AP

Lordstown Motors starts making electric trucks at Ohio plant

Sep 29, 2022, 7:47 AM | Updated: 8:16 am

LORDSTOWN, Ohio (AP) — Commercial electric vehicle startup Lordstown Motors says it has slowly started production of its first model, the Endurance pickup.

The struggling company says it has built two pickups, with a third to be finished shortly. It plans to ramp up production depending on quality and parts availability, it said in a statement Thursday. Lordstown expects to deliver 50 trucks to customers this year, and up to 450 more in the first half of 2023, as long as it can raise enough capital.

The trucks are being built in an old General Motors small-car assembly plant in Lordstown, Ohio, near Cleveland that was purchased last year by Taiwan’s Foxconn Technology Group, the world’s largest electronics maker. Lordstown says it will look to Foxconn and other partnerships as sources of new capital.

“We expect to increase the speed of production into November and December,” CEO Edward Hightower said in the statement. Earlier this year, Lordstown said it expected to produce 3,000 of its flagship Endurance electric trucks before the end of 2023.

The company has struggled to raise money and get trucks out the factory door to customers. In its quarterly filings with the U.S. Securities and Exchange Commission, its auditors raise doubts that the automaker will be in business in the coming year.

Lordstown Motors said it expects to end the third quarter with about $195 million in cash and equivalents, including $27.1 million from equity sales during the quarter. The company says its cash outlook is $75 million better than its previous outlook as it explores options to raise more money.

Shares of Lordstown Motors fell 6% to $1.90 in Thursday morning trading amid broader market declines.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Arizona and New York attorneys feud over extraditing suspect...

Associated Press

Why Alvin Bragg and Rachel Mitchell are fighting over extraditing suspect in New York hotel killing

Maricopa County Attorney Rachel Mitchell says she isn't into extraditing a suspect due to her lack of faith in Manhattan’s top prosecutor.

9 hours ago

A Gila monster is displayed at the Woodland Park Zoo in Seattle, Dec. 14, 2018. A 34-year-old Color...

Associated Press

Colorado man dies after being bitten by pet Gila monster

A Colorado man has died after being bitten by his pet Gila monster in what would be a rare death by one of the desert lizards if the creature's venom turns out to have been the cause.

2 days ago

Police clear the area following a shooting at the Kansas City Chiefs NFL football Super Bowl celebr...

Associated Press

1 dead, many wounded after shooting at Kansas City Chiefs’ Super Bowl victory parade

One person died after 22 people were hit by gunfire in a shooting at the end of the Kansas Chiefs' Super Bowl victory celebration Wednesday.

9 days ago

This image from House Television shows House Speaker Mike Johnson of La., banging the gavel after h...

Associated Press

GOP-led House impeaches Homeland Security Secretary Mayorkas — by one vote — over border management

Having failed to impeach Homeland Security Secretary Alejandro Mayorkas the first time, House Republicans are determined to try again Tuesday.

9 days ago

Defense Secretary Lloyd Austin, right, and Kenya's Defense Minister Aden Duale, left, listen during...

Associated Press

Defense Secretary Lloyd Austin hospitalized with bladder issue

Defense Secretary Lloyd Austin has been hospitalized following symptoms pointing to an “emergent bladder issue."

11 days ago

Follow @ktar923...

Sponsored Content by Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

Sponsored Articles

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

...

Day & Night Air Conditioning, Heating and Plumbing

Valley residents should be mindful of plumbing ahead of holidays

With Halloween in the rear-view and more holidays coming up, Day & Night recommends that Valley residents prepare accordingly.

...

Canvas Annuity

Interest rates may have peaked. Should you buy a CD, high-yield savings account, or a fixed annuity?

Interest rates are the highest they’ve been in decades, and it looks like the Fed has paused hikes. This may be the best time to lock in rates for long-term, low-risk financial products like fixed annuities.

Lordstown Motors starts making electric trucks at Ohio plant