YOUNGSTOWN, Ohio — Lordstown Motors Corporation released updates Thursday as the company prepares to start production on its new electric truck, Endurance.
It has the metal stamping and welding for the first 57 Endurance Beta prototypes, which will be used for crash, engineering and validation testing, the company said. Those are expected to be completed by March. Lordstown Motors signed a multi-year supplier agreement with LG Energy Solution, which secures a high-quality battery cell supply for the new trucks.
Among the updates is the step needed to enable the company to start selling government fleets: Lordstown Motors has been added to the U.S. General Services Administration listing.
The news comes as company stocks soared following President Joe Biden's signing of the "Buy American" executive order Monday. Biden announced along with this pledge, the entire U.S. federal fleet will be replaced with electronic vehicles.
In the after-hours Monday, Lordstown Motors' shares traded 5.2% higher at $24.4.
Among the 645,000 vehicles in the U.S. fleet are 225,000 post office vehicles, 173,000 military vehicles and 245,000 civilian vehicles, according to the Federal Fleet Report.
Biden's "Buy American" executive order aims to strengthen current Buy American laws, help small and midsize businesses have more access to contracting opportunities, as well as shore up domestic supplies. The definition of "American-made" will be rewritten to require more products to be made domestically.
It's not known when the replacement will happen, but Biden said the fleet will have vehicles with "net-zero admissions." He also noted that the changeover will assist in his pledge to create 1 million jobs for the automotive industry.
According to the General Services Administration in 2019, the vehicles were driven 4.5 billion miles and consumed 375 million gallons of gasoline and diesel fuel.
The surge in stocks come as Lordstown Motors opened its service center in Irvine, California. The company is also on track to release Endurance in September. The Lordstown Motors Electric Van is expected to be unveiled in 2022.