Signage outdoors Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, Could 15, 2021.
Dustin Franz | Bloomberg | Getty Photos
Lordstown Motors mentioned Monday that it nonetheless has over $220 million in money, regardless of ongoing challenges that halted manufacturing of its Endurance electrical pickup after simply three have been delivered to clients earlier than the tip of 2022.
Lordstown began deliveries of its first EV, the Endurance pickup truck, in November. However the firm mentioned final month that it had halted manufacturing to handle efficiency and high quality points, and that it recalled 19 of the vehicles to restore a defective electrical connection that might cease the motors abruptly whereas driving.
As of Dec. 31, Lordstown had $221.7 million in money and short-term investments available.
Listed here are the important thing numbers from Lordstown’s fourth-quarter earnings report.
- Loss per share: 45 cents, versus a lack of 42 cents per share within the fourth quarter of 2021.
- Income: About $194,000. Lordstown had no income within the year-ago interval.
The Ohio-based startup is starting a pivot to a brand new electrical car program in collaboration with Taiwanese contract-manufacturer Foxconn, which bought Lordstown’s plant and invested within the startup final yr in a deal that might finally be price as much as $170 million if all milestones are hit.
Lordstown mentioned that Foxconn has to date invested $52 million, of which $30 million is earmarked for a brand new EV platform, which is able to incorporate elements and engineering developed by the Mobility in Concord Consortium (MIH), a Foxconn-led effort to develop an open structure for electrical automobiles.
Lordstown mentioned that the subsequent platform and car program are “key” to its long-term technique.
“Our asset-light enterprise mannequin and collaboration with the Foxconn EV ecosystem, together with MIH, will present the chance for Lordstown Motors to create profitable EVs which can be tailor-made to the wants of consumers that use them for varied work functions, whereas gaining the associated fee advantages of scale,” mentioned CEO Edward Hightower in an announcement.
It is a growing story. Please verify again for updates.