Signage outside Lordstown MotorsCorp head office in Lordstown, Ohio, on Saturday, May 15, 2021.
Dustin Franz|Bloomberg|Getty Images
Lordstown Motors stated Monday that it still had more than $220 million in money at the end of 2022, in spite of continuous difficulties that halted production of its Endurance electrical pickup after simply 6 were provided.
Lordstown started shipments of its very first EV, the Endurance pickup, inNovember Through completion of February, it had actually constructed about 40 trucks and provided 6 to clients. But the business stated onFeb 23 that it had actually stopped Endurance production to resolve efficiency and quality problems, which it remembered 19 of the trucks to fix a defective electrical connection that might stop the motors suddenly while driving.
As ofDec 31, Lordstown had $2217 million in money and short-term financial investments on hand.
Here are the essential numbers from Lordstown’s fourth-quarter profits report:
- Loss per share: 45 cents, versus a loss of 42 cents per share in the 4th quarter of 2021.
- Revenue: About $194,000 Lordstown had no profits in the year-ago duration.
The business’s bottom line broadened to $1023 million from $812 million a year previously. Lordstown provided 3 Endurance pickups to clients throughout the 4th quarter.
The Ohio- based start-up is starting a pivot to a brand-new electrical automobile program in cooperation with Taiwanese agreement producer Foxconn, which purchased Lordstown’s plant and bought the start-up in 2015 in an offer that might become worth approximately $170 million if all turning points are struck.
Lordstown stated Foxconn has actually up until now invested $52 million, of which $30 million is allocated for a brand-new EV platform, which will integrate parts and engineering established by the Mobility in Harmony Consortium (MIH), a Foxconn- led effort to establish an open architecture for electrical cars.
Lordstown stated that the next platform and automobile program are “key” to its long-lasting technique.
“Our asset-light business model and collaboration with the Foxconn EV ecosystem, including MIH, will provide the opportunity for Lordstown Motors to create winning EVs that are tailored to the needs of customers that use them for various work applications, while gaining the cost benefits of scale,” stated CEO Edward Hightower in a declaration.
This is an establishing story. Please examine back for updates.