Lordstown introduced that its Endurance EV pickup gross sales began within the fourth quarter of final yr. The corporate bought three automobiles in This fall. In a means, the corporate beat Tesla Cybertruck to market. Nonetheless, the automaker continues to face extra monetary woes, widening losses in This fall.
Whereas it’s progressing with EV gross sales, it additionally has a brand new electrical automobiles program with Foxconn. With the primary three Endurance gross sales below its belt, Lordstown has crossed an vital milestone, however the EV maker nonetheless has an extended street forward of it. Based in 2018, Lordstown has confronted a sequence of hurdles to get so far. After practically operating out of cash a number of instances, and the corporate’s CEO and CFO abruptly resigned in 2021, the destiny of the Endurance electrical pickup was up within the air.
Taiwanese electronics producer Foxconn threw the corporate a life raft, shopping for its Ohio plant later that yr. Foxconn has stepped in a number of instances since to assist the younger EV maker since then. After saying it could want at the least $50 to $75 million final August to ramp Endurance EV manufacturing and proceed operations, Foxconn invested one other $70 million to revamp this system.
Regardless of the money injections, Lordstown continues to be dealing with points getting its electrical truck into prospects’ palms. The corporate halted Endurance automobile manufacturing final month amid a voluntary recall after lastly starting Endurance pickup gross sales within the fourth quarter. On its This fall earnings Monday, Lordstown stated it’s nonetheless working to resolve the difficulty, with further updates anticipated quickly.
Though Lordstown stated the primary batch of 500 Endurance EV vans was leaving its Ohio plant in November, the corporate claims 40 of them have been accomplished or are in course of, promoting three EVs in This fall and a complete of six by way of February 2023. Lordstown additionally stated, “e now have a line of sight to the decision of the problems” and expects to announce within the “coming weeks” when it should resume manufacturing and EV deliveries. In the meantime, Foxconn continued throwing cash on the EV startup, investing as much as one other $170 million with an preliminary $52 million funded. Income reached $194,000 in This fall, whereas Lordstown’s internet loss rose to $102 million. Lordstown ended the yr with $221.7 million in money and equivalents. The corporate expects to finish the primary quarter with $150 million to $170 million in funds, not together with further investments from Foxconn. Of the $50 million Foxconn funding, $30 million is being put towards a brand new EV program, together with an electrical automobile and platform. Lordstown stated, “the following platform and automobile program are key” to the corporate’s long-term technique and have gotten extra of a spotlight.