Lordstown Motors this week released forward-looking guidance laying out the start-up’s planned production output between now and 2023.
The Ohio-based automaker, which purchased the former GM Lordstown Assembly plant in 2019, says it plans to produce and sell 500 examples of its Endurance battery-electric pickup in 2022 before ramping up production to 2,500 units in 2023. Company president Edward Hightower said this week that Lordstown “continued to build and test pre-production vehicles,” in Q4 of last year and is planning to commence commercial production and sales of the fleet truck in the third quarter of 2022.
“Our organization’s top priority remains bringing the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible,” said Hightower. “In the fourth quarter and into 2022, we continued to build and test pre-production vehicles that we are using to complete a variety of validation activities needed to achieve full homologation.”
Lordstown Motors entered an agreement to sell its sprawling Ohio plant to Taiwan-based iPhone manufacturer Foxconn last year. The company says it is currently “working toward finalizing the Foxconn transaction,” which was previously valued at $230 million. It raised $150 million from Foxconn in Q4 2022, which came from “equity and down payments under the asset purchase agreement,” and also raised another $30 million from equity issuances under the two companies’ equity purchase agreement. Adam Kroll, Chief Financial Officer of Lordstown Motors, said in a statement that “raising additional capital in the near term is critical to the successful launch of the Endurance,” in the near future.
The Lordstown Endurance is a battery-electric truck that is aimed at fleets. The pickup is powered by four in-wheel hub motors, which together have a maximum system output of around 600 horsepower, and can travel up to 250 miles on a single charge. The truck will at first be available in Crew Cab configuration with a medium length bed, with prices starting from $52,500 USD.