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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 (Nasdaq: RIDE) has announced key executive appointments aimed at enhancing its focus on bringing the Endurance pickup truck to market and strengthening its partnership with Foxconn. Edward T. Hightower will serve as President starting November 29, bringing 30 years of automotive experience. Shea Burns is appointed Senior Vice President of Operations, with a focus on launch readiness. Former COO Jane Ritson-Parsons becomes Executive Vice President-Chief Commercial Officer. These changes come as the company gears up for critical developments and production timelines.
Lordstown Motors Corp. (Nasdaq: RIDE) will announce its third quarter 2021 financial results on November 11, 2021, after market close. A conference call is scheduled for 4:30 p.m. ET, which can be accessed via a live webcast on the Investor Relations website. Lordstown Motors focuses on electric light-duty trucks for the commercial fleet market, with the Endurance electric pickup as its flagship vehicle.
The company emphasizes its ongoing development and manufacturing processes while warning investors of challenges and risks associated with funding needs, production scaling, and supply chain issues.
Lordstown Motors Corp. (Nasdaq: RIDE) appointed Adam B. Kroll as Executive Vice President and Chief Financial Officer, effective October 25, 2021. Kroll brings 25 years of experience from JP Morgan and roles at Hyzon Motors and PSAV Holdings. The transition follows Rebecca Roof's interim leadership, who will assist through December 31, 2021. Kroll's expertise in the automotive sector is expected to enhance financial operations and drive the launch of the Endurance pickup truck and a partnership with Foxconn.
LORDSTOWN, Ohio, Sept. 30, 2021 – Lordstown Motors Corp. (Nasdaq: RIDE) announced a collaboration with Hon Hai Technology Group (Foxconn) to advance electric vehicle programs at its Ohio facility. The production of the Endurance™ truck will continue, focusing on testing and regulatory approvals into early 2022. Financial projections for 2021 have been updated: capital expenditures remain between $375-$400 million, while SG&A and R&D expenditures have increased. The cash balance is now projected at $210-$240 million. The company is also exploring additional financing options.
Lordstown Motors Corp. (Nasdaq: RIDE) and Foxconn have announced a partnership to develop scalable electric vehicle programs at Lordstown's Ohio assembly plant. The non-binding agreement includes a $50 million stock purchase by Foxconn and negotiation of a definitive agreement for Foxconn to acquire the manufacturing plant for $230 million. The partnership aims to enhance vehicle production capacity in North America and leverage Foxconn's manufacturing expertise. Additionally, a contract manufacturing agreement for Lordstown's Endurance truck is planned.
Lordstown Motors Corporation has appointed Daniel A. Ninivaggi as its new CEO, effective immediately. Ninivaggi, who has extensive experience in the automotive industry, aims to lead the company as it prepares to launch the Endurance, an all-electric pickup truck. The Board expressed confidence in his leadership skills and strategic expertise which are crucial for navigating the company through its growth phase. Ninivaggi replaces Angela Strand, who served as Executive Chairwoman during the transition and will continue as Non-Executive Chair.
Lordstown Motors Corp. (Nasdaq: RIDE) recently showcased its Lordstown Endurance electric vehicle at the NEC/AAAE Annual Conference in Burlington, VT. The truck stands out as the only EV pickup at the event, catering to airport executives focused on reducing emissions. The company plans to continue promoting the Endurance at the NAFA Institute & Expo in Pittsburgh from August 30 to September 1, 2021. These demonstrations aim to strengthen relations with fleet decision-makers and establish Lordstown as a reliable option for electric commercial vehicles.
Lordstown Motors Corp. (Nasdaq: RIDE) announced the appointment of Eric Purcell as Vice President of Global Quality, effective August 16, 2021. Purcell, an automotive veteran, will oversee quality standards as the company prepares for the production launch of the Lordstown Endurance, the first full-size electric pickup truck aimed at the commercial fleet market. His past experience includes significant roles at Tesla, Kia, and Nissan, focusing on safety, quality, and operational efficiency.
Lordstown Motors Corp. (Nasdaq: RIDE) reported a second-quarter 2021 net loss of $108 million, with capital expenditures of $121 million and cash reserves of $366 million as of June 30, 2021. The company plans to initiate limited vehicle production by late September, following successful retooling of their manufacturing plant. They have secured a $400 million equity purchase agreement and are exploring partnerships for additional capital. Revised guidance projects $375-$400 million in capex for the year and anticipated liquidity of $225-$275 million by the end of Q3 2021.
Lordstown Motors Corp. (Nasdaq: RIDE) announced plans to release its Q2 2021 financial results after market close on August 11, 2021. A conference call will follow at 4:30 p.m. ET, accessible via webcast on the company’s Investor Relations website. Lordstown, known for its electric light-duty trucks, aims to revolutionize electric vehicle manufacturing in Ohio, with the anticipated launch of the Lordstown Endurance, the first all-electric pickup for commercial fleets. The press release also includes forward-looking statements with associated risks and uncertainties.
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