Lordstown Motors on Thursday reported a steep fall in its money reserves and warned it may need to cease making its Endurance electrical pickup truck within the close to future except it finds a associate.
The cash-strapped EV maker had earlier this week stated it may be compelled to file for chapter, citing uncertainty over a $170 million funding cope with its main shareholder Foxconn.
Lordstown, named after the city in Ohio the place it’s based mostly, stated on Thursday it was in talks with the Apple provider however was but to succeed in a deal.
In Could 2022, Lordstown Motors accomplished a deal to promote its Ohio manufacturing facility for $230 million to Foxconn, excluding belongings such because the hub motor meeting and battery pack strains.
Foxconn will make Fisker Inc’s electrical compact automotive on the Ohio manufacturing facility beginning subsequent yr, the EV startup has stated.