It’s been a protracted and hard highway for Lordstown Motors, however there’s mild on the finish of the tunnel as the corporate has introduced the Endurance is now absolutely homologated and has obtained certification from the Environmental Safety Company in addition to the California Air Sources Board.
Thanks to those developments, gross sales can start and the primary buyer autos at the moment are leaving the Foxconn plant in Ohio for supply. This can be a big victory for Lordstown and it means there’s one other electrical pickup available on the market apart from the GMC Hummer EV, Ford F-150 Lightning, and Rivian R1T.
In an announcement, CEO Edward Hightower mentioned “I’m very pleased with the Lordstown Motors and Foxconn EV Ohio workforce for his or her onerous work, grit, and tenacity in attaining this milestone. We’re very excited to start out delivering autos to our industrial fleet prospects.”
Additionally: Lordstown Begins Manufacturing Of The Endurance, Hopes To Ship 50 Items In 2022
Nevertheless, the battle for survival is way from over as the corporate’s third quarter earnings report painted a bleak image. It revealed Lordstown had solely constructed 12 vans up to now and the “first manufacturing batch of Endurances will probably be restricted to as much as 500 autos, as a result of the invoice of supplies value is materially increased than our anticipated promoting value.” In impact, the corporate will probably be dropping cash on each truck they promote.
That’s not good and Lordstown has mentioned efforts to carry prices down have been “deferred to handle the steadiness sheet and restrict the quantity of latest capital wanted to attain preliminary manufacturing targets.” To take care of the difficulty, Lordstown is in search of one or two OEM companions to assist scale manufacturing of the electrical pickup.
