![]() Lordstown Motors had previously warned of substantial doubt about its ability to continue as a going concern, citing liquidity issues. Net loss ballooned to $171.1 million in the quarter ended March 31, the company said on Thursday, from $89.6 million a year earlier. It said in February that it had made only 37 trucks for sale and recalled 19 vehicles delivered to customers or being used internally. The company had resumed production of Endurance in March after a pause in February to address quality issues. Lordstown Motors and its EV peers have been struggling as access to capital tightens from rising interest rates and mounting economic uncertainty. Shares were little changed, having hit a record low of 25 cents on Monday. Lordstown Motors had cash and cash equivalents of $108.1 million as of March 31, down from $203.6 million a year earlier. Lordstown Recalls 5 Of The 31 Endurance Pickups It Ever Made The electric parking brake might fail because faulty washers were fitted to the calipers. In May 2022, Lordstown Motors completed a deal to sell its Ohio factory for $230 million to Foxconn, excluding assets such as the hub motor assembly and battery pack lines.įoxconn will make Fisker Inc's (FSR.N) PEAR electric compact car at the Ohio factory starting next year, the EV startup has said. Lordstown, named after the town in Ohio where it is based, said on Thursday it was in talks with the Apple Inc (AAPL.O) supplier but was yet to reach a deal. The revolutionary Endurance EV pickup truck has 4 in-wheel Hub motors for exceptional power and torque. ![]() ![]() builds electric pickup trucks and other vehicles to revolutionize the way work gets done. The cash-strapped EV maker had earlier this week said it might be forced to file for bankruptcy, citing uncertainty over a $170 million investment deal with its major shareholder Foxconn (2317.TW). Lordstown Motors Endurance Latest news Lordstown Recalls 5 Of The 31 Endurance Pickups It Ever Made The electric parking brake might fail because faulty washers were fitted to the calipers. Electric Work Vehicles Lordstown, OH, USA. May 4 (Reuters) - Lordstown Motors (RIDE.O) on Thursday reported a steep fall in its cash reserves and warned it might have to stop making its Endurance electric pickup truck in the near future unless it finds a partner.
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