Lordstown blames COVID and higher-than-expected costs.
The Endurance is a fully electric pickup.
Full production is planned for September.
The most recent news surrounding Lordstown Motors, an EV start-up company, revealed that things are not what they seem. In brief, pre-order numbers for the Endurance may have been exaggerated in order to ramp up investments. Their actions may have backfired as they are once again looking for capital.
The Lordstown Endurance electric pickup was officially revealed about a year ago. The vehicle was very promising and interest was very strong, or so it seemed.
Report Finds That Lordstown Might Not Be Entirely Honest About What It’s Up To
Despite questionable practices, Lordstown is still on track to produce the Endurance. “We are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans,” CEO Steve Burns said in a statement shared by Automotive News (subscription required). “We believe we have several opportunities to raise capital in various forms and have begun those discussions.”
Without this capital, Lordstown believes that it will barely manage to build half of its planned initial run of Endurance. At the moment, pre-production vehicle builds slated for July while production is expected to begin in September.