Lordstown Motors starts commercial production of electric Endurance pickup

Jim Mackinnon, Akron Beacon Journal
·2 min read
Lordstown Motors test drives the Endurance pickup outside the newly revamped plant on Tuesday, June 22, 2021 in Lordstown, Ohio.
Lordstown Motors test drives the Endurance pickup outside the newly revamped plant on Tuesday, June 22, 2021 in Lordstown, Ohio.

Lordstown Motors has started commercial manufacturing of its all-electric Endurance pickup truck at the Foxconn plant in Trumbull County.

The electric vehicle maker, which has faced financial and managerial problems, says it has built two Endurance all-wheel-drive pickups, with plans to complete 50 by the end of the year. The company said it hopes to increase the rate of production in 2023 as it continues to "explore opportunities" to raise needed funds.

“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,” Edward Hightower, chief executive officer and president, said in a news release.

The Endurance pickup features an electric motor in each wheel hub. Plans are to sell the Endurance to commercial customers such as fleet operators, not to the general public.

Northeast Ohio startup Lordstown Motors gave demonstration rides of its all electric Endurance pickup truck during its Lordstown Week event.
Northeast Ohio startup Lordstown Motors gave demonstration rides of its all electric Endurance pickup truck during its Lordstown Week event.

Lordstown Motors seeking additional capital

Lordstown Motors said it anticipates ending the third quarter with approximately $195 million in cash and cash equivalents and will end 2022 with approximately $110 million. The company said its cash outlook is better than its previous outlook by approximately $75 million.

"We continue to explore opportunities for capital raising alternatives, including in connection with the initial Foxconn (joint venture) program and strategic partnerships," the company said.

Shares of Lordstown Motors fell significantly Thursday on a day when the overall stock market was down. Shares were down 19 cents, or 9.2%, to $1.84 as of 1:38 p.m. Shares have ranged from a low of $1.49 to a high of $8.93 over the past 52 weeks.

Lordstown Motors, which bought the former General Motors Lordstown complex, sold the property to iPhone manufacturer Foxconn in July and received a $230 million infusion of cash. Taiwan-based Foxconn is the contract manufacturer for Lordstown Motors as well as being an investor in the company and also has announced plans to make Fisker Inc. brand electric vehicles at the Northeast Ohio complex.

The former General Motors plant had been a linchpin of the Mahoning Valley economy for decades.

This article originally appeared on Akron Beacon Journal: Lordstown Motors starts Endurance pickup production at Foxconn plant