Sunday, June 23, 2024
NewsLordstown Motors Working on a New Program After Having Delivered 6 Trucks

Lordstown Motors Working on a New Program After Having Delivered 6 Trucks

Lordstown Motors has paused production after only six trucks have reached their buyers.

  • The startup is in a difficult financial situation.

  • Reports say only six units of the Endurance electric pickup have reached their buyers since November.

  • The company is working on a new EV project which it claims will help it reach profitability.

The electric pickup truck market is very popular at the moment in the United States, but this doesn’t seem to have helped Lordstown Motors, which has only delivered six units of its Endurance pickup.

Start-up automakers always begin by losing very large sums of money every month, often taking years to turn a profit, but in the case of Lordstown Motors, things are looking even worse.

Indeed, the company started producing its Endurance electric pickup back in November and yet, reports say only three trucks left the factory in 2022 and three more were dispatched in the two months since.

Even worse, the factory is currently paused and the company is faced with a recall that affects these six trucks in addition to an unspecified number of units that have yet to be delivered.

This number could actually be fairly large since the automaker said 500 trucks were ready for shipping late last year, but even then, only about 40 pickups were actually ready at the time.

Despite this, Lordstown Motors is optimistic and it claims the new electric vehicle project it is working on will help it reach profitability.

This is not a certainty, however since even the better-established start-up companies such as Rivian and Lucid Motors are running into difficulties that can threaten their existence.

Let’s not forget either that even Tesla struggled for a long time before being widely considered viable.

In fact, Lordstown Motors would have closed shop a long time ago if Foxconn, maker of the iPhone, hadn’t invested massively in the small company and actually bought out its factory.

Time will tell if Lordstown is able to issue a fix for its recall and bring production back online in the coming weeks or months.

Source: InsideEVs


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