DETROIT – Lordstown Motors on Thursday delayed the launch of Endurance next year electric pickup truck quarter-on-quarter, citing shortages of parts and materials as well as other supply chain issues, sending the stock down 11% in after-hours trading.
Based in Ohio tram startup, while reporting Q3 results, said it will now start production and deliveries in Q3 2022, rather than in Q2 as forecast in August.
“We focus on Durability. We know we have to get there vans outside. It’s been a challenging quarter with raw material shortages, spare parts shortages, supply chain disruptions, especially from international sourcing, but we’re doing everything we can to mitigate it,” said Director. executive Daniel Ninivaggi said in a call at the conference.
He also cited delayed shipments of semiconductors that have affected the entire auto industry.
“We will do everything we can to get the truck out on our revised schedule,” added Ninivaggi.
Lordstown has struggled with the launch of Endurance and unwanted attention since a short seller in March accused the company of misleading investors.
Its previous CEO, Steve Burns, later resigned. The company still faces investigations by federal prosecutors in Manhattan and the U.S. Securities and Exchange Commission in relation to vehicle pre-orders and Lordstown’s agreement to go public. reverse merger with a blank check company.
A day after announcing it had completed a deal for Taiwan’s Foxconn Technology Co Ltd to buy Lordstown’s plant in northeastern Ohio for USD230 Lordstown on Thursday said it also signed a memorandum of understanding with Cox Automotive.
Cox will provide customer service and support for Lordstown’s EV fleet, including maintenance, pickup and delivery, the battery serve, repair and roadside assistance, Ninivaggi said.
Under the agreement with Foxconn, the companies will pursue a joint venture agreement to develop vehicles for the global commercial vehicle fleet using Foxconn’s MIH vehicle platform. Ninivaggi said on Thursday that Lordstown is working on design ideas from that foundation including commercial truck.
Ninivaggi also said the wheel-mounted “hub” engine, used in the Endurance, will not be used in every vehicle the company develops.
On Thursday, Lordstown reported a third-quarter net loss of $95.8 million, or 54 cents a share. Analysts had predicted a loss of 59 cents a share.
Company executives said they did not provide a financial forecast for 2022 at this time, and Lordstown expects to end the year with a cash balance of $150 million to $180 million, including including an expected initial payment of $100 million from Foxconn.
