Lordstown Motors (NASDAQ:RIDE) announced late last week that the first two of 50 electric pickup trucks it plans to produce and sell this year had rolled off the assembly line at the former General Motors production plant in northeast Ohio.
But the future of the Endurance model and the company is still in question.
The sprawling factory is now owned by Taiwanese manufacturer Foxconn, which agreed to assemble the Endurance when it bought the 6.2 million-square-foot plant in 2021 for $230 million.
Foxconn is also planning next year to begin manufacturing a small electric car, the PEAR, designed by Fisker. The company has also announced plans to produce an electric tractor in the facility for a small California startup.
Lordstown said in a statement that the 50 trucks it expects to deliver to customers this year are “part of the first batch of up to 500 saleable vehicles we intend to build.”
“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,” CEO Edward Hightower said. The Endurance has been crash tested, but the results must still be certified.
The company also noted in a simultaneous filing with the U.S. Securities and Exchange Commission that its production and delivery schedule is dependent upon raising additional capital.
“We expect to deliver approximately 50 units to customers in 2022 and the remainder of the first batch in the first half of 2023, subject to raising sufficient capital,” it said.
The company expects to end the third quarter with “cash and cash equivalents of approximately $195 million” and would continue to explore “capital-raising alternatives,” including partnership discussions with Foxconn, according to the filing.
