- Workhorse surged 16% on Monday after it was reported that President Trump viewed the Lordstown Motors 2021 Endurance pick-up truck on the South Lawn at the White House.
- Workhorse owns a 10% equity stake in Lordstown Motors, which is targeting a 2021 launch of its electric pick-up truck.
- DiamondPeak Holdings also jumped 12% on the news, as the SPAC has previously announced that it will merge with Lordstown Motors, bringing the company public once again after Workhorse spun it off in 2019.
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President Donald Trump’s viewing of the 2021 Endurance electric pick-up truck produced by Lordstown Motors spurred a 16% jump in shares of Workhorse.
Workhorse owns a 10% equity stake in Lordstown, which was spun off as its own independent company from Workhorse in 2019.
Eamon Javers of CNBC tweeted on Monday, “Now pool reporters have been brought out to the South Lawn, where they send this report: ‘The president was already on the South Lawn when we arrived. He is looking at a Lordstown Motors 2021 endurance truck.” The White House subsequently published remarks and video of the company’s visit.
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Lordstown is targeting a 2021 launch of the Endurance pick-up truck, and is planning to go public with a SPAC later this year.
Shares of DiamondPeak Holdings also jumped on the news, by as much as 15% in Monday trading. The company said it would acquire Ohio-based Lordstown in August.