Lordstown Begins Commercial Production of Electric Pickup Truck

The first completed vehicles are part of the batch of up to 500 vehicles that the company intends to build.

Lordstown Motors Corp
Lordstown

Lordstown Motors today announced that it has started commercial production of its Endurance full-size pickup truck.

  • Start of production of commercially available Endurance vehicles at the Foxconn EV Ohio plant
  • Production volume will ramp slowly as a result of supply chain constraints; engineering readiness, quality, and part availability will continue to govern the speed of launch
  • FMVSS confirmation crash testing successfully completed
  • EnduranceTM has been named as one of only three semi-finalists in the North American Truck of the Year competition
  • Confirming Q4 start-of-sales, subject to full homologation testing and required certification
  • Expect to end the quarter with cash and cash equivalents of approximately $195 million
  • Continue to explore capital raising alternatives, including in connection with initial Foxconn JV program and strategic partnership discussions

The first completed vehicles are part of the batch of up to 500 vehicles that the company intends to build.  

"We will continue to build at a slow rate as we address remaining part pedigree and part availability issues. We expect to increase the speed of production into November and December," said Edward Hightower, Lordstown CEO and President. "Our homologation and certification processes are proceeding as planned."

The company 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.  It now anticipates ending 2022 with approximately $110 million in cash and cash equivalents, excluding both any additional capital raises and funding of any contingent liabilities.

More in Best Practices