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EV startup Lordstown Motors (RIDE) announced a reverse stock split Tuesday as it attempts to remain listed on the NASDAQ exchange and secure funding to keep the Endurance electric pickup alive.

Lordstown’s journey so far

After going public in 2020 via a SPAC merger under the ticker “RIDE,” Lordstown watched its valuation soar with heightening interest in EV makers.

Shortly after, Lordstown felt the pressure with a disappointing prototype and its CEO and CFO abruptly resigning. With the company falling into disarray, the fate of the Endurance was up in the air.

To make matters worse, Lordstown was running low on cash and had warned it would need funding several times to continue operations. Although Taiwanese manufacturing giant Foxconn stepped in, injecting several rounds of funds into the EV startup, Foxconn is now looking for a way out.

The news comes after Lordstown received a delisting notice from the NASDAQ in April stating the company has failed to maintain its minimum $1.00 stock price for 30 consecutive trading days.

Lordstown-stock-split
Lordstown stock price chart 2020 to present (Source: TradingView)

As a result, Lordstown warned earlier this month that if it didn’t receive funding, “the company will be deprived of critical funding necessary for its operations,” adding it may need to “curtail or cease operations” or potentially face bankruptcy.

With Lordstown’s latest announcement of a reverse stock split, the EV startup is fighting to stay alive.

Lordstown announces 1:15 reverse stock split

According to Lordstown’s most recent press release, the 1:15 reverse stock split will go into effect when the market opens tomorrow, May 24.

For investors, this means for every fifteen shares of RIDE stock you hold, you will now have one. Your account will reflect the changes upon market open tomorrow. No fractional shares will be given. Instead, shareholders will receive cash equal to the fractional share amount.

Lordstown-stock-split
Lordstown Endurance electric truck (Source: Lordstown)

The reverse stock split was approved by shareholders at its 2023 annual meeting and is “intended to improve the marketability and liquidity of Class A common stock.” In other words, it’s to remain listed on the exchange and attract investors.

Lordstown says if the stock price can remain above $1.00 for ten consecutive trading days, it “may satisfy Foxconn’s (incorrect) interpretation of the closing condition.” The company remains open but notes no agreement currently exists, and Lordstown cannot predict whether an agreement will be reached in the future.

Since starting production, Lordstown has built 56 Endurance vehicles, delivering 18 to customers. Given the dispute with Foxconn, Lordstown is taking “aggressive actions to reduce costs and preserve liquidity.” Foxconn had $165 million in cash and equivalents as of April 30, 2023, down $11 million from the end of Q1.

Lordstown’s stock is down over 10% in Tuesday’s trading session as investors take in the news.

Electrek’s Take

Lordstown is essentially throwing a hail mary at this point, hoping to resolve the dispute with Foxconn and remain listed on the NASDAQ exchange through a reverse stock split.

Although the stock split will boost the share price, there is no guarantee it will remain above the $1.00 price minimum. Investors are seemingly unhappy with the news, with Lordstown’s stock down 10% today to near-all-time lows of around $0.30.

With the fate of the Endurance once again up in the air, Lordstown is doing all it can to free up liquidity and stay in business.

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Mitsubishi debuts EV battery swap network for cars AND trucks in Tokyo

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Mitsubishi debuts EV battery swap network for cars AND trucks in Tokyo

Mitsubishi is partnering with Ample and Yamoto Transports to deploy an innovative new battery swap network for electric cars in its Japanese home market — but it’s not just for electric cars. Mitsubishi Fuso commercial trucks are getting in on the action, too!

Despite a number of early EV adopters with an overdeveloped concept of ownership, battery swap technology has proven to be both extremely effective and extremely positive to the overall EV ownership experience. And when you see how simple it is to add hundreds of miles of driving in just 100 seconds — quicker, in many cases, than pumping a tank of liquid fuel into an ICE-powered car — you might come around, yourself.

