“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.” “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. (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. 11, 2021 (GLOBE NEWSWIRE) - Lordstown Motors Corp. To read this article on click here.LORDSTOWN, Ohio, Jan. (AXL) : Free Stock Analysis ReportĪllison Transmission Holdings, Inc. (BWA) : Free Stock Analysis ReportĪmerican Axle & Manufacturing Holdings, Inc. Click to get this free reportīorgWarner Inc. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Collaborations with Inovance and REE Automotive bode well for American Axle’s prospects and are set to fuel electrification revenues. Buyouts of Vantage Power and AxleTech’s EV systems division have accelerated Allison’s electrification strategy, expanding its system and integration level capabilities in alternative propulsion.Īmerican Axle is focused on making considerable progress across the electric drive space. Acquisitions of Walker Die and C&R Tool & Engineering have enhanced the quality of its on-highway transmissions. BorgWarner’s 2022 electrification revenues are expected to increase to more than $850 million, doubling from 2021 levels.Īllison’s strategic buyouts are likely to bolster long-term growth. The company is likely to benefit from soaring EV popularity and expects hybrid and electric technologies to be its major revenue drivers. Lordstown, which belongs to the Zacks Auto-Tires-Trucks sector, competes with peers like BorgWarner BWA, Allison Transmission ALSN and American Axle Holdings AXL.īorgWarner’s Charging Forward project to accelerate its electrification strategy bodes well. The funding from the deal and other capital-raising alternatives will be beneficial for scaling up production. The company sold its Ohio factory to Foxconn in 2021-end for $230 million, and the two companies entered into a joint venture for EVs. Therefore the EV announcement is a noteworthy step for the company as its production wheels roll off for the Endurance truck. Following the concern, it was bailed out by an investment firm that agreed to purchase $400 million worth of shares over a three-year period. Last year, the company warned that it might run out of funds to bring its EV to market. Lordstown went public by a special purpose acquisition merger in 2020, but the manufacturer has struggled to start production rolling. The company anticipates delivering nearly 50 units to customers in 2022 and the remainder of the first batch in the first half of 2023, given it can raise sufficient capital. Though production will initially be at a slow pace given the supply chain constraints and parts shortage, it is expected to ramp up gradually through November and December.įMVSS crash testing has been finished successfully, and EPA and CARB applications have been submitted. The original equipment manufacturer intends to build 500 vehicles for sale, and the initial three vehicles are part of the first batch of the same. The first two commercial release production Endurance vehicles have already rolled off the assembly line, and the third is to be completed shortly. Lordstown Motors RIDE has announced that it has started commercial production of its Endurance full-size pickup truck at the Foxconn EV Ohio plant.
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