LORDSTOWN – Lordstown Motors Corp. will initiate due diligence with the U.S. Department of Energy to secure a loan that the entry-level electric truck maker would use to support the launch and production of its Endurance pickup.
The company announced on Wednesday that it has taken the next step in the application process in the Technology Vehicle loan program, created in 2007 to promote the production of fuel efficient vehicles.
Moving on, however, is no guarantee that the company will get a loan under the program that has already given companies like Ford, Tesla and Nissan billions.
“As we said before, our business model is not dependent on getting the ATVM loan,” said Steve Burns, founder and CEO of Lordstown Motors. “The funds would, however, allow us to increase production capacity to deliver Lordstown Endurance to more customers more quickly, while simultaneously advancing research and development for future vehicles.
We don’t know how much money …
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