LORDSTOWN, Ohio (WKBN) – Lordstown Motors released its second quarter earning report later Wednesday afternoon. The company is still losing money, though 13% less than the first quarter. It still plans to start making electric trucks next month.
On June 22, First News toured the Lordstown Motors plant. Reporter/anchor Stan Boney even got a ride in a Lordstown Motors Endurance.
Since then, Lordstown Motors officials have been quiet, until Wednesday.
“We are committed to our values of teamwork, technology and transparency,” said Angela Strand, Lordstown Motors CEO.
Strand is the new CEO and led the second quarter earnings report. Trucks will start being made next month.
“We are on track to begin limited production at the end of September and complete vehicle validation and regulatory approval in December to January,” she said.
No one from Lordstown Motors would say how many trucks will be made initially, or which companies would be buying them.
The company did report a second quarter loss of $108 million, and that expenses have exceeded the prior management’s expectations. They also reported that it’s secured an equity purchase agreement for access to $400 million in capital.
“The agreement was the first of what we believe will be several steps to ensure that the company has the financing it needs to succeed to profitability,” Strand said.
Strand also acknowledged the competition in the electric vehicle truck market is intensifying, but she says there will be room for Lordstown Motors.
“The commercial fleet segment one where we have every reason to believe Lordstown’s Endurance can succeed in a big way,” Stand said. “And while there are already competitors, including big brands, the EV Pickup market is so underserved that there is plenty of room for all.”
Strand also said Wednesday the focus of Lordstown Motors continues to be the commercial fleet market, strategically targeting delivery trucks and military vehicles.
It also plans to make money by licensing the technology of its batteries, hub motors and skateboard platform.