Lordstown Motors Valuation, Funding & Investors

Lordstown Motors is valued at $700M as of November 2019.

Last Lordstown Motors valuation

$700M

Seed · Nov 2019

Last Lordstown Motors funding round

$10M

Series A · Jul 2020

Cumulative funding Lordstown Motors raised

$15M

across 2 funding rounds

Key investors in Lordstown Motors

  • E Squared Capital Management

Lordstown Motors Overview

About Lordstown Motors

Lordstown Motors is a Warren, Ohio-headquartered electric vehicle maker founded in 2018 producing the Endurance pickup truck for fleets with 250-mile range and 500-mile towing capacity. Its 620-acre factory assembles 20,000 units yearly using in-house hub motors. Facilities span Farmington Hills, Michigan, and Irvine, California, following Chapter 11 restructuring in 2023 under AABC Newco.


Founded

2019

HQ

United StatesDetroit, MI

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$700M (Nov 2019)

Lordstown Motors Valuation

Lordstown Motors is currently valued at $700M, based on its seed round in November 2019.

Lordstown Motors valuation by funding round

Lordstown Motors valuation by funding round
DateStageValuation
Nov 2019Seed$700M

Lordstown Motors Funding History

Lordstown Motors has raised a total of $15M across 2 funding rounds.

Lordstown Motors' first fundraising round was a $5M seed round in November 2019. The most recent completed round was a $10M Series A in July 2020.

Lordstown Motors funding rounds

Lordstown Motors funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2020Series AE Squared Capital Management$10M-Lordstown Motors, an electric vehicle startup, purchased the Lordstown Assembly Plant from General Motors in May 2019 with a roughly $40 million GM loan. E Squared Energy placed preorders for 14,000 pickups, valued around $735 million if consummated. In October 2020, Lordstown Motors merged with SPAC DiamondPeak Holdings, acquiring a nominal valuation of $1.6 billion prior to producing any vehicles.
Nov 2019Seed-$5M$700MLordstown Motors raised $500M in a public funding round at a $700M valuation. The company, founded in 2019, develops electric pickup trucks, focusing on the Endurance model with in-wheel hub motors. Workhorse Group was an early investor in Lordstown Motors. In 2019, the company reported a net loss of $11 million, including $5 million in G&A expenses and $6 million in R&D expenses. Lordstown Motors later went public in 2020 via a SPAC merger with DiamondPeak Holdings at a $1.6B transaction value, raising $675M in gross proceeds including a $500M PIPE.

Who has invested in Lordstown Motors?

1 investor has backed Lordstown Motors across its funding rounds, including E Squared Capital Management.


Lordstown Motors Investors

Investors in Lordstown Motors by funding rounds participated
InvestorHQRoundsRoleFirst check

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Lordstown Motors Competitors

Lordstown Motors competitors include listed companies like Einride and Voyah, and private ones like Stark Future, Singulato Motors, Atlis Motor Vehicles and Taiga Motors.

Public and private companies comparable to Lordstown Motors
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EinrideSwedenSwedenPublicly listed$47M($93M)$570M-
Stark FutureSpainBarcelonaPrivate$132M-$555M4.2x
VoyahChinaChinaPublicly listed$5.2B$562M$883M0.1x
Singulato MotorsChinaBeijingPrivate--$900M-
Atlis Motor VehiclesUnited StatesPhoenix, AZPrivate--$950M-
Taiga MotorsCanadaMontrealPrivate--$392M-

Lordstown Motors Public Comps

Lordstown Motors is still privately-owned, but its public comps include Eve Air Mobility, GB Corp, Otokar, Kempower, Lotus Technology, Piaggio, IDOM, Phoenix Bicycle, EV Motors and Solid Power.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eve Air Mobility-($212M)--(3.0x)(2.8x)
GB Corp$1.5B$164M0.9x0.8x8.2x8.2x
Otokar$1.1B$155M1.5x1.2x10.5x24.2x
Kempower$289M$690K2.2x1.9x917.9x59.5x
Lotus Technology$519M($360M)4.5x4.0x(6.5x)(7.9x)
Piaggio$1.7B$284M0.8x0.7x4.7x4.5x
IDOM$3.6B$147M0.4x0.3x9.0x7.8x
Phoenix Bicycle$322M$30M1.6x-16.8x-

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Common questions about Lordstown Motors

When was Lordstown Motors founded?Lordstown Motors was founded in 2019.
Where is Lordstown Motors headquartered?Lordstown Motors is headquartered in Detroit, MI, United States.
Is Lordstown Motors publicly listed?No, Lordstown Motors is a private, VC-backed company.
What is Lordstown Motors' valuation?Lordstown Motors was last valued at $700M in its seed round in November 2019.
How much funding has Lordstown Motors raised?Lordstown Motors has raised $15M across 2 funding rounds.
What was Lordstown Motors' last funding round?Lordstown Motors' last funding round was a $10M Series A in July 2020.
Who are Lordstown Motors' investors?Lordstown Motors' investors include E Squared Capital Management.
Which companies are comparable to Lordstown Motors?Companies comparable to Lordstown Motors include Einride, Stark Future, Voyah, Singulato Motors, Atlis Motor Vehicles and Taiga Motors.

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