Lordstown Motors Corp. - RIDE STOCK NEWS

Lordstown Motors Corp. has received approval from the United States Bankruptcy Court for its first day motions filed in its chapter 11 cases. The Court also granted interim approval for the company's employee wages and benefits motion. Lordstown can continue paying employees and suppliers/vendors for authorized goods and services. The company is now focused on the expedited marketing and sale process for its assets.

Lordstown Motors Corp. has filed a complaint against Foxconn for fraud and breach of contract, leading to material damage to the company. Lordstown is commencing a sale process for its Endurance vehicle and related assets and has filed for Chapter 11 bankruptcy to implement a restructuring. The company is debt-free and has significant cash-on-hand.

Lordstown Motors Corp. announces a 1:15 reverse stock split of its Class A common stock, effective May 24, 2023. The split is intended to improve marketability and liquidity and satisfy Nasdaq's minimum bid price requirement. The company has taken cost-cutting measures due to a dispute with Foxconn and uncertainty about funding obligations. Cash reserves as of April 30, 2023, were approximately $165 million.

Lordstown Motors Corp (Nasdaq: RIDE) announced a new partnership with Amerit Fleet Solutions to enhance service and maintenance for its electric vehicles, specifically the Endurance, targeted at commercial fleet customers. This collaboration aims to improve customer support and provide tailored maintenance across key states, leveraging Amerit’s expertise in EV servicing. Production of the Endurance resumed in April 2023 after a temporary hiatus due to supplier quality issues. The agreement aligns Amerit's service network with Lordstown's launch plans for its fleet vehicles, ensuring properly trained technicians will support customers effectively.

Lordstown's Endurance truck is produced at the Foxconn EV Ohio plant, marking a significant step towards its operational goals in the competitive EV market.

Lordstown Motors Corp (Nasdaq: RIDE) showcased its Lordstown Endurance all-electric pickup at the Work Truck Week in Indianapolis from March 7-10, 2023. The Lordstown Endurance, aimed at the commercial fleet market, began production in Q3 2022 with initial sales in Q4 2022. The vehicle is displayed at Booth #6009, alongside booths featuring accessories for various vocational needs. CEO Edward T. Hightower emphasized the vehicle's unique design for commercial fleets, optimizing traction, maneuverability, and safety. The event highlights the growing importance of electric vehicles in the work truck industry.

Lordstown Motors Corp. (RIDE) released its Q4 2022 financial results, reporting a reduced operating loss of $104.9 million, driven by disciplined spending. The company secured a Foxconn investment of up to $170 million, with $52 million already funded. Production of the Endurance electric pickup truck faced delays due to quality issues, prompting a voluntary recall. As of February 2023, only six of an initial 500 planned vehicles were sold. Cash reserves ended at $221.7 million, exceeding prior forecasts. The company anticipates Q1 2023 cash reserves between $150-$170 million, excluding further Foxconn funding.

Lordstown Motors Corp. (Nasdaq: RIDE) announced it will release its fiscal year 2022 financial results on March 6, 2023, followed by a conference call at 8:30 a.m. ET. The company has halted production and deliveries of its Endurance electric vehicle due to performance and quality issues. A voluntary recall has been initiated for 19 vehicles to address an electrical connection issue that could potentially lead to loss of propulsion. Lordstown is actively working with suppliers on solutions, including design modifications and software updates. CEO Edward Hightower emphasized their commitment to customer safety and plans to provide further updates during the upcoming earnings call.

Lordstown Motors Corp (Nasdaq: RIDE) announced its full-size electric pickup truck, the Endurance™, will be showcased at CES in the MIH Consortium Booth. The Endurance is a finalist for the North American Truck of the Year and began production at the Foxconn EV Ohio assembly plant in Q3 2022, with sales commencing this quarter. CEO Edward Hightower emphasized the importance of the CES event for technology collaborations in the automotive industry. A press conference will be held on January 5 at CES.

Lordstown Motors Corp. (Nasdaq: RIDE) has announced significant milestones for its Endurance full-size battery-electric pickup truck. The vehicle has achieved full homologation, crucial for initiating sales, and received certification from the EPA and CARB. Successful completion of FMVSS crash testing has also been reported, with the first customer deliveries underway from the Foxconn EV Ohio plant. Additionally, the Endurance has been named a finalist in the North American Truck of the Year competition, generating excitement as deliveries ramp up.