Lordstown Motors says its on track for Endurance electric pickup truck production this year
Lordstown Motors says it remains on track to start commercial production of its all-electric Endurance pickup truck later this year.
The Trumbull County-based company on Monday released results for its 2022 first quarter ending March 31. The startup does not yet report revenue.
Lordstown Motors ended the first quarter with $204 million cash on hand and with total operating expenses of $87.9 million, executives said.
The company continues to work with Foxconn, which will take over the former General Motors Lordstown complex. The electric vehicle maker said it received the last $50 million payment on April 15 from technology manufacturer Foxconn, which plans to buy the Lordstown facility for $230 million.
The company still does not have a signed deal with Foxconn but executives said they continue to negotiate. If Lordstown Motors cannot reach a deal with Foxconn, it is supposed to repay the more than $200 million it has received. The deadline to complete the deal has been pushed back four days to May 18, executives said.
Expenses rising
Share were down 11 cents, or 5.8%, to $1.80 in afternoon trading. Over the past 52 weeks, shares have ranged from a low of $1.55 to a high of $15.80.
The company said facility costs are increasing as it hires more employees and steps up activity at the Northeast Ohio complex. It said supply chain and raw material challenges have been largely contained. Lordstown Motors previously said it expects to build 500 pickups by the end of this year, but executives said some truck production may be pushed into early 2023.
"We made significant progress toward launching the Endurance during the first quarter, notwithstanding unprecedented supply chain challenges," Daniel Ninivaggi, chief executive officer, said in a news release. "Our highest priority remains getting the Endurance into customers' hands so they can experience the unique attributes of the truck themselves. We also continue to work closely with Foxconn to close our pending transaction and strengthen our manufacturing and product development partnership."
Safe pickup predicted
Edward Hightower, Lordstown Motors president, said the company expects the Endurance to earn 5-star crash ratings following testing.
"We cannot wait for more customers to experience the Endurance, as we expect that they will love it," he said.
The all-wheel-drive truck features an electric motor in each wheel hub.
Foxconn plans to turn the former General Motors Lordstown complex into a manufacturing and research and development hub, and become the contract manufacturer for the Endurance pickup truck.
Beacon Journal reporter Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ.
This article originally appeared on Akron Beacon Journal: Lordstown Motors says on track for electric pickup truck production
