Lordstown delivers just 3 EV pickups in 2022, pivots to new EV platform By Investing.com

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Lordstown delivers just 3 EV pickups in 2022, pivots to new EV platform

Stock Markets Mar 06, 2023 08:59AM ET

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Lordstown delivers just 3 EV pickups in 2022, pivots to new EV platform

RIDE

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By Michael Elkins

Electric Vehicle startup, Lordstown Motors (NASDAQ:RIDE) announced its 4Q22 earnings results Monday morning, posting a loss as the company struggles with production costs. The EV maker also announced that it missed its delivery target for the Endurance pickup truck in the period, delivering just 3 vehicles out of the 50 targeted at the start of commercial production in September.

The company said in its report that it still has over $220 million in cash as the Ohio-based automaker begins its pivot to a new electric vehicle program in collaboration with Foxconn (TW:2354), which bought Lordstown’s plant and invested in the startup last year.

Foxconn has so far invested $52M in the company, of which $30M is earmarked for a new EV platform, which will incorporate components and engineering developed by the Mobility in Harmony Consortium, a Foxconn-led effort to develop an open architecture for electric vehicles.

Lordstown said that the next platform and vehicle program are "key" to its long-term strategy.

"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," said CEO Edward Hightower in a statement.

Shares of RIDE are down 3.57% in pre-market trading on Monday.

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