Lordstown Motors Corp. of Lordstown, Ohio. A sign outside their headquarters on Saturday, May 15, 2021.
Dustin Franz | Bloomberg | Getty Images
Lordstown Motors On Monday, it said it still has more than $220 million in cash at the end of 2022, despite ongoing problems that have halted production of its Endurance electric pickup truck after six deliveries.
Lordstown began delivering its first EV, the Endurance pickup truck, in November. By the end of February, he had built about 40 trucks and delivered six to customers. But the company said on Feb. 23 that it halted production of the Endurance to address performance and quality issues and recalled 19 trucks to repair a faulty electrical connection that can stop the engines suddenly while in motion.
related investment news
As of Dec. 31, Lordstown had $221.7 million in cash and short-term investments.
Here are the key numbers from Lordstown’s fourth quarter earnings report:
- Loss per share: 45 cents versus a loss of 42 cents per share in the fourth quarter of 2021.
- Revenue: About $194,000 Lordstown had no revenue in the year-ago period.
The company’s net loss rose to $102.3 million from $81.2 million a year ago. Lordstown delivered three endurance pickups to customers in the fourth quarter.
The Ohio-based startup is beginning to roll out a new electric vehicle program in partnership with Taiwanese contract manufacturer Foxconn, which bought the Lordstown plant and last year invested in the startup, which could be worth up to $170 million if all milestones are met. hit
According to Lordstown, Foxconn has invested $52 million so far, $30 million of which has been allocated to the new EV platform, which includes components and engineering developed by the Foxconn-led Mobility in Harmony Consortium (MIH), which aims to develop an open architecture. electric vehicles.
Lordstown said the next platform and vehicle program was “key” to its long-term strategy.
“Our lean business model and collaboration with the Foxconn EV ecosystem, including MIH, allows Lordstown Motors to create winning electric vehicles tailored to the needs of customers for a variety of work applications while achieving cost efficiencies. massive,” CEO Edward Hightower said in a statement.
This is an evolving story. Check back for updates.
