Lordstown Motors (NASDAQ:RIDE) reported third-quarter losses Tuesday, just a day after announcing it had secured $170 million in new funding from Taiwanese electronics manufacturer Foxconn.
In exchange for the cash, the contract manufacturer, which is the largest maker of iPhones for Apple, purchased additional shares of Lordstown common stock, shares of newly created preferred stock and won two seats on the electric truck maker’s board of directors.
The earnings report showed a cash balance and short-term investments of $204 million, which Lordstown attributed to “strong spending discipline.”
Operating loss over the quarter amounted to $154.8 million, a figure that largely consisted of accounting losses.
Additionally, the report revealed that Lordstown and Foxconn have agreed to produce another electric vehicle in the future at a sprawling former General Motors assembly plant in Northeast Ohio, though no details of that venture were revealed.
Lordstown said it has produced just 12 of the first batch of 500 Endurance trucks it has committed to manufacture at the plant, now owned by Foxconn. The plan is to complete the rest of the batch in the first half of next year, the company said in a release accompanying its report. The Endurance has not yet been federally certified to meet safety standards, though the truck has met collision standards in crash tests.
“We are proud of the accomplishments of the Lordstown and Foxconn EV technology teams in bringing the Endurance into commercial production,” Lordstown CEO Edward Hightower said. “While we have more work to do, our entire team cannot wait to get the vehicle in the hands of our customers. We are also extremely excited by the additional investment and expanding relationship with Foxconn and the opportunities it provides beyond our first vehicle.”
Lordstown also said that it is open to additional original equipment manufacturer partners to accelerate production of the Endurance.
“As one of the very few full-size, all-electric pickup trucks in the market, the Endurance offers other OEMs the opportunity to enter the market quickly and at relatively low cost,” the company said.
Foxconn is also planning to build an electric tractor and a small electric car for other companies at the Ohio plant.