Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the
“Company”), an original equipment manufacturer (“OEM”) of electric
light duty vehicles focused on the commercial fleet market, and
Amerit Fleet Solutions (“Amerit”), a provider of customized fleet
maintenance and repair programs nationwide, announced today that it
has entered into an agreement for Amerit to provide service and
maintenance to Lordstown’s commercial fleet customers.
The Lordstown Endurance™ began commercial production at the
Foxconn EV Ohio assembly plant in Q3 2022. Sales started in Q4
2022. Production and deliveries resumed in April 2023 after a pause
earlier in the year to address supplier quality issues and are
expected to continue at a very low pace.
Under the terms of the agreement, the two companies will jointly
provide EV service and warranty for the Lordstown
Endurance™ in key states allowed by law, as well as future
vehicles developed by Lordstown in collaboration with the Foxconn
EV ecosystem.
Amerit is executing plans for the strategic rollout of service
locations aligned with Lordstown’s launch plan for initial fleet
customers. Prior to the launch of services, Amerit service
technicians will complete an extensive safety training program as
well as Lordstown’s training curriculum for the Endurance and other
future vehicles.
“Amerit is a perfect fit with Lordstown because it is a
well-established service provider to the fleet and commercial
industry with experience in the service and maintenance of EVs,”
said Edward Hightower, CEO & President of Lordstown Motors
Corporation. “Our vehicles and connectivity features, combined with
Amerit’s mobile service network and innovative maintenance
solutions, provide Lordstown with the ability to offer a
comprehensive and customized EV experience for our fleet
customers.”
“Lordstown is an innovative EV company serving the commercial
fleet market, and we look forward to supporting their customers by
offering service programs across the US,” said Amerit’s CEO, Dan
Williams. “With over 1,800 trained and certified technicians across
the country, our customized approach to service programs, and our
expertise in providing EV maintenance solutions, we believe that
Amerit is ideally suited to rapidly scale services to Lordstown’s
Endurance customers and vehicle programs in the future.”
About Amerit Fleet SolutionsAmerit’s trusted
and respected team of fleet maintenance professionals leverage a
nationwide infrastructure paired with electric and alternative fuel
expertise, to provide custom-built maintenance programs to fleets
across the country. Our team of highly skilled technicians and
managers provide maintenance and repair programs to over 185,000
vehicles to improve clients’ fleet uptime, safety, and
reliability. Amerit’s comprehensive and innovative service
solutions, paired with a customized approach driven by core values
of partnership and integrity, deliver peace-of-mind to customers
while keeping their assets on the road, anywhere across the
country. For more information, please
visit www.ameritfleetsolutions.com.
About Lordstown Motors Corp.Lordstown Motors is
an electric vehicle (EV) OEM developing innovative light duty
commercial fleet vehicles, with the Endurance all electric pickup
truck as its first vehicle and being launched in the Foxconn EV
plant in Lordstown, Ohio. Lordstown Motors has engineering,
research and development facilities in Farmington Hills, Michigan
and Irvine, California. For additional information visit
www.lordstownmotors.com.
Forward Looking Statements
This release includes forward looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as “feel,” “believes,” expects,”
“estimates,” “projects,” “intends,” “should,” “is to be,” or the
negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein due to many factors, including, but not
limited to: our ability to continue as a going concern, which
requires us to manage costs, obtain significant additional funding
to execute our business plan including to achieve our 2023
Endurance production and sales targets and develop any additional
vehicle programs, and our ability to raise such funding on a
reasonable timeline and with suitable terms; our ability to obtain
a strategic partner for the Endurance and to raise sufficient
capital, including under the financing arrangements we have
established, in order to invest in tooling, continue design
enhancements of the Endurance to enable scaled production and fund
any future vehicles we may develop; the cost and other impacts of
contingent liabilities and availability of insurance coverage
and/or adverse publicity with respect to these matters, which may
have a material adverse effect, whether or not successful or valid,
on our liquidity position, market price of our stock, cash
projections, business prospects and ability and timeframe to obtain
financing; our ability to effectively implement and realize the
benefits from our recently completed and pending transactions and
agreements with Foxconn, including the additional funding
transactions under the Investment Agreement, dated November 7,
2022, which are subject to closing conditions, our ability to
utilize the designs, engineering data and other foundational work
of Foxconn, its affiliates, and other members of the
Mobility-in-Harmony (MIH) consortium as well as other parties, and
all such parties adhering to timelines to develop, commercialize,
industrialize, homologate and certify a vehicle in North America,
along with variables that are out of the parties’ control, such as
technology, innovation, adequate funding, supply chain and other
economic conditions, competitors, customer demand, regulatory
approval and other factors; our ability to maintain the listing of
our stock on Nasdaq and the impact of non-compliance listing
requirements on our ability to consummate financing transactions;
our ability to execute our business plan, expansion plans,
strategic alliances and other opportunities, including development
and market acceptance of our planned products; risks related to our
limited operating history, the execution of our business plan and
the timing of expected business milestones; our ability to
successfully address known and unknown performance, quality, supply
chain and other launch-related issues, some of which are or may be
material and have or could give rise to a further recall of our
vehicles, and resume commercial production and sales of the
Endurance on a reasonable timeline and in accordance with our
business plan; our ability to establish appropriate supplier
relationships to support new vehicle programs; our ongoing ability
to obtain vehicle components from our supply chain in sufficient
quantities and of acceptable quality to meet vehicle requirements;
the availability and cost of raw materials and components; our
ability to successfully identify and implement actions that will
lower the Endurance bill of materials cost, including identifying a
strategic partner to scale the Endurance; our ability to obtain
binding purchase orders and build customer relationships; our
ability to deliver on the expectations of customers with respect to
the pricing, performance, quality, reliability, safety and
efficiency of the Endurance and to provide the levels of after sale
service, support and warranty coverage that they will require; the
risk that our technology, including our hub motors, do not perform
as expected; the effects of competition on our ability to market
and sell vehicles; our ability to attract and retain key personnel
and hire additional personnel; the pace and depth of electric
vehicle adoption generally; our ability to obtain and maintain
intellectual property protection and not infringe on the rights of
others; our ability to obtain required regulatory approvals and
changes in laws, regulatory requirements, interpretations of
existing law, governmental incentives and fuel and energy prices;
and the possibility that we may be adversely affected by other
economic, geopolitical, business and/or competitive factors,
including rising interest rates and the direct and indirect effects
of the war in Ukraine. As a result of these uncertainties, and
notwithstanding management’s plans and efforts to date, if we are
unable to raise substantial additional capital in the near term,
our operations and production plans will be scaled back or
curtailed. If any funds raised are insufficient to provide a bridge
to consistent serial production at a profit, our operations could
be severely curtailed or cease entirely and we may not realize any
significant value from our assets.
Additional information on potential factors that could affect
the financial results of Lordstown Motors Corp. and its
forward-looking statements is included in its most recent Form 10-K
and subsequent filings with the Securities and Exchange Commission.
All forward-looking statements are qualified in their entirety by
this cautionary statement. Any forward-looking statements speak
only as of the date on which they are made, and Lordstown Motors
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date of this release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9fddc529-cd32-4924-8d30-a43de271683f
Media Contacts:
Lordstown:
Colleen Robar
313-207-5960
crobar@robarpr.com
Amerit Fleet Solutions:
Karen Vinton
415-755-3302
Kvinton@ameritfleet.com
Lordstown Motors (NASDAQ:RIDE)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Lordstown Motors (NASDAQ:RIDE)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024