• Lordstown Motors CEO says it received 40,000 preorders
  • The Ohio-based company plans to make over 100,000 Endurance trucks every year
  • It is expected to hit the market in late summer 2021

The all-electric pickup truck Endurance, from Lordstown Motors, made an appearance at the White House on Monday. It was unveiled by President Donald Trump, who called it an "incredible" vehicle.

The electric truck market is getting saturated with many new entrants. How does Endurance fare in this fast-growing market? Here is all you need to know:

Endurance is the first commercial vehicle to offer true "four-wheel drive" using four in-wheel hub motors, which, according to the company, will improve the driver's control. It also has the fewest moving parts, which means lower maintenance costs than traditional vehicles, the company says on its website. The base price of the truck is $52,500 and it boasts of an EV range of 250+ miles. The car can reach a top speed of 80 mph.

Steve Burns, the CEO of Lordstown Motors, said the company has already received 40,000 preorders for the pickup truck. It plans to make more than 100,000 Endurance trucks every year. The truck is expected to hit the market in late summer 2021, Fox News reported.

The unveiling has come as good news for the company's investors. Lordstown Motors is set to go public in 2021 after merging with DiamondPeak Holdings, the company had announced in August. Shares of the latter jumped 12% Monday after the unveiling. The shares of Workhorse, a 10% stakeholder in the automaker, also rose 13% Monday. The upcoming merger values Lordstown Motors at $1.6 billion.

Sen. Rob Portman, R-Ohio, said the state "got a gut punch" when General Motors closed its plant and pulled out of Ohio in March last year, leaving over 1,500 people without jobs. The plant was bought by Lordstown Motors later. With Endurance to be manufactured in the same plant and a new deal between GM and LG Cam in the offing, the senator hoped it could erase the previous job losses.

Lordstown Motors, an Ohio-based company, officially launched Endurance on June 25 in Ohio, in an event attended by Vice President Mike Pence. The company had then unveiled only a prototype, with no other specification mentioned. That may be why it did not receive as much hype as the debut of Cybertruck, an electric pick-up truck by Tesla, its main rival and the biggest player in the market.

After unveiling the vehicle Monday, Trump said, "It is an incredible concept. The area was devastated when GM moved out, then we worked together. The area is booming now. The company even has avenues of expansion."

Endurance has an edge over Tesla's Cybertruck as it plans to deliver the product earlier than the Cybertruck, which will enter production only in 2022.

Price-wise, Endurance's starting price falls in between that of different Cybertruck models that vary from $39,000 to $69,000. The Cybertruck models do not include self-driving features, which cost an additional $8,000. The base models of both the Endurance and Cybertruck have a similar range and towing capacity.

Other major competitors in the promising electric truck market include both startups and major automakers. General Motors' Hummer, Ford's Electric Ford F-150, Rivian's R1T, Nikola's Badger and Bollinger B2 are the most anticipated entrants in this market.

Endurance Lordstown Motors
The electrified Endurance pickup truck from Lordstown Motor will be delivered in 2021. Lordstown Motors