Lordstown Motors stated Thursday it’s going to droop manufacturing and deliveries of its all-electric Endurance pickup to deal with efficiency and high quality points with sure parts.
The electrical car startup, which partnered with Foxconn for car manufacturing at an Ohio plant, stated the staff is working with suppliers on the basis trigger evaluation of every difficulty and potential options, which “in some circumstances might embrace half design modifications, retrofits, and software program updates.”
The automaker additionally will voluntarily recall 19 Endurance pickups to deal with a “particular electrical connection difficulty that might end in a lack of propulsion whereas driving.” Lordstown stated it’s working with suppliers to implement an answer that the corporate believes will handle the problem.
Shares of Lordstown, which went public by way of a particular function acquisition firm in 2020, fell 11% to $1.09 on Thursday. It is a far cry from the inventory’s all-time excessive of $31.80 a share in September 2020.
Colleen Robar, a spokeswoman for Lordstown, stated the corporate is unaware of any accidents related to the recalled automobiles. She declined to reveal what number of automobiles in whole the corporate has produced and delivered to clients since manufacturing began in September.
As of Jan. 3, the corporate had produced 31 automobiles on the market and delivered six of these to clients, Lordstown stated in a regulatory submitting final month.
Robar confirmed the issues haven’t resulted in any fires, like a battery difficulty earlier this month with an electrical Ford F-150 Lightning pickup.
“Whereas our skilled staff has made important progress in addressing the underlying element and car sub-system points affecting the Endurance construct schedule, we stay dedicated to doing the proper factor by our clients and to resolve potential points earlier than resuming manufacturing and buyer shipments,” stated Lordstown CEO Edward Hightower stated in a launch.
The corporate declined to forecast how lengthy manufacturing can be idled on the Ohio plant, which Lordstown bought from Normal Motors in 2019.
The corporate plans to supply a extra detailed replace on the standing of those points on its upcoming earnings name on March 6.
The recall and manufacturing issues add to a protracted record of points at Lordstown for the reason that firm went public practically 2½ years in the past. It has been suffering from administration, manufacturing and execution points.
Automakers routinely have points and recollects related to automobiles however issues with EVs, particularly batteries, are of explicit concern and curiosity, because the automakers make investments billions of {dollars} within the automobiles.