Lordstown Motors holds investors call amid SEC inquiry

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The company said it is still on track for production to start in September

LORDSTOWN, Ohio (WKBN) – Lordstown Motors Wednesday held an investors conference call to let people know how the company expects to progress over the next year.

The call was led by Lordstown Motors CEO Steve Burns, who said that the company will likely end the year with a loss of between $275 and $290 million dollars. That, after reporting a loss last year of $101 million. Other than that, Burns was optimistic about what would be happening over the next year.

“There are more than 30 million light-duty pickup trucks on the road, currently, and we see no reason why the vast majority of those trucks shouldn’t be electric, over time,” Burns said.

Before Wednesday’s conference call, Lordstown Motors released a video on its social media feeds of robots, left by General Motors, welding the body of what will eventually be the Endurance pickup. Burns also talked about what comes next–a prototype of which should be out this summer.

“Our next vehicle will be an all-electric, 4-wheel drive high-top van with a target range of about 350 miles,” Burns said.

On Monday, we toured a section of the Lordstown Motors plant, getting an up-close look at the Endurance body. Burns says he expects most sales to be in the Midwest, initially, but he’s also banking on California.

“To that end, we recently obtained a first dealer license to sell direct to California. We also opened our first sales and service center in Irvine, California,” Burns said.

He said using the former GM plant to make vehicles has sped up the timeline for getting the pickups to market. There are customers ready to buy them.

“With the beta production underway, we are able to obtain more substantial levels of commitment from our prospective customers. We are extremely excited to already have arrangements with fleet management companies relating to 20,000 of our Endurance trucks,” Burns said.

Burns expects to spend from $250 to $270 million in capital expenditures as Lordstown Motors expands production to 60,000 vehicles a year.

“Our mission is to bring to market the first full-size electric pickup truck and deliver on our commitment to sustainability in the automotive landscape. Lordstown is laser-focused on beginning mass production of the Endurance using our innovative and disruptive technologies,” said Lordstown Motors CEO Steve Burns.

Burns also said that Lordstown Motors plans to enter its Endurance Pick up into a race that’s part of the World Desert Championship Series. It’ll be a 290-mile race on April 17 in Baja California, Mexico. He wants to prove the durability of the truck.

Also on Wednesday, national media was reporting that Lordstown Motor Corp. received a request for information from the U.S. Securities and Exchange Commission (SEC) regarding a report by shortseller Hindenburg Research. The company is cooperating with the SEC.

Listen to highlights from the investors call below:

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