![]() ![]() ![]() Lordstown is also in discussions with Taiwanese technology company Foxconn Technology Co to develop vehicles and has considered alternatives to raise capital for the partnership. The company’s Chief Executive Officer Dan Ninivaggi said the cost of materials and components at launch will be significantly higher than the vehicle’s anticipated selling price but would improve over time.įor the fourth quarter, net loss widened to $81.2 million as it incurred a total of $115 million in expenses, some related to the commercial launch of Endurance. It expects to increase production five-fold by 2023. Lordstown is spending heavily to launch its first truck that will rival with Ford and General Motor’s new electric trucks, also expected to hit the market this year. Legacy automakers have made a drastic shift to focus on electric cars as demand increases, while startup companies are gearing for new launches this year, making competition more intense as they try to take on industry leader Tesla Inc The Ohio-based startup had delayed the launch of the new electric truck by three months due to supply-chain issues and has never sold a vehicle and did not record any revenue in the fourth quarter. The Endurance is part of the onslaught of all-electric. Goldman Sachs analyst Mark Delaney said the target of 500 cars was “well below” Street estimates and had based his revenue estimates based on 2,250 deliveries in 2022 and 10,000 units in 2023. The 2023 Lordstown Endurance sounds more like an English marathon than an electric pickup truck, butbelieve it or notit's the latter. Lordstown Motors Endurance Truck The former GM plant in Lordstown, Ohio, made 16 million vehicles over 50 years before being shuttered in 2019. Testing suggests the truck will break a wheel. The company, when it went public under the previous management, had previously forecast sales of about 32,000 vehicles in the first full year of production. The Endurance is notable for a drivetrain consisting of hub motors at each of the four wheels which Post insists can withstand even Detroit potholes. The Lordstown Endurance Pickup Truck is set to shake up the industry with its 4 in-wheel hub motors which allow for less moving parts, 600 horsepower and a. It claims it has the money to buy the plant and work on the new vehicle, but will need more funds to continue development, conduct crash and safety testing and get type approval.-Electric vehicle startup Lordstown Motors Corp said on Monday it plans to sell its first 500 Endurance electric pickup trucks this year even as expenses related to the launch surged in the fourth quarter, sending its shares down 16%. Related: GM Confirms Talks With EV Maker Workhorse For Lordstown Plant Sale Official rendering of Lordstown Motors’ Endurance electric pickupĪfter securing the plant, Lordstown Motors is now looking for cash to convert the plant from making ICE-powered passenger cars to plug-in pickups. Workhorse is not in great financial shape at the moment, totaling just $6,000 of revenue during the latest quarter. ![]() The two entities also share intellectual property related to electric drive systems. ![]() Workhorse Group owns 10 percent of Lordstown Motors, the company formed specifically for the transaction. “GM is committed to future investment and job growth in Ohio and we believe LMC’s plan to launch the Endurance electric pickup has the potential to create a significant number of jobs and help the Lordstown area grow into a manufacturing hub for electrification,” the automaker said. The terms of the deal were not made public, but The General seemed pleased with the arrangement. ![]()
0 Comments
Leave a Reply. |