Foxconn will buy the car plant of the electric car start-up Lordstown Motors in Lordstown in the US state of Ohio. This is provided for in an agreement in principle that has now been concluded between the two sides. Foxconn will then take over the production of the electric pickup truck Endurance for Lordstown Motors.
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The financially troubled electric car start-up Lordstown Motors has appointed a new CEO, Daniel Ninivaggi. Previously, Steve Burns had stepped down as CEO and Julio Rodriguez as CFO.
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The financially troubled electric car start-up Lordstown Motors has a new idea to raise fresh capital: The company could share its production facility with other carmakers.
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It is official – Lordstown Motors is at risk of bankruptcy and said as much in the latest filing to the US Securities and Exchange Commission SEC. The company now has “substantial doubt” about staying in business over the next twelve months, not to mention producing the Endurance electric pickup truck.
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Lordstown Motors plans to start production of its all-electric Endurance pickup truck in September, but has so far given no indication of the intended production volume. Now Lordstown CEO Steve Burns has announced that the company needs additional capital.
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The US startup Lordstown Motors wanted to demonstrate the capabilities of its future all-electric Endurance pickup truck at a desert race in Mexico, but the plan went awry due to energy management issues.
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Lordstown Motors plans to start production of its all-electric Endurance pickup truck in September this year. Lordstown has just signed a multi-year contract with LG Energy Solution to supply battery cells.
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Another lawsuit of electric carmaker against carmaker has made it to the US courts. Karma Automotive filed a federal lawsuit against Lordstown Motors, accusing the Ohio company of theft of intellectual property, breach of contract and poaching. It is not the design this time though but pure Infotainment.
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Lordstown Motors plans to go public on the US stock exchange Nasdaq through a merger with the investment company DiamondPeak Holdings. It is not the only American EV startup with such plans.
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Lordstown Motors has now officially introduced its all-electric pickup truck. The Lordstown Endurance has an electric motor on each wheel, an output of 447 kW and prices start at $52,500 US. However, even the prototype leaves several questions unanswered.
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On June 22, the configurator for the all-electric compact crossover Ford Mustang Mach-E is to be activated and thus reservations can be converted into orders. At the same time, the US startup Lordstown Motors has announced the presentation of its Endurance electric pickup truck for the same day.
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For its planned e-pickup truck Endurance, the US startup Lordstown Motors relies on wheel hub motors from the drive specialist Elaphe Propulsion Technologies. Lordstown wants to produce the dedicated technology themselves.
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The US-American startup Lordstown Motors is hoping for a 200 million dollar loan from the US Department of Energy’s Advanced Technology Vehicles Manufacturing program, from which Tesla, among others, has benefited from in the past. A drivable prototype of the electric pickup will be presented in June.
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