Lordstown Motors Corp. reported the start of commercial production for its Endurance™ full-size pickup truck, have completed two of the battery-electric pickups, and projected it will deliver about 50 to customers during the fourth quarter of 2022. The remainder of a total 500 vehicles will be completed and delivered to customers during the first half of 2023, “subject to raising sufficient capital.”
The start-up EV manufacturer also confirmed that the pickup successfully completed Federal Motor Vehicle Safety Standards (FMVSS) crash testing, and that federal EPA and CARB applications have been submitted. “We also continue to accumulate test miles on the vehicles, finalize other certifications, and complete software updates as we work to ensure the best experience for our customers.”
"We will continue to build at a slow rate as we address remaining part pedigree and part availability issues. We expect to increase the speed of production into November and December," stated Edward Hightower, Lordstown Motors CEO and president.
Lordstown Motors was established in 2018 with a plan to manufacture battery-electric pickup trucks after restarting GM’s idle automotive assembly plant in Lordstown, Ohio.
The Endurance is an all-wheel drive electric pickup truck with four independent wheel-hub motors. It had been expected to enter production in 2020, then postponed to 2021, and then to April 2022, due to various technical problems with the design and financial problems for the business.
General Motors held a minority stake in Lordstown Motors until March of this year. In its latest statement, Lordstown Motors claimed it will end 3Q 2022 with approximately $195 million in cash and cash equivalents, and will close 2022 with approximately $110 million in cash and cash equivalents. “Our cash outlook is better than our previous outlook by approximately $75 million and we continue to explore opportunities for capital raising alternatives, including in connection with the initial Foxconn JV program and strategic partnerships.
Though Lordstown Motors has struggled to gain financial credibility with investors, in 2021 it landed a $400-million stake from a private investor group, and earlier this year it sold the Ohio assembly plant for $230 million to the Foxconn, the Taiwan-based electronics manufacturer, which aims to establish a presence in the EV sector.
