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Camping World, Lordstown Motors Partner On Sales And Electric RV

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Camping World, Lordstown Motors Partner On Sales And Electric RV

Camping World Holdings (NYSE: CWH) CEO Marcus Lemonis and Lordstown Motors Corp (NASDAQ: RIDE) CEO Steve Burns on Tuesday announced a partnership between the two companies.

The companies work together on helping to sell the upcoming Endurance electric pickup from Lordstown and work towards bringing an electric RV to market.

Endurance Partnership: This partnership was hinted at by Benzinga last month after Lemonis began sharing video footage of the Endurance pickup truck.

Camping World will provide service for the Endurance truck and could sell the truck at locations in the future.

“We’re gonna do some great things,” Burns said, adding that Camping World is the perfect spot for the company to add its Endurance technology.

Camping World will be ready to service the Endurance in a mock environment call center beginning in June, prior to the vehicle launching. Camping World has 170 locations and more than 2,000 service bays. The company offers nationwide roadside, which could be a key selling feature for Lordstown Motors in what is expected to be a competitive electric pickup market.

“We can sell more than he can make,” Lemonis said of the Endurance truck. “We felt our infrastructure would help Steve and Lordstown.”

The goal is to get service right first and then work on sales down the road with Lemonis adding Lordstown Motors needs to take care of its fleet customers first.

Related Link: Why Goldman Sachs Is Bullish On Lordstown Motors

Electric RV: The companies expect to have the first Class E motor home/RV by late 2021. The goal is to make this an affordable offering for the average American family, similar to the lower price point for the Endurance.

The companies will work together on charging infrastructure including a plan to have charging stations at Good Sam Campgrounds, through a partnership with Camping World.

Prototypes of an electric RV could be available by summer 2021.

Benzinga’s Take: The electric pickup market is expected to see entrants from Rivian, Tesla Inc (NASDAQ: TSLA) and Ford Motor Company (NYSE: F) in the short term.

This partnership with Camping World could be a key for Lordstown Motors’ success of selling the Endurance. The company has focused on price point to beat rivals and now could have a shot at beating rivals with roadside assistance and a national call center. Being able to sell the Endurance at Camping World locations could be another catalyst to watch down the road.

The possibility of an electric RV from the partners is a year or two away but remains a key catalyst.

Price Action: Shares of Lordstown Motors closed up 9% to $20.70. Shares of Camping World were up 12% to $30.55. Both stocks were down in ater-hours trading.

Disclosure: Author is long shares of RIDE

 

Related Articles (CWH + RIDE)

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