Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), an original equipment manufacturer (“OEM”) of electric light duty vehicles focused on the commercial fleet market, today announced that it has started commercial production of its Endurance full-size pickup truck, and provided a business update.
- Start of production of commercially saleable Endurance vehicles at the Foxconn EV Ohio plant
- Production volume will ramp slowly as a result of supply chain constraints; engineering readiness, quality, and part availability will continue to govern the speed of launch
- FMVSS confirmation crash testing successfully completed
- EnduranceTM has been named as one of only three semi-finalists in the North American Truck of the Year competition
- Confirming Q4 start-of-sales, subject to full homologation testing and required certification
- Expect to end the quarter with cash and cash equivalents of approximately $195 million
- Continue to explore capital raising alternatives, including in connection with initial Foxconn JV program and strategic partnership discussions
Executive Commentary
Lordstown is pleased to announce that our first two commercial release production (CRP) EnduranceTM vehicles have rolled off the production line at the Foxconn EV Ohio plant, with the third expected to be completed shortly. These vehicles are part of the first batch of up to 500 saleable vehicles that we intend to build.
“We will continue to build at a slow rate as we address remaining part pedigree and part availability issues. We expect to increase the speed of production into November and December,” said Edward Hightower, Lordstown CEO and President. “Our homologation and certification processes are proceeding as planned.”
FMVSS crash testing has been completed successfully, and EPA and CARB applications have been submitted. We also continue to accumulate test miles on the vehicles, finalize other certifications, and complete software updates as we work to ensure the best experience for our customers. We expect to deliver approximately 50 units to customers in 2022 and the remainder of the first batch in the first half of 2023, subject to raising sufficient capital.
We are also excited to be named a semi-finalist in the North American Truck of the Year competition. We look forward to the judges’ evaluations of the EnduranceTM this fall.
We anticipate ending the third quarter with approximately $195 million in cash and cash equivalents, including $27.1 million of proceeds from equity issuances during the third quarter of 2022.
We now anticipate ending 2022 with approximately $110 million in cash and cash equivalents, excluding both any additional capital raises and funding of any contingent liabilities. Our cash outlook is better than our previous outlook by approximately $75 million and we continue to explore opportunities for capital raising alternatives, including in connection with the initial Foxconn JV program and strategic partnerships.
About Lordstown Motors Corp.
Lordstown Motors is an electric vehicle (EV) OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle and being launched in the Lordstown, Ohio facility. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California.
