Lordstown Motors RIDE begins production of Endurance EV pickup trucks
Lordstown Motors has ridden prototypes of its upcoming electric Endurance pickup on June 21, 2021 as part of its “Lordstown Week” event.
Michael Wayland / CNBC
Lordstown Motors said it has begun commercial production of the Endurance, an electric pickup truck designed for use in commercial fleets.
Shares of Lordstown fell below $2 in morning trading.
So far, the company has built two trucks for customers at its Ohio plant. It is expected to complete the third truck shortly. The company aims to deliver about 50 trucks to customers by the end of the year.
Edward Hightower, who became Lordstown’s CEO the following July completed the sale of the factory to Foxconnindicates that everything is going according to plan.
“We will continue to build at a slow pace as we deal with the pedigree and availability issues of the remaining parts,” he said. “We expect to ramp up production in November and December.”
Lordstown hopes to significantly increase its production rate by 2023. But doing so may require additional money: The company expects to burn about $85 million in Q4, a number that will shrink to just shy of $85 million. $110 million back at the end of the year.
The company said in a statement that it will “continue to explore opportunities” to raise additional funds.