Lordstown Motors CEO Steve Burns said Tuesday its American-made all-electric pickup will launch into full production by next September, offering a safe and cost-effective option in a market saturated with luxury models.
The $45,000 Endurance pickup truck is geared toward fleet customers, with a price tag equivalent to a standard internal combustion, Burns told "Varney & Co." on Tuesday.
Burns claims the truck contains a 600 horsepower engine and gets the equivalent of 75 miles of gas per gallon. By comparison, the recently revealed $112,595 Hummer EV claims to boast 1,000 horsepower.
Automakers Rivian Automotive Inc., Tesla Inc. and General Motors Co. also expressed plans to bring electric their own electric trucks to market around late 2021, but Burns isn't concerned about the competition.
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"We’re kind of in a different lane," he said. "We’re selling to workers, to fleet customers, so we have 600 horsepower which is quite a bit, but we’re not a luxury vehicle like that. We’re priced down."
The 2021 Endurance utilizes wheel-based engines with a motor and independent software attached to each wheel, making it a "true four-wheel drive," Burns said.
"We intend it to be the safest pickup truck," he explained. "We don’t have a big V8 in there, so a lot of crush zone. We handle great. We handle like a sports car. We get great traction because of the true four-wheel drive. And, of course, it’s the greenest. So it’s the most economical, the greenest and the safest vehicle."
The company began trading publicly on Nasdaq under the ticker “RIDE” on Monday after entering a merger with DiamondPeak Holdings Corp. which helped provide the $675 million necessary for the production of the Endurance.
More than 40,000 units have already been pre-ordered.