Lordstown Motors Plant ‘Production Ready’
LORDSTOWN, Ohio – Electric vehicle manufacturer Lordstown Motors Corp. reported a net loss of $108 million and $366 million in cash on hand during the quarter ended June 30.
Lordstown Motors Executive Chairwoman Angela Strand said the EV startup is still on track to begin limited production of The Endurance electric pickup in late September.
Production of the Endurance in 2021 would be “limited to coincide with commercialization roadmap,” the company said Wednesday, announcing Lordstown’s second quarter earnings.
“In the second quarter, we continued to make great strides towards our objective of delivering a revolutionary electric pickup truck,” Strand said in a statement. “This included completing retooling of several critical areas of our Lordstown facility and concluding our beta build program. Beta builds have successfully completed numerous independent third-party crash tests and are achieving the standard requirements to meet FVMSS and plan for a five-star crash rating.”
Lordstown Motors said the plant is “production ready” and that its hub motor lines are currently being installed and the battery production line is finished inside the plant.
Meanwhile, the company said it is courting strategic partners as part of its strategy going forward, opening up the potential of other auto manufacturers working out of the sprawling Lordstown complex.
“We are also evaluating potential strategic partners, with multiple industry participants recognizing the tremendous advantages available to them from utilizing our well situated, 6.2 million square foot manufacturing plant and 650-acre campus,” Strand said. “The size and scope of our facility is such that we could easily accommodate additional manufacturing partners while still affording us the ability to build a successful Endurance program and leverage its skateboard for additional models in the years ahead.”
“We are launching the Endurance with a prudent ramp of production given a challenging industry and supply chain landscape,” Strand continued. “We are on track to begin limited production at the end of September and through the fourth quarter and complete vehicle validation and regulatory approvals in December and January. This will be followed by deployments with selected early customers in Q1 in advance of commercial deliveries in early Q2, with the ramp steepening the second half of next year.”
The company expects to end the third quarter of between $225 million and $275 million in cash or cash equivalents.
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