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Lordstown Motors is going public after a merger swells valuation to $1.6 billion
All-electric pickup maker Lordstown Motors announced earlier this week that it was merging with DiamondPeak Holdings Corporation, with the plan to take the resulting merged company public on the NASDAQ under the ticker symbol “RIDE.”
“The financing that comes from being publicly listed is the last piece we needed as we march towards production in 2021,” says Lordstown CEO and founder, Steve Burns, in a video from the company.
It gets more interesting when stock-holder investment hype isn't the driving force and actual suitable (and desirable) product to market factors in (i.e., profits of actual vehicles sold is a large part of the valuation rather than vaporware promises). Investors want the next Tesla stock --they don't actually care about EV, it's just that EV is seen as the money.
In the real world... I think "engine in hub" is a terrible idea for fleet driving anything but smooth highway delivery vehicles. Potholes and construction site trucks I don't see this working too well.