Lordstown Motors gave rides in prototypes of its upcoming electrical Endurance pickup truck on June 21, 2021 as a part of its “Lordstown Week” occasion.
Michael Wayland / CNBC
Lordstown Motors stated that it has begun industrial manufacturing of the Endurance, an electrical pickup truck designed for commercial-fleet use.
Lordstown shares fell beneath $2 in morning buying and selling.
The corporate has to this point constructed two vans for patrons at its Ohio manufacturing facility. It expects to finish a 3rd truck shortly. The corporate is aiming to ship about 50 vans to clients by the tip of the yr.
Edward Hightower, who grew to become Lordstown’s CEO in July after it completed the sale of its factory to Foxconn, stated issues are continuing as deliberate.
“We’ll proceed to construct at a gradual fee as we handle remaining half pedigree and half availability points,” he stated. “We anticipate to extend the velocity of manufacturing into November and December.”
Lordstown hopes to extend its fee of manufacturing considerably in 2023. However doing so could require extra money: The corporate expects to burn about $85 million through the fourth quarter, which can go away it with simply $110 million readily available on the finish of the yr.
The corporate stated in assertion that it’ll “proceed to discover alternatives” to lift extra funds.
