EV startups have been struggling with dwindling cash balances and production challenges as access to capital tightens amid rising U.S. interest rates to tame inflation.
Ohio-based Lordstown, whose shares were trading 1% higher premarket, also said it has struck a deal under which Amerit Fleet Solutions will provide service and maintenance for its fleet customers.
The company said in February that it had made only 31 units for sale, and recalled 19 vehicles delivered to customers and those that were being used internally.
In January, the EV company forecast production would slow through its first quarter due to supply-chain constraints, particularly with respect to the availability of hub motor components.
Source: Economy - investing.com
