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Lordstown Motors left with $220 million as it struggles with manufacturing

Lordstown Motors is looking to resume production after discovering an issue with its Endurance pickup which resulted in a factory closure

Lordstown Motors has revealed it has $220 million in cash as it looks to resume production after production was paused in February.

The company, founded in 2018, has one vehicle in its lineup: the Endurance electric pickup, intended for the commercial fleet market. As of last week, only six vehicles have been delivered to customers although 40 units have been completed. Production and delivery for the vehicle are currently on hold, according to an announcement from Feb. 23. In this release, Lordstown explained that an electrical issue could cause the motor to lose power, and that operations would remain suspended until the matter was resolved.

Just over a week later, the company published its fourth quarter and full fiscal year report, where it noted that it had finished 2022 with $221.7 million in cash. However, Lordstown expects this number to drop significantly by the end of the first quarter, arriving somewhere between $150 and $170 million. The report also offered more insight into the suspension of the Endurance’s production, stating that the company has “line of sight to the resolution of the issues,” without providing an estimated date for resuming operations.

The report also included details of an intensified partnership with Taiwanese manufacturer Foxconn, who currently runs the Ohio facility in charge of the Endurance’s production. While originally both companies operated under a joint venture agreement, the overseas corporation is now directly investing into Lordstown, with plans to provide a total of $170 million in conditional funding. The two businesses are also developing a program to bring the Endurance pickup into the Foxconn EV ecosystem, a platform intended to accelerate EV production and adoption.

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Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

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