Lordstown Motors says it still has $220 million in cash as it grapples with production issues and an EV pivot
Publishing timestamp: 2023-03-06 16:01:14
Summary
Lordstown Motors reported that it still had over $220 million in cash at the end of 2022, despite halting production of its Endurance electric pickup after just six were delivered. The company is now beginning to pivot to a new electric vehicle program in collaboration with Taiwanese contract manufacturer Foxconn. Foxconn has so far invested $52 million, of which $30 million is earmarked for the new EV platform.
Sentiment: NEUTRAL
Keywords: electric vehicles, technology, earnings, climate, business news, business, lordstown motors corp, transportation,
Source: https://www.cnbc.com/2023/03/06/lordstown-motors-ride-q4-2022-results-deliveries.html