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LORDSTOWN Lordstown Motors Corp. will begin due diligence with the U.S. Department of Energy to secure a loan the upstart electric truck maker would use to support the launch and production of its Endurance pickup.
The company announced Wednesday it advanced to the next stage of the application process in the Advanced Technology Vehicles Loan Program, created in 2007 to foster production of fuel-efficient vehicles.
Moving on, however, is not an assurance the company will secure a loan through the program that already has given billions to the likes of Ford, Tesla and Nissan.
“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” Lordstown Motors founder / CEO Steve Burns said. “The funds would, however, enable us to increase production capacity to get the Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development of future vehicles.”
Lordstown Motors is looking to the U.S. Department of Energy to help make its new Endurance electric pickup truck a reality and is seeking a significant loan.
LORDSTOWN Lordstown Motors Corp. will begin due diligence with the U.S. Department of Energy to secure a loan the upstart electric truck maker would use to support the launch and production of its Endurance pickup.
The company announced Wednesday it advanced to the next stage of the application process in the Advanced Technology Vehicles Loan Program, created in 2007 to foster production of fuel-efficient vehicles.
Moving on, however, is not an assurance the company will secure a loan through the program that already has given billions to the likes of Ford, Tesla and Nissan.
“As we’ve said before, our business model is not reliant on receiving the ATVM loan,” said Lordstown Motors founder / CEO Steve Burns. “The funds would, however, enable us to increase production capacity to get the Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development of future vehicles.”
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11 January 2021, 9:29 pm EST By
Lordstown boasted of their fruitful start this 2021 for a massive 100,000 preorders of their electric pickup that would soon debut and release on September 2021, rivaling Tesla and Rivian with their EV releases. The new year would be a showdown of electric pickups, with several key players joining the game and broadening the electric vehicle industry.
(Photo : Lordstown)
The formerly General Motors-owned car factory, Lordstown Motors committed themselves to go fully electric, showcasing the might of the pickup that is ready for the future and adept to produce zero-carbon emissions. Indeed, electric vehicles are the transportation industry s way forward and the market is becoming more saturated with new EV innovations.