Lordstown Motors gets pledge for 900 pickups
LORDSTOWN — Lordstown Motors Corp. has a signed letter of intent from Westlake-based Momentum Groups to buy 900 battery-powered Endurance pickup trucks.
Momentum Groups is a fleet management company that specializes in corporate vehicles, from ordering to disposal, including purchase or lease financing options, fuel cards, maintenance programs, vehicle administrative services and driver compliance.
“This letter of intent demonstrates that our low total cost of ownership resonates with commercial fleet customers,” said Steve Burns, Lordstown Motors CEO. “The Endurance combines the functionality and performance expected from a pickup with the fewest moving parts of any EV (electric vehicle).”
The agreement ensures Momentum will be among the first commercial fleet customers to receive delivery of the pickup in early 2021 when full-scale production starts.
“We are thrilled to work with our neighbors at Lordstown Motors to offer this extremely efficient and powerful pickup truck to our customers, both small and large.” said Jack Pyros, Momentum’s president. “Working together we are able to offer purchase and lease options making this low total cost of ownership vehicle even more affordable.”
Lordstown Motors has in recent months announced partnerships with Elaphe Propulsion Technologies in Slovenia for it to manufacture the Endurance’s in-wheel motor at the plant in Lordstown.
In addition, the company has a pledge from Akron’s First Energy to purchase 250 Endurances for its fleet.
It also has commitments from Clean Fuels Ohio to encourage the sale of 500 trucks and from Innervation, a Florida company that specializes in electric-vehicle charging stations, to broker 1,000 more of the trucks to clients to convert fleets to electric vehicles.
Plus, Lordstown Motors is sitting on about 6,000 pre-orders in a transfer agreement with Cincinnati-based Workhorse Group for its commercial pickup truck, the W-15. The agreement is part of a partnership between the companies that lets Lordstown Motors use Workhorse technology to produce the Endurance in exchange for Workhorse holding 10 percent of Lordstown Motors.
The truck, which has a starting price of $52,000 before various tax credits, has four moving parts — the hub motors. It can go up to 260 miles on a single full charge and can accelerate from zero to 60 mph in 5.5 seconds, company officials said.