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Illustration: Eniola Odetunde/Axios

Lordstown Motors is about to become the latest electric vehicle startup to go public via purchase by a special purpose acquisition company (SPAC), the transaction structure that's fast becoming an alternative to IPOs.

The state of play: Lordstown, which plans to build a pickup truck at a former GM plant in Ohio, on Monday announced a merger agreement with DiamondPeak Holdings. The deal will provide $675 million in proceeds to help fund production of the Endurance, a model Lordstown hopes to launch in 2021 aimed largely at the commercial fleet market.

The big picture: Lordstown is one of several electric vehicle companies to use a SPAC to raise money and go public.

  • Fisker announced a deal with Spartan Energy Acquisition last month as it seeks to bring an electric SUV to market in 2022.
  • And Nikola Motors, which plans to build electric and hydrogen-powered pickups and semi-trucks, began trading publicly in June.

Go deeper: SPACs are the new IPOs

Go deeper

Ben Geman, author of Generate
Oct 21, 2020 - Economy & Business

GM dives full-throttle into electric

GMC Hummer EV. Photo courtesy of General Motors

What has LeBron James as a pitchman, some slightly awkward promotional phrasing ("watts to freedom"), and a six-figure starting price? The electric GMC Hummer.

Driving the news: General Motors unveiled the vehicle — a reborn version of the deceased mega-guzzler — with a highly produced rollout Tuesday night that included a World Series spot. The company also began taking reservations.

Tesla continues longest profitability streak in company history

A Model 3 on display in a Tesla showroom in Beijing. (Photo: VCG/VCG via Getty Images)

Tesla reported its fifth consecutive quarter of profitability — raking in $331 million, the most money since the run began — alongside a record number of deliveries of its electric cars.

Why it matters: Tesla has become the world's most valuable automaker. It's on the longest money-making streak in company history, despite disruptions from the COVID-19 pandemic.

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.