Lordstown Motors Corp. (NASDAQ:RIDE), ("Lordstown Motors" or the "Company"), an original equipment manufacturer ("OEM") of electric light duty vehicles focused on the commercial fleet market, today announced that it has started commercial production of its Endurance full-size pickup truck, and provided a business update.
- Start of production of commercially saleable Endurance vehicles at the Foxconn EV Ohio plant
- Production volume will ramp slowly as a result of supply chain constraints; engineering readiness, quality, and part availability will continue to govern the speed of launch
- FMVSS confirmation crash testing successfully completed
- EnduranceTM has been named as one of only three semi-finalists in the North American Truck of the Year competition
- Confirming Q4 start-of-sales, subject to full homologation testing and required certification
- Expect to end the quarter with cash and cash equivalents of approximately $195 million
- Continue to explore capital raising alternatives, including in connection with initial Foxconn JV program and strategic partnership discussions