Lordstown Motors (a publicly-traded company under the ‘RIDE’ ticker) slashes its 2021 Endurance EV truck production forecast by more than half to 1,000 trucks (originally 2,200 trucks). The company also states that it requires more capital and funding in order to get production off the ground.
Data is this article is according to this CNBC article.
Lordstown’s initial projected expenses were targeted at between $220 million and $235 million. This latest report suggests that expenses will likely be in the $335 million to $350 million.
The Lordstown Endurance pickup truck has a traditional crew-cab and short-bed layout. It has a unique design due to its four hub-mounted electric motors. These four motors provide 4×4 capability and precise control, according to the company. The Endurance EV truck is said to offer up to 600 horsepower, 250+ miles of total driving range, 7,500 lbs of maximum towing, and a starting price of around $52,500. These specifications are close to those of the newly announced 2022 Ford F-150 Lightning truck. We have already seen many F-150 Lightning EV prototypes testing in the wild. Ford expects to start production in the spring of 2022.
Lordstown is targeting the start of production in the fall of 2021, but we have not seen any production-intent prototypes testing in the wild yet. Lordstown CEO, Steve Burns, says the company still has a first-mover advantage with sales targeted for this year.
Company’s stock fell over -10% in after hours trading.
