Lordstown Motors (NASDAQ:RIDE) is moving forward with plans to launch an electric vehicle (EV) pick up truck next year called Endurance.
- The Endurance an EV redesigned to have the least moving parts of any pickup truck.
- That includes the four hub motors in the wheels, which provide it with four-wheel drive.
- Lordstown Motors says that the lack of moving parts in the vehicle will result in fewer maintenance costs for owners.
- It will feature a 109 kWh battery that gives it a range of at least 250 miles.
- The vehicle takes 10 hours to reach 80% charge from 20% charge on a level 2 11kW AC charger.
- However, it only takes between half an hour to one and a half hours to do the same on a level 3 DC charger.
- It’s also sporting a peak horsepower of 600 with the ability to reach a top speed of 80 mph.
- The Lordstown Endurance can seat up to five people and has a towing capacity of 7,500 pounds.
- The vehicle will have a starting price of $52,500 but customers will be eligible for a $7,500 federal tax credit.
- Lordstown Motors estimates that the cost of owning an Endurance after five years will only come to $52,000.
- That’s taking into account the tax credit and an estimated $1,800 in maintenance fees based on 20,000 miles driven each year.
- For comparison, it estimates the total cost of owning and operating a Ford (NYSE:F) F-150 Lariat 4WD over the same period of time to be $71,178.
- Lordstown Motors already has $1.4 billion in preorders for the Endurance.
- It’s also expecting to make 600,000 units of the EV truck per year.
RIDE stock was up 9.7% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.