- Business
- Nu Ride Inc. (NRDE) operates as a shell company seeking business combinations or acquisitions following its emergence from bankruptcy. Previously known as Lordstown Motors Corp., the company focused on designing, manufacturing and selling the Endurance, a full-size all-electric pickup truck featuring independent wheel hub motors on all four wheels for commercial fleet customers in the United States; it also pursued a joint venture with Foxconn through MIH EV Design LLC to develop additional electric vehicles. Headquartered at 1700 Broadway, 19th Floor, New York, New York, the company originated in 2019 from the repurposed Lordstown Assembly plant in Lordstown, Ohio, formerly a General Motors facility. Currently with nine employees, Nu Ride trades on the OTC Pink Market and holds approximately $78 million in cash, $1 billion in net operating loss carryforwards and pending causes of action, including litigation against Foxconn for alleged fraud. In March 2024, it rebranded from Lordstown Motors after a September 2023 bankruptcy restructuring and asset sale to LAS Capital, controlled by founder Steve Burns, for electric light-duty vehicle assets; the company appointed Alexander Matina as CEO in September 2024, succeeding William Gallagher, settled SEC investor claims for $25.5 million, and continues pursuing claims against Foxconn as affirmed by district court in 2025.