A sign outside the Lordstown Motors Corporation headquarters in Lordstown, Ohio, Saturday, May 15, 2021.
Dustin Franz | Bloomberg | Bloomberg | Getty Images
rosetown motors said Monday it still has more than $220 million in cash at the end of 2022, but also faces ongoing challenges as production of the Endurance electric pickup has halted after just six deliveries. regardless of,
Shares fell almost 10% in Monday afternoon trading following the news.
Rosetown Delivery of first EV begins, Endurance Pickup Truck, Nov. By the end of February, it had built about 40 trucks and delivered six to customers. However, the company announced on February 23, Suspension of endurance production To address performance and quality issues, 19 trucks were recalled to repair faulty electrical connections that could cause the motors to stop suddenly while driving.
As of December 31, Lordstown had $221.7 million in cash and short-term investments on hand.
Key numbers for the fourth quarter from Lordstown include: earnings report:
- Loss per share: 45 cents per share compared to a loss of 42 cents per share in Q4 2021.
- Income: approximately $194,000. Rosetown had no income in the prior-year period.
The company’s net loss widened to $102.3 million from $81.2 million a year earlier. Lordstown delivered three of his Endurance pickups to customers in the fourth quarter.
The Ohio-based startup is working with a Taiwanese contract manufacturer to begin pivoting into a new electric vehicle program Foxconnwhich Buy Rosetown Factory And last year, it invested in the startup in a deal ultimately worth up to $170 million if all milestones are met.
Lordstown said Foxconn has invested $52 million so far, of which $30 million has been allocated to the new EV platform. Electric car.
Lordstown said the following platform and vehicle programs are “keys” to its long-term strategy.
“Our asset-light business model and collaboration with the Foxconn EV ecosystem, including MIH, allows Lordstown Motors to create superior EVs that are tailored to the needs of our customers for a variety of work applications while simultaneously You get a cost advantage at scale,” CEO Edward Hightower said in a statement.
https://www.cnbc.com/2023/03/06/lordstown-motors-ride-q4-2022-results-deliveries.html Lordstown Motors (RIDE) Q4 2022 Results, EV Deliveries, Cash