Welcome to our dedicated page for Lordstown Motors news (Ticker: RIDE), a resource for investors and traders seeking the latest updates and insights on Lordstown Motors stock.
Lordstown Motors Corp. (Nasdaq: RIDE) is a pioneering automotive company specializing in the development, manufacturing, and sales of light-duty electric trucks. Established in 2019 and headquartered in Lordstown, Ohio, the company is committed to transforming the commercial fleet market with its innovative electric vehicles (EVs).
The flagship product of Lordstown Motors is the Endurance, an all-electric, full-size pickup truck designed to meet the rigorous demands of fleet customers. The Endurance stands out for its robust performance and advanced technology, making it a highly capable vehicle for a variety of commercial applications.
Recently, Lordstown Motors announced a strategic restructuring process to maximize the value of its assets. This includes its on-the-road Endurance EV and the intellectual property and platform that developed it. The restructuring is occurring under Chapter 11 of the U.S. Bankruptcy Code, a move aimed at facilitating an expedited sale process and addressing litigation against Hon Hai Technology Group, also known as Foxconn.
The lawsuit against Foxconn alleges fraud and repeated contractual breaches, which have significantly harmed Lordstown Motors’ business and future prospects. Despite these challenges, the company remains focused on maximizing stakeholder value through the sale of its Endurance vehicle and related assets. Lordstown Motors continues to operate with significant cash on hand and is debt-free, ensuring business continuity during the Chapter 11 process.
Lordstown Motors has additional facilities for engineering, research, and development located in Farmington Hills, Michigan, and Irvine, California. These centers contribute to the company's ongoing efforts to advance EV technology and develop new products.
For more information, visit www.lordstownmotors.com.
Lordstown Motors Corp. (RIDE) reported its Q1 2022 financial results, highlighting an ending cash balance of $204 million, exceeding $300 million post-Foxconn transaction. Operating expenses totaled $87.9 million, showing a 3.8% increase from Q4 2021 but down 11.5% year-over-year. Notable progress includes positive Endurance vehicle test results, continued facility preparations, and securing $50 million in purchase down payments. The company reaffirms its goal to start commercial production in Q3 2022, aiming for 500 units with deliveries expected in Q4.
Lordstown Motors Corp. (Nasdaq: RIDE) will showcase its all-electric pickup truck, the Endurance, at the Advanced Clean Transportation Expo from May 9-11 in Long Beach, California. The company aims to accelerate electric vehicle adoption in the commercial fleet market with the Endurance, which offers superior handling and traction. The ACT Expo is noted as the largest event for advanced transportation technology, drawing industry stakeholders for exhibits and networking.
Lordstown Motors Corp. (Nasdaq: RIDE) announced its first quarter financial results will be released before market open on May 9, 2022, followed by a conference call at 8:30 a.m. ET. The company updated on its asset purchase agreement with Foxconn, which includes a $230 million facility sale, noting down payments totaling $200 million have been made so far. Clearance for the transaction was granted by CFIUS on April 9, 2022, but the agreement remains subject to further negotiations. If the deal isn't finalized by May 14, 2022, repayments may be necessary.
Lordstown Motors Corp (Nasdaq: RIDE) will showcase its Lordstown Endurance all-electric pickup truck at the upcoming Work Truck Week in Indianapolis from March 9-11, 2022. The truck, aimed at the commercial fleet market, is set for production and sales launch in Q3 2022. The event is North America's largest work truck exhibition and aims to connect industry professionals. President Edward T. Hightower emphasized the vehicle's superior features and cost advantages, indicating a confident market entry strategy as the company prepares for production.
Faraday Future Intelligent Electric Inc. (FFIE) has appointed Becky Roof as interim Chief Financial Officer, replacing Walter McBride due to health issues. The company engages AlixPartners to implement recommendations from its Special Committee to enhance financial controls. Roof brings extensive experience, having served as interim CFO for various firms, including Lordstown Motors (RIDE) and Eastman Kodak Company (KODK). FFIE's Audit Committee aims to expedite the filing of its third quarter 2021 Form 10-Q.
Lordstown Motors Corp. (Nasdaq: RIDE) reported its fourth-quarter and fiscal year 2021 results, ending the year with a cash balance of $244 million. The company executed an asset purchase agreement with Foxconn, initiating a shift to a less capital-intensive model, aiming for production of approximately 500 Endurance units in 2022, increasing to 2,500 units in 2023. Despite challenges with supply chains, operational costs reached $85 million in Q4. The company raised $182 million in capital mainly from Foxconn, affirming its commitment to bring the Endurance electric pickup to market.
Lordstown Motors Corp. (Nasdaq: RIDE) announced it will release its fourth-quarter and full-year 2021 financial results on February 28, 2022. A conference call is scheduled for 8:30 a.m. ET on the same day, accessible via a live webcast. Additionally, the company will hold its 2022 annual stockholders' meeting on May 19, 2022, with a proposal submission deadline of February 25, 2022. This press release highlights the company's ongoing operations and upcoming events critical for investors.
Lordstown Motors Corp. (Nasdaq: RIDE) has appointed Melissa Leonard as Executive Vice President, effective January 1, 2022. Leonard, who replaces Tom Canepa, brings over 20 years of experience in mergers and acquisitions and corporate governance from Baker & Hostetler LLP. Having served as outside counsel since 2019, she is familiar with the company’s operations. CEO Dan Ninivaggi expressed confidence in her contributions as they strive to deliver the Endurance electric pickup truck and strengthen their partnership with Foxconn.
Lordstown Motors Corp. (Nasdaq: RIDE) reported a third-quarter 2021 net loss of $95.8 million and capital expenditures of $79.9 million. As of September 30, 2021, cash reserves stood at $233.8 million. The company has entered into a partnership with Foxconn involving the sale of its Ohio plant and a contract manufacturing agreement to produce the Endurance electric truck. A $50 million equity investment from Foxconn was secured in October, with future payments contingent on specific conditions. Commercial production of the Endurance is now expected to begin in Q3 2022.
Lordstown Motors Corp. (RIDE) has entered a definitive Asset Purchase Agreement with Hon Hai Technology Group (Foxconn) regarding its Ohio facility. The agreement involves a sale price of $230 million, with Foxconn making an initial down payment of $100 million by November 18, 2021. Both companies aim to create a contract manufacturing agreement for the Endurance pickup and a joint venture for developing new electric vehicle programs. This partnership is expected to enhance capacity utilization, reduce production costs, and leverage Foxconn's supply chain capabilities.
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