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Tuesday, January 31, 2023

Lordstown Motors (NASDAQ: RIDE) Announces Agreement With Holman Enterprises

Lordstown Motors Corp. (NASDAQ: RIDE) disclosed that it has signed agreements with Homan Enterprises. The agreement includes an upfit service deal with Auto Truck. Auto Truck is the vehicle fabrication and upfitting division of Holman Enterprises. Another deal is a co-marketing agreement and vehicle procurement agreement with ARI. ARI is the leasing and fleet management services unit of Holman Enterprises.

Both the firms will join together to assist the corporations to easily combine the Lordstown Endurance into their vocational fleet operations. Lordstown Endurance is the first all-electric commercial pickup truck. Shares of Lordstown Motors surged 4.22% at the time of writing on Tuesday after the declaration of multiple deals with Holman Enterprises.

Furthermore, as per the vehicle procurement deal, it will assist form to focus on terms for the order and delivery of a set number of Lordstown Endurance trucks over a three-year term. On the other hand, as per the co-marketing deal, the new framework will be developed which will bring new chances for the clients of not only ARI but also for Lordstown.

In compliance with the terms of the deal, ARI will be responsible for the fleet management delivery services comprising the vehicle supply chain and delivery facilities for the Endurance on behalf of their customers. Moreover, as per the autofit deal, Auto Truck Group will act as the chosen ship-thru upfit the supplier of the Lordstown Endurance.

Auto Truck Group will provide customers the design, manufacturing, and installation of specialized vocational equipment for a broad range of commercial applications with the help of supply chain experts of ARI.

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