The EV start-up company apparently came to this conclusion last month and is only now making the announcement official.
Lordstown purchased GM’s old factory in Ohio and was to build the Endurance pickup there.
Lordstown Motors isn’t facing its first difficulties since they first purchased GM’s manufacturing complex in Lordstown, Ohio in late 2019. Most recently, back in March, an investigation found that the EV truck company had mislead investors into thinking that they accumulated over 100,000 pre-orders for the Endurance. Now, they’re almost out of cash.
And cash is what they need if they are to actually build their highly-touted 600 horsepower, 2,000 lb.-ft. of torque, quad-motor, robust, and capable pickup. Batteries were to be sourced from LG Chem and provide roughly 250 miles (400 km) of range.
The company went public last year, as reported by The New York Times (subscription required), and through a merger, had more than $629 million in cash. By the end of last March, that sum had dropped to $587 million. This was likely what prompted Lordstown to say that only half of its initial run of Endurance trucks will be built.
At that time, production was said to start in September however, Lordstown has recently said that there was “substantial doubt regarding our ability to continue as a going concern.”