That seems to be what Mitsubishi thinks, anyway, and they’re hoping they’ll be your go-to choice when it’s time to electrify your regional and last-mile commercial delivery fleet(s) by launching a multi-year pilot program to deploy more than 150 battery-swappable commercial electric vehicles and 14 modular battery swapping stations across Tokyo, where the company plans to showcase its “five minute charging” tech in full view of hundreds of commercial fleets and, crucially, the executives of the companies that own and manage them.

How battery swap works for electric trucks
How battery swap works for electric trucks; via Mitsubishi Fuso.

A truck like the Mitsubishi eCanter typically requires a full night of AC charging to top off its batteries, and at least an hour or two on DC charging in Japan, according to Fuso. This joint pilot by Mitsubishi, Mitsubishi Fuso Trucks, and Ample aims to circumvent this issue of forced downtime with its swappable batteries, supporting vehicle uptime by delivering a full charge within minutes. The move is meant to encourage the transport industry’s EV shift while creating a depository of stored energy that can be deployed to the grid in the event of a natural disaster — something Mitsubishi in Japan has been working on for years.

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Trucks like the eCanter already serve a number of roles throughout the global truck market, including municipal waste collection, regional delivery support, and more.

The pilot is backed by Tokyo Metropolitan Government’s “Technology Development Support Project for Promoting New Energy,” with local delivery operator Yamato Transport testing swappable EVs for delivery operations on both its eCanter light-duty trucks and Mitsubishi Minicab kei-class electric vans.

Electrek’s Take


Fuso eCanter battery swap; via Mitsubishi.

Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and eliminating the corporate fear of EV charging in the wild just makes it an even better product for that purpose.

Here’s hoping we see more “right size” electric solutions like this one (and more battery swapping tech) in small towns and tight urban environments stateside somewhat sooner than later.

SOURCES | IMAGES: Mitsubishi, Fuso.


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Opel Grandland Blitz AWD electric SUV should give US Jeep fans hope

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Opel Grandland Blitz AWD electric SUV should give US Jeep fans hope

After becoming the first European brand to offer fully electric versions of every model it sells — and at the same price as the ICE models — Opel is going even further, with a new, AWD electric SUV that should give American Jeep fans hope for a new electric Cherokee!

Now part of the Stellantis, rather than GM portfolio of brands, Rüsselsheim-based Opel showed off the first official pictures of its new Opel Grandland Electric AWD — the company’s first all-electric SUV to feature the “Blitz” performance emblem and all-wheel drive.

“Our top-of-the-range Grandland SUV is a milestone for Opel,” says Opel CEO Florian Huettl. “Customers already have a choice of battery-electric drive, plug-in hybrid and hybrid with 48-volt technology. We are now offering even more choice with the Grandland Electric AWD and thus ensuring that our customers can enjoy maximum efficiency and safety in diverse weather and road conditions, combined with plenty of driving fun.”

Stellantis gets it right in Europe


Opel says its new, AWD Grandland is its most aerodynamically efficient model yet, with a drag coefficient (Cd) of just 0.278. That efficiency, paired with similarly efficient electric motors and a 73 kWh li-ion NMC battery give the electric crossover a 501 km (311 mile) WLTP range, while a combined 325 hp and 375 lb-ft of torque should make for suitably spirited acceleration to go along with all that green cred.

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Suspension and handling, too, are promised to deliver on what Opel claims is a “typical” Teutonic driving experience in the Grandland AWD:

Both driving pleasure and comfort are further emphasized by dampers with frequency selective damping technology. This unique technology comes as standard on the Grandland Electric AWD and incorporates a second hydraulic circuit in the damper chamber to mechanically adapt the damping force in relation to the frequency. Depending on the situation, road surface conditions and driving style, it enables different damping characteristics for comfortable gliding at high frequencies – i.e. with short impacts such as on cobblestones or a manhole cover – as well as for a sporty, ambitious driving style with more direct contact with the road at low frequencies. The Grandland reacts even more immediately and directly to any command from the driver and, as is typical for Opel, remains stable when braking, cornering and at high speeds on the Autobahn.

