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EXCLUSIVE | 'It's a new day in Lordstown'; Lordstown Motors execs ready to move on

During a live virtual panel discussion, this afternoon, Angela Strand, who has replaced Steve Burns as the new head of Lordstown Motors Corp., said, "There are no disruptions and there will be no disruptions to our day-to-day operations."
Rich Schmidt - Darren Post NEW
Rich Schmidt, Lordstown Motors Corp.'s president, and Darren Post, Lordstown Motors' vice president of engineering.

LORDSTOWN — About 15,000 all-electric pickup trucks are expected to roll off the Lordstown Motors Corp. line in the next year, company executives told reporters Tuesday.

They'll also be priced a bit higher.

"It's a new day in Lordstown," said the new head of Lordstown Motors, Angela Strand.

Strand joined Lordstown Motors' President Rich Schmidt and Vice President of Engineering Darren Post in a live virtual panel discussion this afternoon by the Automotive Press Association and moderated by Bloomberg's Detroit Bureau Chief David Welch.

Strand replaced Burns on the panel, following Burns' departure Monday.

"I am very comfortable with change and understand the necessity of change, to grow and mature an organization," Strand said — but what's not changing is the company's expectation to begin its limited production run of its Endurance pickup truck in just three months.

"There are no disruptions and there will be no disruptions to our day-to-day operations," Strand said.

The company last week announced a cash crunch may keep it from bringing the Endurance to full-scale production next year, part of a “going concern” notice alerting investors may be at risk.

Executives questioned Tuesday didn't specify how much funding they're seeking. Schmidt said it will depend on how fast the company wants to grow. The company, which currently has more than $400 million in the bank, expects to run out of money in May 2022, Schmidt said.

The company expects to court new investors during its weeklong event next week at its Hallock Young Road plant.

"I think there's a great return-on-investment there. That's why I joined the team — it fits a segment that's not been fit," Schmidt said. "I think it has an upside that's very similar to my experience at Tesla.

"Three months from now, it's going to be a solid deal. Once the trucks start coming off the line, it makes it a very robust investment."

Shares of Lordstown Motors Corp. (NASDAQ: RIDE) jumped more than a point, about 12 percent, by the time the virtual event ended. As of 2:30 p.m. Tuesday, the stock was trading at $9.85, about 6 percent higher than Monday's closing price.

Read more on Lordstown Motors and the Endurance — more on the technical aspects of the vehicle, more on jobs — tomorrow on MahoningMatters.com.



Justin Dennis

About the Author: Justin Dennis

Justin Dennis has been on the beat since 2011, covering crime, courts and public education. Dennis grew up in Poland and Salem and studied journalism and communications at Cleveland State University and University of Pittsburgh.
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