6/4/2023 0 Comments Lordstown endurance![]() ![]() Meanwhile, Foxconn continued throwing money at the EV startup, investing up to another $170 million with an initial $52 million funded. Lordstown also said, “e now have line of sight to the resolution of the issues” and expect to announce in the “coming weeks” when it will resume production and EV deliveries. Lordstown Endurance electric truck (Source: Lordstown) Lordstown Q4 2022 earnings highlightsĪlthough Lordstown said the first batch of 500 Endurance EV trucks was leaving its Ohio plant in November, the company claims 40 of them have been completed or are in process, selling three EVs in Q4 and a total of six through February 2023. On its Q4 earnings Monday, Lordstown said it’s still working to resolve the issue, with additional updates expected soon. The company halted Endurance vehicle production last month amid a voluntary recall after finally beginning Endurance pickup sales in the fourth quarter. ![]() Foxconn has stepped in multiple times since to help the young EV maker since then.Īfter announcing it would need at least $50 to $75 million last August to ramp Endurance EV production and continue operations, Foxconn invested another $70 million to revamp the program.ĭespite the cash injections, Lordstown is still facing issues getting its electric truck into customers’ hands. Taiwanese electronics manufacturer Foxconn threw the company a life raft, buying its Ohio plant later that year. After nearly running out of money several times, and the company’s CEO and CFO abruptly resigned in 2021, the fate of the Endurance electric pickup was up in the air. With the first three Endurance sales under its belt, Lordstown has crossed an important milestone, but the EV maker still has a long road ahead of it.įounded in 2018, Lordstown has faced a series of hurdles to get to this point. Meanwhile, Lordstown says it’s progressing on a new EV program with Foxconn. Although Lordstown beat the Tesla Cybertruck to market, the EV startup faces more financial woes with widening losses in Q4 and an ongoing production halt. ![]() Lordstown Motors (RIDE) Endurance EV pickup sales began in Q4, with the company selling not one, not two, but three vehicles in the fourth quarter of 2022. ![]()
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