Lordstown Motors begins production of its Endurance electric pickup truck

Lordstown Motors said that it has begun commercialized accumulation of the Endurance, an electrical pickup motortruck designed for commercial-fleet use.

Lordstown shares were efficaciously level astatine astir $2 successful greeting trading.

The institution has truthful acold built 2 trucks for customers astatine its Ohio factory. It expects to implicit a 3rd motortruck shortly. The institution is aiming to present astir 50 trucks to customers by the extremity of the year.

Edward Hightower, who became Lordstown's CEO successful July aft it completed the merchantability of its mill to Foxconn, said things are proceeding arsenic planned.

"We volition proceed to physique astatine a dilatory complaint arsenic we code remaining portion pedigree and portion availability issues," helium said. "We expect to summation the velocity of accumulation into November and December."

Lordstown hopes to summation its complaint of accumulation substantially successful 2023. But doing truthful whitethorn necessitate further cash: The institution expects to pain astir $85 cardinal during the 4th quarter, which volition permission it with conscionable $110 cardinal connected manus astatine the extremity of the year.

The institution said successful connection that it volition "continue to research opportunities" to rise further funds.