OPEL PRESS RELEASE

The Opel Grandland Electric AWD ships with four standard drive modes that include “normal,” eco, sport, and 4WD mode, which simulates locking axles and true 4×4 off-road performance. The ESP and traction control systems adopt specific settings to enhance grip in 4WD mode as well, and maximum power and torque are instantly available.

Electrek’s Take


2026 Jeep Cherokee Electric SUV
2026 Jeep Cherokee Electric SUV; via Chat GPT.

As you maybe could tell by now, feeding European Stellantis EVs into an AI image generator and asking it to “make them into Jeeps” is one of my new favorite things to do. This new Opel is no different, and the resulting image (above) paired with the models’ stated specs give me hope that the next wave of Jeep EVs will do better than the Wagoneer S at attracting buyers. All they really need, I think, is the right name — and the right price, to be winners.

SOURCE | IMAGES: Opel.


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With $25,000 off, is the Jeep Wagoneer S the best EV deal going?

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With ,000 off, is the Jeep Wagoneer S the best EV deal going?

Like a 90s “gifted” kid that was supposed to be a lot of things, the electric Jeep Wagoneer S never really found its place — but with dealers discounting the Jeep brands forward-looking flagship by nearly $25,000, it might be time to give the go-fast Wagoneer S a second look.

SKIP THE STORY: get straight to the deals.

Whether we’re talking about Mercedes-Benz, Cerberus, Fiat, or even Enzo Ferrari, outsiders have labeled Jeep as a potentially premium brand that could, “if managed properly,” command luxury-level prices all over the globe. That hasn’t happened, and Stellantis is just the latest in a long line of companies to sink massive capital into the brand only to realize that people will not, in fact, spend Mercedes money on a Jeep.

That said, the Jeep Wagoneer S is not a bad car (and neither is its totally different, hideously massive, ICE-powered Wagoneer sibling, frankly). Built on the same Stellantis STLA Large vehicle platform that underpins the sporty Charger Daytona EVs, the confusingly-named Wagoneer S packs dual electric motors putting out almost 600 hp. That’s good enough to scoot the ‘ute 0 to 60 mph in a stomach-turning 3.5 seconds and enough, on paper, to convince Stellantis executives that they had developed a real, market-ready alternative to the Tesla Model Y.

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With the wrong name and a sky-high starting price of $66,995 (not including the $1,795 destination fee), however, that demand didn’t materialize, leaving the Wagoneer S languishing on dealer lots across the country.

That could be about to change, however, thanks to big discounts on Wagoneer S being reported at CDJR dealers in several states, according to our friends at the Car Dealership Guy podcast.

  • Jimmy Britt Chrysler Dodge Jeep Ram in Georgia, has a Wagoneer S with an MSRP of $67,590 listed at $43,104 ($24,486 off)
  • In Florida, Taverna Chrysler Dodge Jeep Ram Fiat has a $67,590 Wagoneer S slashed to $43,138 ($24,452 off)
  • Chris Nikel Chrysler Jeep Dodge Ram Fiat in Oklahoma has a Wagoneer S listed for $43,425 ($24,165 off)

“Stellantis bet big on electric versions of iconic American brands like Jeep and Dodge, but consumers aren’t buying the premise,” writes CDG’s Marcus Amick. “(Stellantis’ dealer body) is now stuck with expensive EVs that need huge discounts to move, eating into already thin margins while competitors focus on [more] profitable gas-powered vehicles.”

All of which is to say: if you’ve found yourself drawn to the Jeep Wagoneer S, but couldn’t quite stomach the $70,000+ window stickers, you might want to check in with your local Jeep dealer and see how you feel about it at a JCPenneys-like 30% off!


SOURCES | IMAGES: Car Dealership Guy, CarScoops, and CarsDirect.


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