![]() ![]() ![]() Its stock price is currently hovering at 39 cents after peaking at $31.57 in early 2021. The EV maker had just $108.1 million in cash (and cash equivalents) on March 31st. Lordstown reported a net loss of $171.1 million in the first quarter of this year, following a loss of $89.6 million in the same quarter a year ago. However, it concedes that bankruptcy is on the table if it can’t resolve the dispute “in a timely manner on terms that allow us to continue operating as planned” or find other strategic partners. Lordstown said it believes Foxconn’s claims are without merit and considers their investment agreement to remain in effect while talks continue. (That followed a previous deal where Foxconn bought its Ohio factory.) In the letter, Foxconn told Lordstown it breached the agreement because the startup’s stock price fell below $1 per share for 30 straight trading days, leading to a NASDAQ delisting notice. Lordstown was one of the most highly anticipated EV makers, claiming to have secured over 100,000 orders for its Endurance electric truck. “To date, we have not identified a strategic partner for the Endurance.”Īccording to the SEC filing, Foxconn sent a letter to Lordstown on April 21st, threatening to terminate the two companies’ investment deal, which saw the Taiwanese manufacturer investing up to $170 million in the startup. “Due to the production delays from early January to mid-April 2023, the failure to identify a strategic partner for the Endurance, and extremely limited ability to raise capital in the current market environment, we anticipate production of the Endurance will cease in the near future,” the company wrote in today’s filing. The warning follows a separate filing from earlier this week saying it could file for bankruptcy if its deal with Foxconn can’t be resurrected. Towing capacity is expected to come in at 7,500. ![]() The Endurance electronic pickup truck maker said today that it expects to stop producing the vehicle “in the near future” if it can’t find a partner to keep it afloat. The Endurance will produce up to 600 horsepower with the help of up to four electric in-hub motors, as well as offer a range exceeding 250 miles. Built for fleets and the modern worker, by Lordstown Motors. EV startup Lordstown Motors is still in trouble after pausing production earlier this year. Discover the Endurance, an all-electric work truck with in-wheel hub motor technology. ![]()
0 Comments
Leave a Reply. |