Lordstown Motors, the EV startup that bought GM's plant in Lordstown, Ohio in November 2019 only to sell it to Taiwan's Foxconn in May 2022, has finally started production of its first model, the Endurance electric pickup truck.
In a press release dated September 29, Lordstown Motors said it started production of commercially saleable Endurance full-size pickups at the Foxconn EV Ohio plant. However, only two vehicles have rolled off the assembly line, with a third "expected to be completed shortly."
These vehicles are part of the first batch of up to 500 saleable vehicles that Lordstown Motors intends to build through the first half of 2023. The EV startup estimates it can deliver approximately 50 trucks to customers in 2022, and 450 in the first half of 2023, subject to raising sufficient capital.
The company noted that "production volume will ramp slowly as a result of supply chain constraints," adding that engineering readiness, quality and part availability will continue to govern the speed of launch.
Gallery: Lordstown Motors Endurance
Lordstown Motors has also confirmed the start of sales in Q4 2022, subject to full homologation testing and required certification. The Lordstown Endurance electric pickup designed for the commercial fleet market has successfully completed FMVSS confirmation crash testing, and EPA and CARB applications have been submitted.
"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. Our homologation and certification processes are proceeding as planned."
Edward Hightower, Lordstown CEO and President
Lordstown Motors says it continues to accumulate test miles on the vehicles, finalize other certifications, and complete software updates as it works "to ensure the best experience for our customers."
The press release also includes financial updates, with the company anticipating it will end the third quarter with approximately $195 million in cash and cash equivalents, including $27.1 million of proceeds from equity issuances during the third quarter of 2022.
Lordstown expects to end 2022 with approximately $110 million in cash and cash equivalents, excluding both any additional capital raises and funding of any contingent liabilities. The startup claims its cash outlook is better than its previous outlook by approximately $75 million and says it continues to explore opportunities for capital raising alternatives, "including in connection with the initial Foxconn JV program and strategic partnerships."
