First Lordstown Motors Endurance Rolls Off Assembly Line
LORDSTOWN, Ohio – The first vehicles for commercial sale produced by Lordstown Motors Corp. have rolled off the assembly line, the company announced this morning.
Lordstown Motors said that two commercial units of its all-electric Endurance pickup have been produced at Foxconn’s Lordstown assembly plant here. The third vehicle is expected shortly, the company announced.
These are the first of some 500 units scheduled for production thus far, the company said, and approximately 50 units will be delivered to customers this year. The remaining pickups are slated for delivery during the first half of 2023, “subject to raising sufficient capital,” the company noted.
The Business Journal first reported earlier this week that commercial production had begun on the Endurance.
“We will continue to build at a slow rate as we address remaining part pedigree and part availability issues,” said Edward Hightower, Lordstown Motors CEO and president. “We expect to increase the speed of production into November and December. Our homologation and certification processes are proceeding as planned.”
Crash testing has been completed successfully, and environmental applications have been submitted. The company also continues to accumulate test miles on the vehicles, finalize other certifications, and complete software updates.
The Endurance was named a semifinalist in the North American Truck of the Year competition.
Lordstown Motors reported it anticipates ending the third quarter with approximately $195 million in cash and cash equivalents, including $27.1 million of proceeds from equity issuances during the third quarter of 2022.
The company said it anticipates ending 2022 with approximately $110 million in cash and cash equivalents, excluding both any additional capital raises and funding of any contingent liabilities.
“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,” the company stated.
Foxconn purchased the Lordstown factory in May for $230 million and signed contract manufacturing and joint-venture agreements that allow Foxconn to build the Endurance and future electric vehicles for Lordstown Motors.
Copyright 2024 The Business Journal, Youngstown, Ohio.
