Lordstown Motors’ Endurance Receives Weak EPA Range Rating
LORDSTOWN, Ohio – Lordstown Motors Corp.’s all-electric Endurance pickup is able to travel just 174 miles on a single battery charge, according to the U.S. Environmental Protection Agency’s latest ratings report.
The EPA lists the 2023 Endurance’s combined city and highway MPGe, or miles per gallon equivalent, at 48, according to the EPA.
In comparison, the 2023 Ford F-150 Lightning pickup base model achieves a combined MPGe of 68 and a total range of 240 miles, the EPA estimates. The Ford F-150 Lighting extended range model, meanwhile, can travel up to 320 miles on a single charge.
The Endurance, manufactured at Foxconn’s plant here, is powered by a lithium ion battery with a capacity of 109 kwh, according to technical specifications on Lordstown Motors’ website.
Lordstown Motors has struggled since the launch of the Endurance late last year. Production was halted in January, and the manufacturer later issued three recalls because of faulty components affecting the vehicle.
The Endurance resumed production in April, but the company has said it is in need of cash to stay afloat and would consider bankruptcy as an option. Later that month, Nasdaq informed Lordstown Motors that the company could be delisted because its stock price had fallen below $1 for 30 consecutive trading days.
Lordstown Motors responded with a 1:15 reverse stock split, which boosted the price of a single share to more than $4.
Foxconn, which purchased Lordstown Motors’ plant for $230 million in May 2022, is under a contract manufacturing agreement to produce the Endurance. Foxconn, however, has yet to close on a second round of stock purchases worth $47.3 million under an investment agreement the parties signed in November.
Shares of Lordstown Motors have tumbled 15% since the reverse stock split took effect May 24. Lordstown Motors stock, which trades under the ticker RIDE, closed at $3.25 per share Thursday, down 4.4% from the previous day’s close.
Copyright 2024 The Business Journal, Youngstown, Ohio.
