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Lordstown Motors, DiamondPeak Holdings agree to form a publicly traded business

Lordstown Motors has its manufacturing facilities in Ohio.

Photo courtesy of Lordstown Motors

Lordstown Motors Corp. and DiamondPeak Holdings Corp. have entered into a definitive agreement for a business combination that would result in Lordstown becoming a publicly listed company. A statement released by the companies details that the combo company would be named Lordstown Motors Corp. and is expected to remain listed on the NASDAQ and trade under a new ticker symbol, "RIDE".

The deal is expected to be finalized in the fourth quarter of 2020.

2021 Lordstown Endurance The company debuted its Endurance pickup earlier this year. Photo courtesy of Lordstown Motors

As part of the agreement, Lordstown Motors will see an expected cash infusion of around $675 million of gross proceeds go directly to fund the production of the Endurance as well as producing the company's in-wheel electric hub motor.

Additionally, the transaction includes $500 million in fully committed private investment in public equity (PIPE), of which is a $75 million investment by General Motors. Also included in that investment list are funds from institutional investors, including Fidelity Management & Research Company LLC, Wellington Management Company LLP, Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock.

The pro forma implied equity value of the combined company is approximately $1.6 billion.

The combined company Board of Directors will include Steve Burns, Founder and CEO of Lordstown, and David Hamamoto, Chairman and CEO of DiamondPeak.

News of the merger comes on the heels of Lordstown Motors releasing a new ad for its all-electric Endurance pickup truck. The Endurance's interior was revealed last month.

The company aims to be the first full-size electric pickup truck designed to serve the U.S. commercial fleet market. Initial production expected in the second half of 2021. Numerous orders are already in place. The model's price tag is slated to start just over $52,000.

Lordstown Motors has its production facility at the former General Motors Lordstown Assembly plant in Ohio.

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What was your best car-related experience this year?

Chris Teague

This year has been a lot of things, but it hasn't been boring. Even if we focus only on the car world, there's plenty to talk about, from microchip-related new vehicle shortages to the wave of new electric vehicles hitting the market. That leaves us with a question for all of you: What was the best or most memorable car moment for you in 2021? I'll get the conversation started.

Porsche Cayenne GTS My SoCal Cayenne śaw snow for the first time in its nearly 200k-mile life last week.Chris Teague

I'd spent a good portion of 2021 wanting a new-old car to drive when I wasn't testing a new vehicle. That's harder than you'd think for someone who thinks, talks, and writes about cars all day, because there are so many interesting, risky, and downright funky options out there in every price range. The added headache for me was that I'd chosen to shop for a "fun" car in one of the most volatile car markets ever seen. Even the extremely high-mileage "untouchable" European cars I wanted to buy were commanding ridiculous prices.

After a solid few months of waffling between various rattletrap Mercedes-AMG, BMW M, and Audi S/RS cars, I landed on an option that had escaped me before: The Porsche Cayenne. First-generation Cayennes are a real bargain now, but the 955/957 (Porsche's internal code for the SUVs) can experience major problems that occur with or without regular maintenance and care. I was determined to buy one, and wasn't overly concerned about mileage, as long as I could count the number of owners on one hand. There was a beautiful 2009 Cayenne GTS with 90,000 miles but nine owners, a gorgeous 2004 Cayenne Turbo with a concerning engine tick, and many more just like them. Finally, I decided to risky-click a 196,000-mile Cayenne GTS in Southern California. It had one owner and one dealer-owner for a month or two prior to sale, its condition looked decent in photos, and I was able to negotiate a reasonable enough price that shipping it from San Diego to Maine wasn't a huge problem.

Porsche Cayenne GTS The pics look great, but hands-on tells another story.Chris Teague

I had two traveling Euro mechanics check the car out, and both confirmed that it was well-worn but mechanically sound, so I jumped. Ten days later, on a snowy, icy, dark Maine afternoon, the Cayenne arrived. Cosmetically, there were a few things the dealer and mechanics failed to mention, but overall, it looked good. The SUV passed Maine safety and emissions testing without problem, got a new set of Michelins, and I was on my way.

Porsche Cayenne GTS I'm in danger, but thankfully this should be a reasonable fix.Chris Teague

A few days of driving revealed what I was really in for. A check engine light revealed a camshaft position sensor error and the Cayenne displayed a nasty vibration at idle. A new sensor and motor mounts, and I'm on my way. I'll update you as more things break or miraculously work, but I want to hear your memories from 2021.

Email me at chris@automotivemap.com, and I will compile the best and most interesting stories for a story on New Year's Day. May you all have a wonderful 2022.

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The 2022 Acura TLX has the technology enabled.

Photo courtesy of Acura

Toyota and Lexus announced that the WarnerMedia RIDE app would be coming to their models earlier this year. Now, Honda and Acura will be offering the same.

On certain Wi-Fi enabled Honda and Acura vehicles, AT&T unlimited in-car Wi-Fi users will have access to the WarnerMedia RIDE app. The app allows users to connect multiple devices in their vehicles to browse, stream and share premium content from the WarnerMedia library while on the road.

Honda and Acura vehicle owners have been able to use their on-board modem as a hot spot for connecting up to seven devices since 2017. Models compatible for the new tech include the Acura RDX (2019-present), Acura TLX (2021), and Acura MDX (2022) across all trim levels. Honda vehicles with the tech include Accord (2018-present, Touring), Odyssey (2018-present; Touring, Elite), Insight (2019-present, Touring)., Passport (2019-present; Touring, Elite)., and Pilot (2019-present; Touring, Elite, Black Edition).

The WarnerMedia RIDE App allows passengers to access 1,000+ hours of live and on-demand entertainment. The app includes hit TV shows and movies from top brands such as Cartoon Network, CNN, HBO Max, TBS, TNT and TruTV, spanning animation, entertainment, news, sports and more.

WarnerMedia RIDE app The WarnerMedia RIDE app allows users to choose their own avatar.Photo courtesy of Acura

Users can set up profiles and personalize their user exerpience with an avatar from the WarnerMedia library. Profiles also ensure age-appropriate content with options for adults to restrict access to their profiles with an access code.

"Wireless connectivity and connected car services continue to be key features for customers and our long-standing relationship with AT&T continues to be one way we deliver exciting new content to Honda and Acura owners," said Art St. Cyr, vice president of North American Auto Strategy for American Honda. "Honda will continue working to enhance the in-car experience, including the capabilities of the AT&T network and access to top content with WarnerMedia RIDE."

"We're always looking for new and innovative ways to elevate the connected car experience for our customers. With WarnerMedia RIDE, we are delivering a connected experience that's perfect for journeys," said Joe Mosele, vice president, Mobility & Internet of Things, AT&T. "Our collaboration is keeping Honda and Acura owners connected wherever they travel with hours of news and entertainment for the whole family."

WarnerMedia RIDE is available now in the App Store and on Google Play for all U.S. unlimited data plan subscribers. WarnerMedia RIDE is included at no additional cost for existing and new unlimited subscribers.

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