Why Lordstown Motors Stock Is Trading Higher Today

Shares of the former SPAC are trading higher after announcing a new pre-order figure.

What Happened: Lordstown Motors Corp RIDE said there are 50,00 nonbinding production reservations from commercial fleets for the Endurance electric truck.

The average deal size is 500 trucks per fleet. Lordstown said this figure doesn't include corporations that are unable to place pre-orders such as federal agencies, state agencies, municipalities or the military.

The company update also included announcements for a new satellite research and development center in Farmington Hills, Michigan, a new service center in California and the construction of a new battery pack and hub in Ohio at company headquarters.

Why It’s Important: Lordstown Motors is one of several electric vehicle companies working on an all-electric pickup truck.

Lordstown Motors remains in a race to get its truck to market first against competitors like Rivian, Tesla Inc TSLA, Ford Motor Company F and General Motors GM.

The company remains on track to begin deliveries of the Endurance in September 2021.

The 250-mile range electric truck is expected to price at $52,500, or $45,000 after a tax credit.

Price Action: Shares of Lordstown Motors are up 17 to $20.96 on Monday. Workhorse Group WKHS, which owns 10% of Lordstown and receives royalties on the Endurance, shares are up 4% to $19.99.

Market News and Data brought to you by Benzinga APIs