Lordstown Motors reports quarterly loss

Local News

The first quarter report included a $125 million loss

LORDSTOWN, Ohio (WKBN) – Lordstown Motors reported another quarterly loss Monday but also stated that it still plans to start production in late September and deliver vehicles late in the fourth quarter.

The first quarter report included a $125 million loss.

The retooling of the Lordstown plant is nearly complete and phase one of the battery line has been installed. Crash testing of the Endurance pick-up is continuing.

There have been COVID-related issues including increased costs for parts, equipment and shipping. Because of this, Lordstown Motors CEO Steve Burns said production this year will be 50 percent of the company’s prior expectations.

“Our ability to produce enough vehicles to satisfy our expected market demand depends on many variables such as suppliers and passing all required regulatory hurdles. Also, our access to capital,” he said.

Burns also said the Endurance has passed all of its tests so far on the first try and he’s confident the vehicle will get a 5-star rating.

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