Lordstown Motors shows profit, expects Endurance pickup production to start soon
Electric vehicle maker Lordstown Motors on Thursday reported it made a profit in its second quarter because of the sale of the former General Motors Lordstown Plant it bought to giant contract manufacturer Foxconn.
Lordstown said it and Foxconn plan to start commercial production of the all-electric Endurance light pickup truck before the end of September, with initial deliveries to customers before the end of the year.
Another electric vehicle maker, Fisker, said Wednesday it is on track to start making a new electric car, the PEAR, at the Trumbull County plant in partnership with Foxconn starting in 2024. Fisker's goal is to produce at least 250,000 of the vehicles annually once production ramps up. The first drivable prototype of the PEAR is expected to be finished by the end of the year.
"The Fisker PEAR will start production in 2024, with an expected base price below $30,000," the company said in a news release.
Lordstown Motors, meanwhile, which had been beset with senior management issues and federal investigations into its finances, said it ended its second quarter ending June 30 with $236 million in cash on hand, above its internal expectations.
Plant a Mahoning Valley economic anchor
The company said it had an operating profit of $61.3 million for the quarter because of of a $101.7 million gain on the sale of the Lordstown plant to Foxconn earlier this year. The company said it has successfully transferred the plant and about 400 manufacturing employees to Foxconn, and formed a joint venture with Foxconn to make the Endurance and other electric vehicles. The company also said it is looking to bring in partners, including other original equipment manufacturers, to scale up Endurance production.
The all-wheel-drive Endurance features an electric motor in each wheel hub. Lordstown Motors says it is targeting sales of the pickup to fleet customers.
The company earlier this year promoted Edward Hightower to chief executive officer and named Daniel Ninivaggi, the previous CEO, as its executive chairman. Other automotive industry veterans were also named to senior management positions, the company said.
General Motors sold its mammoth Lordstown campus to startup Lordstown Motors after deciding not to use the facility to make new vehicles. The former GM plant has been an anchor employer in the Mahoning Valley for decades.
This article originally appeared on Akron Beacon Journal: Lordstown Motors shows profit on plant sale to Foxconn
