Lordstown Motors provided trips in models of its upcoming electrical Endurance pickup on June 21, 2021 as part of its “Lordstown Week” occasion.
Michael Wayland/ CNBC
Lordstown Motors anticipates to end production of its Endurance pickup “in the near future,” as the embattled EV start-up lacks money and looks for extra capital.
The remarks, part of an unannounced Thursday quarterly revenues filing, come 3 days after the Ohio- based business stated it might declare bankruptcy if a formerly revealed handle agreement producer Foxconn fails.
“To date, we have not identified a strategic partner for the Endurance. To the extent we do not identify such a partner, we anticipate that production of the Endurance will cease in the near future,” the once-promising business stated in the filing.
Foxconn, a Taiwanese maker of Apple iPhones and other items, last month declared that Lordstown remained in breach of a financial investment offer since its stock had actually fallen under $1 per share for 30 successive trading days, activating a delisting notification from NASDAQ.
Lordstown stated Thursday its bottom line broadened to $1711 million in the very first quarter, compared to a loss of $896 million a year previously. The business stated it had money and money equivalents of simply $1081 million since March 31, down 11% to start the year.
Shares of the business were mostly unimpacted by the Thursday filing, nevertheless, the stock struck a lowest level of 25 cents per share on Monday.
This is an establishing story. Please inspect back for extra updates.
