{"id":48947,"date":"2023-05-05T00:03:26","date_gmt":"2023-05-05T04:03:26","guid":{"rendered":"https:\/\/autosector.com\/?p=48947"},"modified":"2023-05-05T00:03:26","modified_gmt":"2023-05-05T04:03:26","slug":"cash-strapped-lordstown-may-halt-endurance-production","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=48947","title":{"rendered":"Cash-strapped Lordstown may halt Endurance production – Autoblog"},"content":{"rendered":"

Lordstown<\/a> Motors on Thursday reported a steep fall in its cash reserves and warned it might have to stop making its Endurance<\/a> electric pickup truck in the near future unless it finds a partner.<\/p>\n

The cash-strapped EV maker had earlier this week said it might be forced to file for bankruptcy<\/a>, citing uncertainty over a $170 million investment deal with its major shareholder Foxconn.<\/p>\n

Lordstown, named after the town in Ohio where it is based, said on Thursday it was in talks with the Apple Inc supplier but was yet to reach a deal.<\/p>\n

In May 2022, Lordstown Motors completed a deal to sell its Ohio factory for $230<\/a> million to Foxconn, excluding assets such as the hub motor assembly and battery<\/a> pack lines.<\/p>\n

Foxconn will make Fisker<\/a> Inc’s PEAR electric compact car at the Ohio factory starting next year, the EV startup has said.<\/p>\n

Lordstown Motors had cash and cash equivalents of $108.1 million as of March 31, down from $203.6 million a year earlier.<\/p>\n

Shares were little changed, having hit a record low of 25 cents on Monday.<\/p>\n

Lordstown Motors and its EV peers have been struggling as access to capital tightens from rising interest rates and mounting economic uncertainty.<\/p>\n

The company had resumed production of Endurance in March after a pause in February to address quality issues.<\/p>\n

It said in February that it had made only 37 trucks for sale<\/a> and recalled<\/a> 19 vehicles delivered to customers or being used internally.<\/p>\n

Net loss ballooned to $171.1 million in the quarter ended March 31, the company said on Thursday, from $89.6 million a year earlier.<\/p>\n

Lordstown Motors had previously warned of substantial doubt about its ability to continue as a going concern, citing liquidity issues.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lordstown Motors on Thursday reported a steep fall in its cash reserves and warned it might have to stop making its Endurance electric pickup truck in the near future unless it finds a partner. The cash-strapped EV maker had earlier this week said it might be forced to file for bankruptcy, citing uncertainty over a […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2],"tags":[],"class_list":["post-48947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48947"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/48947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48947"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}