Lordstown Motors announces the start of production of the Endurance electric pickup truck designed for commercial fleet use.
Now that the first two Endurance vehicles have been produced, some 50 initial Lordstown Endurances will be produced this year before up to 450 more are built and delivered to customers in the first half of 2023.
Edward Hightower, who became Lordstown CEO in July after completing the sale of his factory to Foxconn, said everything was going according to plan.
Lordstown was built by contract manufacturer Foxconn, which bought the Lordstown auto plant in the US state of Ohio
“We will continue to build at a slow rate as we address remaining part pedigree and part availability issues. We expect to increase the speed of production into November and December,” Hightower shared. “We expect to deliver approximately 50 units to customers in 2022 and the remainder of the first batch in the first half of 2023, subject to raising sufficient capital.”
Lordstown targets to significantly increase its production levels by 2023. But doing so may require additional investment.
Lordstown is struggling with tight funding. That’s why he came up with an unorthodox constellation with Foxconn as the buyer of the Lordstown factory.
The selling price of the Lordstown factory is $230 million. Foxconn also acquired a $50 million stake in Lordstown.
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