DETROIT — Lordstown Motors on Thursday delayed subsequent yr’s launch of its Endurance electric pickup truck by 1 / 4, citing components and supplies shortages and different supply-chain points, sending shares down 11% in after-hours buying and selling.
The Ohio-based electric vehicle startup, whereas reporting its third-quarter outcomes, mentioned it could now start manufacturing and deliveries within the third quarter of 2022, reasonably than within the second quarter that it forecast in August.
“We’re centered on the Endurance. We all know we’ve to get that truck out. It has been a difficult quarter with uncooked materials shortages, components shortages, supply-chain disruptions, significantly from worldwide sourcing, however we’re doing all the things we are able to to mitigate it,” Chief Govt Daniel Ninivaggi mentioned on a convention name.
He additionally cited delayed semiconductor shipments which have dogged your complete auto business.
“We’ll do all the things attainable to get the truck out on our revised schedule,” Ninivaggi added.
Lordstown has struggled with the launch of the Endurance and undesirable consideration since a brief vendor in March accused the corporate of deceptive buyers.
Its earlier CEO, Steve Burns, subsequently resigned. The corporate nonetheless faces investigations by federal prosecutors in Manhattan and the U.S. Securities and Change Fee associated to automobile pre-orders and Lordstown’s deal to go public by way of a reverse merger with a blank-check agency.
A day after asserting it had finalized a deal for Taiwan’s Foxconn Expertise Co Ltd to purchase Lordstown’s plant in northeast Ohio for $230 million and take over manufacturing of the Endurance, Lordstown mentioned on Thursday it additionally signed a memorandum of understanding with Cox Automotive.
Cox will present fleet customer support and assist for Lordstown’s EVs, together with upkeep, automobile pickup and supply, battery servicing, repairs and roadside help, Ninivaggi mentioned.
Underneath the Foxconn deal, the businesses will pursue a joint-venture settlement to develop autos for the worldwide business fleet utilizing Foxconn’s MIH automobile platform. Ninivaggi mentioned on Thursday that Lordstown is engaged on design concepts off that platform that embrace a commercial van.
Ninivaggi additionally mentioned wheel-mounted “hub” motors, that are used within the Endurance, is not going to be utilized in each automobile the corporate develops.
On Thursday, Lordstown reported a third-quarter web lack of $95.8 million, or 54 cents a share. Analysts had anticipated a lack of 59 cents a share.
Firm executives mentioned they aren’t offering a monetary forecast for 2022 presently, and Lordstown is anticipated to finish the yr with money balances between $150 million and $180 million, together with the anticipated preliminary cost of $100 million from Foxconn.
