LORDSTOWN, Ohio (WKBN) – Lordstown Motors released its quarterly earnings Thursday. Losses were down, but production is still a challenge.
Commercial production and deliveries have been delayed until the third quarter of 2022. That means it will be until at least after June before the vehicle gets on the road.
The company recorded a $95.8 million loss for the third quarter, but that’s better than $108 million the second quarter, and it reported cash on hand of $233.8 million as of Oct. 30, 2021. In addition, the company will get its first payment next week for selling the plant as part of the Foxconn deal. That will be $100 million.
CEO Daniel Ninnivaggi expressed frustration with the production delay, but called it a modest one.
“It’s not all about Foxconn. We know we have to get that truck out. Been a challenging fourth quarter with material shortages, supply chain disruptions, particularly from international sourcing, but we are doing everything we can to mitigate it and you have our commitment that we are doing everything possible to get the truck out on our revised schedule,” Ninnivaggi said.
According to the report, vehicles will most likely be ready for testing in early 2022 and ready for the safety certifications they will need. Ninivaggi said the battery line is operating and the while the hub line is not yet commissioned, it is producing motors for the pre-production build.
He also talked about an agreement with Cox Automotive to provide support to all Endurance products including maintenance and roadside assistance.
Lordstown Motors stock was up 23% Thursday on the heels of the Foxconn deal Wednesday, but already investors were not liking what they heard Thursday, with after hours trading down 11%, as of the time of this report.