Earlier this week, electric vehicle maker Lordstown Motors said in a regulatory filing that there was “substantial doubt regarding our ability to continue.”
The comment came after the company’s share price closed below $1 in early March and has yet to recover. As a result, Foxconn notified Lordstown that it was in breach of a 2021 investment deal that saw Foxconn invest heavily in the automaker’s operations and purchase its manufacturing facility in Ohio.
Lordstown said the breach allegations are without merit, but in an unscheduled quarterly earnings filing, the automaker said it anticipates that production of the Endurance, the company’s electric pickup truck, will "cease in the near future."
Lordstown added that it is seeking strategic partners, including other automakers, to provide capital that would allow the company to scale the Endurance program. However, Lordstown has yet to find a partner for the Endurance.
Combine the lack of partners with production delays from January to mid-April and what Lordstown calls an “extremely limited ability to raise capital,” and the path to continued production of the Endurance becomes quite uncertain.
Lordstown created the Endurance with four in-wheel hub motors they said would reduce the number of moving parts and improve vehicle control. Other specs listed on Lordstown’s website include a peak power of 550 horsepower, a top speed of 118 miles per hour, a battery capacity of 109 kilowatt-hours and an EPA-estimated range of 174 miles.