Signage exterior Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, May 15, 2021.
Dustin Franz | Bloomberg | Getty Images
Lordstown Motors stated Monday that it nonetheless has over $220 million in money, regardless of ongoing challenges that halted manufacturing of its Endurance electrical pickup after simply three have been delivered to prospects earlier than the top of 2022.
Lordstown started deliveries of its first EV, the Endurance pickup truck, in November. But the corporate stated final month that it had halted manufacturing to deal with efficiency and high quality points, and that it recalled 19 of the vehicles to restore a defective electrical connection that would cease the motors abruptly whereas driving.
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As of Dec. 31, Lordstown had $221.7 million in money and short-term investments readily available.
Here are the important thing numbers from Lordstown’s fourth-quarter earnings report.
- Loss per share: 45 cents, versus a lack of 42 cents per share within the fourth quarter of 2021.
- Revenue: About $194,000. Lordstown had no income within the year-ago interval.
The Ohio-based startup is starting a pivot to a brand new electrical automobile program in collaboration with Taiwanese contract-manufacturer Foxconn, which purchased Lordstown’s plant and invested within the startup final yr in a deal that would ultimately be price as much as $170 million if all milestones are hit.
Lordstown stated that Foxconn has to date invested $52 million, of which $30 million is earmarked for a brand new EV platform, which is able to incorporate parts and engineering developed by the Mobility in Harmony Consortium (MIH), a Foxconn-led effort to develop an open structure for electrical autos.
Lordstown stated that the following platform and automobile program are “key” to its long-term technique.
“Our asset-light business model and collaboration with the Foxconn EV ecosystem, including MIH, will provide the opportunity for Lordstown Motors to create winning EVs that are tailored to the needs of customers that use them for various work applications, while gaining the cost benefits of scale,” stated CEO Edward Hightower in an announcement.
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Source: www.cnbc.com”