Tesla has a new rival

Lordstown Motors is going public through a reverse merger agreement. The electric-truck startup will merge with “blank check” company DiamondPeak Holdings and list on the Nasdaq stock exchange under the ticker ‘RIDE’ in a deal that values the company at $1.6 billion. The reverse merger follows similar moves from electric-vehicle makers Nikola and Fisker. Investor interest in electric-vehicle startups is heating up as Tesla, whose shares have soared more than 250% so far this year, proves it can continue to be profitable.