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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 EnduranceThe 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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The event takes place across a 1,000-km desert route.

Performance Communications

Off-road racing events are gaining popularity, but as with other aspects of motorsport, women are generally underrepresented. Following the lead of Rebelle Rally, an all-women American event, a new navigation rally will take place next week in Saudi Arabia. Rally Jameel will run see competitors running between 300 and 500 kilometers a day in hopes of achieving navigational excellence in the Saudi desert.

The event is scheduled to take place between March 17 and March 19, and will feature 33 two-person teams from around the world. Seven of the competitors are from the United States, but all of the competing women will be faced with a 1,000-kilometer race route that runs from Ha'il to Riyadh.

Rally Jameel33 two-person teams will compete.Performance Communications

Competitors will field a variety of AWD and 4WD vehicles, including models from Toyota, Lexus, and Porsche. The idea is that the vehicles should be normal, everyday models, instead of purpose-built off-road racers. Rather than speed, the event prioritizes navigational precision. Participants can use navigation tech and a digital road book, and must focus on their routes to achieve the best timing.

Rally Jameel takes inspiration from the Rebelle Rally, the first women's off-road navigation rally in the U.S. Rebelle organizers blessed the Saudi Arabia-based event, and Jameel will see at least one competitor that competed in the event, Sedona Blinson. Abdul Latif Jameel Motors, a Toyota Saudi Arabia dealership, initiated the event, along with Bakhashab Motorsport.

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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 GTSMy 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 GTSThe 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 GTSI'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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