Lordstown Motors delivers just 3 Endurance pickups in 2022, begins pivot to new Foxconn EV platform

Lordstown Motors said Monday that it inactive has implicit $220 cardinal successful cash, contempt ongoing challenges that halted accumulation of its Endurance electrical pickup aft conscionable 3 were delivered to customers earlier the extremity of 2022.

Lordstown began deliveries of its archetypal EV, the Endurance pickup truck, successful November. But the institution said past period that it had halted accumulation to code show and prime issues, and that it recalled 19 of the trucks to repair a faulty electrical transportation that could halt the motors abruptly portion driving.

As of Dec. 31, Lordstown had $221.7 cardinal successful currency and short-term investments connected hand.

Here are the cardinal numbers from Lordstown's fourth-quarter net report.

• Loss per share: 45 cents, versus a nonaccomplishment of 42 cents per stock successful the 4th fourth of 2021.
• Revenue: About $194,000. Lordstown had nary gross successful the year-ago period.

The Ohio-based startup is opening a pivot to a caller electrical conveyance programme successful collaboration with Taiwanese contract-manufacturer Foxconn, which bought Lordstown's plant and invested successful the startup past twelvemonth successful a woody that could yet beryllium worthy up to $170 cardinal if each milestones are hit.

Lordstown said that Foxconn has truthful acold invested $52 million, of which $30 cardinal is earmarked for a caller EV platform, which volition incorporated components and engineering developed by the Mobility successful Harmony Consortium (MIH), a Foxconn-led effort to make an unfastened architecture for electrical vehicles.

Lordstown said that the adjacent level and conveyance programme are "key" to its semipermanent strategy.

"Our asset-light concern exemplary and collaboration with the Foxconn EV ecosystem, including MIH, volition supply the accidental for Lordstown Motors to make winning EVs that are tailored to the needs of customers that usage them for assorted enactment applications, portion gaining the outgo benefits of scale," said CEO Edward Hightower successful a statement.

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