eVehicle Technology
Lordstown has announced that its first two commercial release production (CRP) Endurance™ vehicles have rolled off the production line at the Foxconn EV Ohio plant, with the third expected to be completed shortly. These vehicles are part of the first batch of up to 500 saleable vehicles that they intend to build.
“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,” said Edward Hightower, Lordstown CEO and President. “Our homologation and certification processes are proceeding as planned.”
FMVSS crash testing has been completed successfully, and EPA and CARB applications have been submitted. They also continue to accumulate test miles on the vehicles, finalize other certifications, and complete software updates as they work to ensure the best experience for our customers. They 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.
They have anticipated ending the third quarter with approximately $195 million in cash and cash equivalents, including $27.1 million of proceeds from equity issuances during the third quarter of 2022. They now anticipate ending 2022 with approximately $110 million in cash and cash equivalents, excluding both any additional capital raises and funding of any contingent liabilities. Their cash outlook is better than their previous outlook by approximately $75 million and they continue to explore opportunities for capital raising alternatives, including in connection with the initial Foxconn JV program and strategic partnerships.
