Signage in front of Lordstown Motors Corp. in Lordstown, Ohio on Saturday, May 15, 2021.
Dustin Franz | Bloomberg | Getty’s paintings
Lordstown Engines said Monday it still had greater than $220 million in money at the top of 2022, despite ongoing challenges that halted production of the Endurance electric pickup truck after only six had been delivered.
Shares fell nearly 10% in afternoon trading on Monday after the report was released.
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Lordstown began deliveries of its first electric automobile, the Endurance pickup, in November. By the top of February, it had built around 40 trucks and delivered six to customers. But the corporate said on February 23 that it had halted production of the Endurance to handle performance and quality issues, and that it had called in 19 trucks to repair a faulty electrical connection that might suddenly stop the engines while driving.
As of December 31, Lordstown had $221.7 million in money and short-term investments.
Listed here are the important thing figures from Lordstown’s fourth quarter earnings report:
- Loss per share: 45 cents vs. lack of 42 cents per share in Q4 2021
- Revenue: roughly $194,000. Lordstown had no revenue within the period a yr ago.
The corporate’s net loss rose to $102.3 million from $81.2 million a yr earlier. Lordstown delivered three Endurance pickups to customers within the fourth quarter.
The Ohio startup is starting a turnaround to a latest electric vehicle program in partnership with Taiwanese contract manufacturer Foxconn, which bought the Lordstown plant and invested within the startup last yr in a deal that might ultimately be value as much as $170 million if all milestones are met. hit.
Lordstown said Foxconn has invested $52 million up to now, of which $30 million has been allocated to a latest EV platform that can include components and engineering developed by the Mobility in Harmony Consortium (MIH). electric vehicles.
Lordstown said the following platform and vehicle program were “crucial” to its long-term strategy.
“Our resource-based business model and partnership with the Foxconn EV ecosystem, including MIH, will provide Lordstown Motors with the power to create winning electric vehicles which can be tailored to the needs of shoppers who use them for a wide range of work applications, while gaining cost-of-scale advantages.” CEO Edward Hightower said in a press release.