Lordstown Motors' Endurance, one of the first models of electric trucks, made its debut during an unveiling at the White House on Monday.
"We've been working on this very long and very hard," President Trump said. "They went in and they have an incredible vehicle."
According to the company's website, the vehicle is the first to offer "true four-wheel drive" using four in-wheel hub motors to significantly improve the truck's control. The Endurance also has the fewest moving parts of any motor vehicle, which could mean fewer maintenance costs and a significantly lower total cost of ownership than traditional commercial vehicles. It also features a trunk in the front of the cab, according to Lordstown CEO Steve Burns.
Sen. Rob Portman, R-Ohio, said that Lordstown received a "gut punch" when General Motors decided to stop making the Chevy Cruze and pulled out of the area, leaving more than 1,500 plant workers unemployed. He noted that between the Endurance being produced at the old General Motors plant and a new joint venture for a battery plant between General Motors and LG Chem, which will hire more than 1,100 workers, the previous job losses will be essentially erased.
“Beyond the plant, it’s incredible what’s happened in the area," Trump added. "It’s booming now. It’s absolutely booming."
Burns said the automaker has received 40,000 preorders for the Endurance, which has a base price of $52,500, and noted the company plans to make more than 100,000 Endurance pickup trucks per year. Lordstown will begin Endurance deliveries starting in late summer 2021.
The move comes as Lordstown plans to go public via a SPAC, or special purchase acquisition company, later this year.
The unveiling has sent shares of Workhorse, which owns a 10% equity stake in Lordstown, up more than 13% by the end of Monday's trading session. Shares of DiamondPeak Holdings, who announced they would acquire Lordstown Motors back in August, also surged more than 12% by the end of Monday's trading session on the announcement.