Lordstown Motors delays electric pickup launch again
Endurance pushed to Q3 of 2022
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Lordstown Motors investors will have to endure a little longer.
The Endurance features all-wheel-drive via four electric motors. (Lordstown Motors/Lisa Acierno/Handout via REUTERS)
The Ohio-based startup has pushed the launch of its Endurance electric pickup from Q2 to Q3 of 2022.
The commercial truck was previously scheduled to enter production sometime in 2021 before financing and supply chain issues hampered its development.
"We're focused on the Endurance. We know we have to get that truck out. It's been a challenging quarter with raw material shortages, parts shortages, supply-chain disruptions, particularly from international sourcing, but we're doing everything we can to mitigate it," chief executive Daniel Ninivaggi said during a conference call discussing the quarterly report, according to Reuters.
Shares were down in pre-market trading Friday after spiking over 20% ahead of the earnings report as investors boosted many electric vehicle brands on the back of the strong performance of Rivian's IPO.
News of the delay comes after Lordstown confirmed the $230 million sale of its factory to Foxconn, with which it will also develop a line of electric vehicles using a platform being developed by the Taiwanese technology firm.
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Foxconn plans to use the facility to build a $30,000 vehicle called the PEAR that is being designed by California's Fisker.
Lordstown is aiming to complete 100 pre-production Endurance trucks by the end of 2021 for validation testing.