.
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Lordstown Motors  (RIDE) - Get Report shifted into high gear Monday after the electric-vehicle maker said it received more 100,000 nonbinding production reservations from commercial fleets for its Endurance pickup truck.

Shares of the Lordstown, Ohio, company at last check leaped 23% to $27.

The average order size is nearly 600 vehicles per fleet, Lordstown said.

After successful prototype and alpha builds, the company said it was now building the first beta Endurance vehicles and is on track to start production in September.

The initial Endurance is a crew cab configuration with medium bed length, priced at $45,000 after federal rebate.

“Receiving 100,000 preorders from commercial fleets for a truck like the Endurance is unprecedented in automotive history,” Chief Executive Steve Burns said in a statement. 

“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.”

Last week, the Cincinnati fleet-management company Mike Albert Fleet Solutions said it entered an agreement for delivery of a "significant quantity" of the Lordstown Endurance pickup model. 

Jeff Hart, president of Mike Albert Fleet Solutions, said in a statement that "[like] us, [Lordstown] firmly [believes] EVs are the very near and bright future for a growing number of commercial fleets."

Lordstown Motors went public on Nasdaq in October through a merger with a SPAC, or special-purpose-acquisition company.

The company, launched in November 2019, acquired a plant that General Motors  (GM) - Get Report had closed in March 2019.