Quick Read: Lordstown Motors Future Product; GM Investment

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Thread: Quick Read: Lordstown Motors Future Product; GM Investment

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    News Contributor Premium Member Perian's Avatar
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    Quick Read: Lordstown Motors Future Product; GM Investment

    Detroit Free Press
    August 3, 2020



    Electric-truck maker Lordstown Motors is becoming a publicly traded company in a deal that will add $675 million to its coffers and boost its valuation to $1.6 billion.

    This transaction includes a $500 million fully committed private investment in public equity (PIPE), which includes $75 million of investments by General Motors, Lordstown Motors said.

    The company, which bought GM's former massive Lordstown Assembly plant in Ohio last year, said it is merging with DiamondPeak Holdings Corp. DiamondPeak is a special purpose acquisition company and this merger will result in Lordstown Motors becoming a publicly listed company.

    Burns said he will start hiring 600 workers next year to build the first 20,000 Endurance pickups.

    Then, starting in 2022, Burns will hire more people to build other all-electric vehicles, such as SUVs and a midsize pickup.

    “We didn’t buy a mass volume plant like this and not plan to fill it up," Burns said. "This is a gem of a building built for volume manufacturing."

    Burns expects to employ 4,000 to 5,000 people in the plant in the near future based on demand for electric vehicles, adding, "We think the electric pickup is the new normal.”








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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    "This is a gem of a building built for volume manufacturing."
    Interesting that GM thought differently.

    GM stated that the plant could only build compact vehicles from a realistic financial standpoint. Now full size electric pickup trucks will soon be produced.

    What gives?




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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by Perian View Post
    Interesting that GM though differently. GM stated that the plant could only build compact vehicles from a realistic financial standpoint. Now full size electric pickup trucks will soon be produced. What gives?




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    Its interesting, basically, GM was saying, they didn’t want to put in the investment to convert the plant

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by mbukukanyau View Post
    Its interesting, basically, GM was saying, they didn’t want to put in the investment to convert the plant
    Aren't the electrics supposed to have a smaller manufacturing footprint due to their being less complicated to build? So I assume GM already knows which plants will produce electrics and Lordstown isn't one of them.

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by Perian View Post
    Interesting that GM thought differently.

    GM stated that the plant could only build compact vehicles from a realistic financial standpoint. Now full size electric pickup trucks will soon be produced.

    What gives?




    .
    GM has way to much capacity for the planned US production so "fixing up" a plant to build something you NEVER plan on building in the USA IS a big financial "mistake"

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by BlackGTP View Post
    Aren't the electrics supposed to have a smaller manufacturing footprint due to their being less complicated to build? So I assume GM already knows which plants will produce electrics and Lordstown isn't one of them.
    I think it would depend on how much work you bring in-house. For the most part, GM plans to vertically integrate most of its electric specific technology...

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by Perian View Post
    Interesting that GM thought differently.

    GM stated that the plant could only build compact vehicles from a realistic financial standpoint. Now full size electric pickup trucks will soon be produced.

    What gives?




    .
    Maybe the way they plan on building the trucks is different? If I'm correct GM's issue with the plant was that it used an outdated assembly line that couldn't support anything bigger than a passenger car. If all that's been torn out already...
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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    ... "We think the electric pickup is the new normal.”
    This is what I found interesting.
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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by rand49er View Post
    This is what I found interesting.

    The electric pickup may be the “new normal”, but I haven’t seen any for sale or on the public roadways.

    At least he didn’t say, the “new normal going forward”........

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by 1999 White C5 Coupe View Post
    The electric pickup may be the “new normal”, but I haven’t seen any for sale or on the public roadways.

    At least he didn’t say, the “new normal going forward”........
    Soo.... who will be first to market, Rivian? Nikola? Cybertruck? It would be cool to have Hummer early to the party.
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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by tripowergto Jan2003 View Post
    Soo.... who will be first to market, Rivian? Nikola? Cybertruck? It would be cool to have Hummer early to the party.
    Doesn't matter man, HUMMER is going to rule the party, because its a HUMMER

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by mbukukanyau View Post
    Doesn't matter man, HUMMER is going to rule the party, because its a HUMMER
    But.... can I put a snowplow on my electric Hummer(sounds like a sex toy)?
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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    By GM spinning out Lordstown to a new entity, the clock is reset on the 200K EV counter. So Lordstown trucks get a 7500 incentive for 200K vehicles. GM I thought had used up all of theirs. This incentive helps make the plant economically viable. 1.5B more viable.

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    Quote Originally Posted by tripowergto Jan2003 View Post
    But.... can I put a snowplow on my electric Hummer(sounds like a sex toy)?
    hahahaha, Yes. 11,000.00 pound ft of torques is a lot of snow, if you do not mind pushing it with what is likely a 100K plus truck

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    Re: Quick Read: Lordstown Motors Future Product; GM Investment

    It's like this:

    1. Person who hates FWD, anything but V8, buys a pickup truck for $50K.

    for x = "Number of companies that think they have the next vehicle everyone wants and will be new normal"; do
    2. GM takes profit and puts some of it in "investments" (after giving some big bonuses and some to their own R&D).
    3a. If (GM has $500M in the investment pot) then it gives it to next company on the list.
    3b. else wait until GM has $500M in the investment pot made possible by the exorbitant margins the American consumer is willing to pay.
    done

    5. GM makes a ton of money without doing anything other than making an investment.

    Your money--their win.
    Last edited by GMOwner; 08-04-2020 at 12:32 PM.
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