It’s no secret that Lordstown Motors is in trouble. On Monday we learned that Lordstown almost went bankrupt when it fought Foxconn over money. The other part of the problem is that you can’t run a successful company without a product to sell, and so far, Lordstown has Only 40 Endurance electric pickups can be built. So things go bad, and obviously, they’re not likely to get better.
In case you lost it:
CNBC report that yesterday, as part of an unscheduled quarterly filing, Lordstown said it expects that it will have to stop production of Endurance unless someone wants to give them more money. And unfortunately for Lordstown, it doesn’t seem like anyone wants to give extra money to a company that has only built 40 trucks.
“So far, we have not identified a strategic partner for Endurance. To the extent we have not identified such a partner, we anticipate that Endurance production will cease in the near future,” the company said in its filing.
Lordstown is said to be still in discussions with Foxconn about further investments, but it seems the iPhone maker Apple is not interested in providing more cash for the electric truck startup. And the chances of anyone else giving Lordstown more money are also low, with Lordstown reportedly citing “extremely limited fundraising capacity in the current market environment” in its filing.
Odds are, this is close to the end of the road to Lordstown. If it stopped making a truck it barely made in the first place, that would sound like inevitable, at least. But you never know. Miracles happen. Faraday Future is still around somehow. Maybe a random billionaire will decide to burn some money for fun. Maybe Lordstown has a few months, or a few years.
