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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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The final versions of the McLaren 620R have been delivered to the U.S.

Photo courtesy of McLaren Automotive
McLaren recently shipped its last Sports Series cars to the U.S., marking the end of production of the popular models that have been staples of the luxury carmaker's lineup for the last half-decade. Over 8,500 cars were sold globally.

The Sports Series debuted in 2015 with the 570S, and also included the 540C, 570S Spider, 570GT, 600LT coupe, 600LT Spider, and 620R. The final examples of the series were built at the company's Woking, U.K. headquarters at the end of 2020. The 620R was the last off the line.

The McLaren 620R is a road legal version of a race car. It's based on the McLaren 570S GT4 and uses motorsport technology without the restriction of racing regulations. It is the most powerful Sports Series model ever, with a twin-turbocharged 3.8-liter V8 producing 611 brake horsepower and 457 pound-feet of torque.

Final examples of the McLaren 620R

Photo courtesy of McLaren Automotive

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The 620R shares aerodynamic hardware with the 570S GT4, creating 408-pounds of downforce at 155 mph. It can handle the road (and you can hear it coming) thanks to its wider track, carbon ceramic brakes and center locking wheels, and low-exit stainless steel sports exhaust.

"As the McLaren range has matured, we've tailored our North American model line-up to closely match customers' requirements, with a car suitable for every personality," explained Tony Joseph, President, McLaren, the Americas. "Limited-numbers models with the highest levels of performance – cars like the 620R, which feels like a race car on the street or at a track day - are in demand not only because of the driving experience they offer but because they have even greater exclusivity. You can see how this has played out with the 765LT as well, with all of the available volume sold."

Of the 225 examples of the 620R produced, only 70 were slated for the North American market. All North American 620R models come with a special MSO upgrade package that features a gloss finish Visual Carbon Fibre roof with a roof scoop to maximize engine intake and exhaust sound, MSO Defined gloss finish carbon fibre roof cantrails and the McLaren Track Telemetry system with lap time function and three cameras to record on-track performance.

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The Hyundai Santa Cruz will debut next week but ahead of that, the design department is giving a closer look at the truck in a new video.

Photo courtesy of Hyundai Motor America

We'll see the Hyundai Santa Cruz in full for the first time when it debuts on April 15 but ahead of time, Hyundai is setting the stage for expectations with the model. To help with that, the company released a video today featuring the truck's design manager discussing the inspiration for the utility vehicle.

The quick one-minute video is hosted by Brad Arnold, design manager at Hyundai North America. The Southern California native is the leader of the team that created the Santa Cruz, a project that began years ago. He's joined in the video by Senon Franco, the lead designer at Hyundai North America.

2022 Hyundai Santa Cruz

Photo courtesy of Hyundai Motor America
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As Arnold explains in the video, the design of the Santa Cruz started with a simple premise: "this is not a typical truck". Based on how Arnold describes the capabilities of the truck, that sounds true. It is meant to "thrive in dense urban environments and the open outdoors". One could argue that no full-size truck on the market today does that. Neither do most of the midsize models, though their sizing is better for that landscape.

Arnold says that the Santa Cruz is "small in size", a call that serves to remind viewers that the Santa Cruz isn't a big truck. It's more similar in size to the forthcoming Ford Maverick, a small truck that slots below the Ranger in Ford's lineup.

However, the company isn't even calling it a truck. The new model is being referred to as the Santa Cruz Sport Adventure Vehicle. This sounds a lot like how Kia is referring to the new generation of its Carnival minivan as a multi-purpose vehicle (MPV).

Arnold says that the design is meant to make the Santa Cruz not look like a truck. Rather, it's supposed to look "like a Santa Cruz". Part of that includes the front end, which looks like a carryover from the fascia of the 2022 Hyundai Tucson.

Among the other secrets Hyundai is giving away ahead of the product's reveal is that there will be more than one "efficient" powertrain, a flexible bed, "cutting-edge" connectivity, and all-wheel drive.

Watch the video for yourself below.

Design Inspiration | 2022 Santa Cruz | Hyundai www.youtube.com

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