Signage outdoor Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, Might 15, 2021.
Dustin Franz | Bloomberg | Getty Photographs
Lordstown Motors stated Monday that it nonetheless has over $220 million in money, regardless of ongoing demanding situations that halted manufacturing of its Staying power electrical pickup after simply 3 had been dropped at shoppers prior to the top of 2022.
Lordstown started deliveries of its first EV, the Staying power pickup truck, in November. However the corporate stated final month that it had halted manufacturing to deal with efficiency and high quality problems, and that it recalled 19 of the vehicles to fix a inaccurate electric connection that might prevent the motors impulsively whilst riding.
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As of Dec. 31, Lordstown had $221.7 million in money and non permanent investments readily available.
Listed below are the important thing numbers from Lordstown’s fourth-quarter profits file.
Loss consistent with percentage: 45 cents, as opposed to a lack of 42 cents consistent with percentage within the fourth quarter of 2021.Income: About $194,000. Lordstown had no earnings within the year-ago duration.
The Ohio-based startup is starting a pivot to a brand new electrical car program in collaboration with Taiwanese contract-manufacturer Foxconn, which purchased Lordstown’s plant and invested within the startup final yr in a deal that might sooner or later be price as much as $170 million if all milestones are hit.
Lordstown stated that Foxconn has to this point invested $52 million, of which $30 million is earmarked for a brand new EV platform, which is able to incorporate elements and engineering evolved through the Mobility in Cohesion Consortium (MIH), a Foxconn-led effort to broaden an open structure for electrical automobiles.
Lordstown stated that the following platform and car program are “key” to its long-term technique.
“Our asset-light industry fashion and collaboration with the Foxconn EV ecosystem, together with MIH, will give you the alternative for Lordstown Motors to create successful EVs which can be adapted to the desires of consumers that use them for quite a lot of paintings packages, whilst gaining the associated fee advantages of scale,” stated CEO Edward Hightower in a observation.
It is a growing tale. Please test again for updates.