- Lordstown has begun production of the Endurance, an electric pickup truck designed for commercial customers.
- Lordstown has so far completed two trucks for customers, and is aiming to build 50 by year end.
- It hopes to increase production in 2023 but may need to raise more cash first.
Lordstown Motors said that it has begun commercial production of the Endurance, an electric pickup truck designed for commercial-fleet use.
Lordstown shares fell below $2 in morning trading.
The company has so far built two trucks for customers at its Ohio factory. It expects to complete a third truck shortly. The company is aiming to deliver about 50 trucks to customers by the end of the year.
Edward Hightower, who became Lordstown’s CEO in July after it completed the sale of its factory to Foxconn, said things are proceeding as planned.
“We will continue to build at a slow rate as we address remaining part pedigree and part availability issues,” he said. “We expect to increase the speed of production into November and December.”
Lordstown hopes to increase its rate of production substantially in 2023. But doing so may require additional cash: The company expects to burn about $85 million during the fourth quarter, which will leave it with just $110 million on hand at the end of the year.
The company said in statement that it will “continue to explore opportunities” to raise additional funds.
Source: Business - cnbc.com
