YOUNGSTOWN, Ohio — In what has been a rocky year for the electric truck startup, Lordstown Motors announced on Wednesday plans to begin limited production of the Endurance in September.
The company owns the 6.2 million square foot Lordstown Assembly Plant which was previously operated by General Motors.
In January, the company announced it had 100,000 non-binding preorders for the Endurance. The electric trucks were slated to go for a selling price of $45,000 after federal rebates. The company also saw a surge in its value after the Biden administration announced its “Buy American” plan, which included replacing the federal fleet with electric automobiles.
Following the announcement, the company experienced some turbulence in getting its finances in order. The company said on Wednesday that it experienced a $108 million loss in the second quarter of 2021.
In June, Lordstown Motors announced it received a delinquency notice from NASDAQ for not filing its first-quarter report in a timely manner. Also in June, the Lordstown’s CEO and CFO stepped down.
Since then, Lordstown Motors announced it has secured an equity purchase agreement for access to $400 million in capital.
“We are also evaluating potential strategic partners, with multiple industry participants recognizing the tremendous advantages available to them from utilizing our well situated, 6.2 million square foot manufacturing plant and 650 acre campus,” Lordstown Motors’ Executive Chairwoman Angela Strand said. “The size and scope of our facility is such that we could easily accommodate additional manufacturing partners while still affording us the ability to build a successful Endurance program and leverage its skateboard for additional models in the years ahead.”
