Lordstown Endurance™ Pickup Truck Achieves Full Homologation; EPA and CARB Certification Received; First Customer Vehicles Leaving Foxconn EV Ohio Plant for Delivery
November 29 2022 - 6:30AM
Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the
“Company”), an original equipment manufacturer (“OEM”) of electric
light duty vehicles focused on the commercial fleet market, today
announced:
- Lordstown EnduranceTM full-size
battery-electric pickup truck has achieved full homologation, a key
condition to start sales
- EPA and CARB certification has been
received
- FMVSS crash and non-crash testing
successfully completed
- First customer vehicles leaving the
Foxconn EV Ohio plant for delivery
- EnduranceTM advanced to finalist in
the North American Truck of the Year competition
Executive Commentary
Lordstown Motors is pleased to announce that our EnduranceTM
full-size battery electric pickup truck has achieved full
homologation. Certification has been received from both the EPA and
CARB. These were the key conditions to start customer sales. The
first units, of our initial batch of 500, are leaving the Foxconn
EV Ohio plant for customer delivery. As disclosed earlier,
production volume will ramp slowly and accelerate as we resolve
supply chain constraints.
“I am very proud of the Lordstown Motors and Foxconn EV Ohio
team for their hard work, grit, and tenacity in achieving this
milestone. We are very excited to start delivering vehicles to our
commercial fleet customers. The EnduranceTM will provide benefits
to customers that use their vehicles for work. It optimizes key
attributes of traction and maneuverability - with our in-wheel hub
motors, safety - with our five-star crash performance, and value in
the segment,” said Edward Hightower, Lordstown CEO and
President.
We are also excited to have advanced as a finalist in the North
American Truck of the Year competition. We look forward to the
judges’ announcement of the winner in January.
About Lordstown Motors Corp.
Lordstown Motors is an electric vehicle (EV) OEM developing
innovative light duty commercial fleet vehicles, with the Endurance
all electric pickup truck as its first vehicle and being launched
in the Foxconn EV plant in Lordstown, Ohio. Lordstown Motors has
engineering, research and development facilities in Farmington
Hills, Michigan and Irvine, California. For additional information
visit www.lordstownmotors.com.
Forward Looking Statements
This press release includes forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as "feel," "believes," "expects,"
"estimates," "projects," "intends," "should," "is to be," or the
negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein due to many factors, including, but not
limited to: the need to raise substantial additional capital to
execute our business plan, achieve our production targets for the
Endurance, achieve scaled production of the Endurance, develop
additional vehicles, to continue ongoing operations and remain a
going concern, and our ability to raise such funding including
under current arrangements on a reasonable timeline and with
suitable terms; the cost and other impacts of contingent
liabilities such as litigation, regulatory proceedings,
investigations, stockholder letters and claims and availability of
insurance coverage and/or adverse publicity with respect to these
matters, which may have a material adverse effect, whether or not
successful or valid, on our liquidity position, market price of our
stock, cash projections, business prospects and ability and
timeframe to obtain financing; our limited operating history and
our ability to execute our business plan, including through our
expanding relationship with Foxconn; our ability to raise
sufficient capital in order to invest in the tooling that we expect
will enable us to eventually lower the Endurance bill of materials
cost, continue design enhancements of the Endurance and fund future
vehicles that we may develop; the rollout of our business and the
timing of expected business milestones, including the ability to
ensure the completion of tooling, to establish and maintain
appropriate supplier relationships, and to continue ramp up of
commercial production (which is currently expected to be slow) and
start delivery of the Endurance in accordance with our projected
timeline; our ability to successfully identify and implement
actions that will lower the Endurance bill of materials cost;
supply chain disruptions, inflation and the potential inability to
source essential components and raw materials, including on a
timely basis or at acceptable cost, and their consequences on
production, sales and other activities; our ability to obtain
binding purchase orders and build customer relationships; the risk
that our technology, including our hub motors, does not perform as
expected and our overall ability to deliver on the expectations of
customers with respect to the pricing, performance, quality,
reliability, safety and efficiency of the Endurance and to provide
the levels of warranty coverage, service and support that they will
require; our ability to conduct business using a direct sales
model, rather than through a dealer network used by most other
OEMs; the effects of competition on our ability to market and sell
vehicles; our inability to retain key personnel and to hire
additional personnel; the ability to protect our intellectual
property rights; the failure to obtain required regulatory
approvals; changes in laws or regulatory requirements or new or
different interpretations of existing law; changes in governmental
incentives and fuel and energy prices; the impact of health
epidemics, including the COVID-19 pandemic, on our business;
cybersecurity breaches and threats and compliance with privacy and
data protection laws; failure to timely implement and maintain
adequate financial, information technology and management processes
and controls and procedures; our ability to remain in compliance
with our existing financial obligations; and the possibility that
we may be adversely affected by other economic, geopolitical,
business and/or competitive factors, including rising interest
rates and the direct and indirect effects of the war in
Ukraine.
In addition, the transactions we entered into with Foxconn are
subject to risks and uncertainties. No assurances can be given that
we will successfully implement or that we will realize the
anticipated benefits from these transactions with Foxconn,
including the contract manufacturing agreement, funding
arrangements and development plans. If we are unable to develop new
vehicles for ourselves and potentially other customers, our
business prospects, results of operations and financial condition
may be adversely affected. If we are unable to maintain our
relationship with Foxconn or effectively manage outsourcing the
production of the Endurance to Foxconn, we may be unable to ensure
continuity, quality, and compliance with our design specifications
or applicable laws and regulations, which may ultimately disrupt
and have a negative effect on our production and operations.
We will need additional funding and will seek strategic
partnerships to execute our business plan and to achieve scaled
production of the Endurance and development of other vehicles.
There can be no assurance that such financing or partnerships would
be available to us on favorable terms or at all, due to several
factors, including market and economic conditions, the significant
amount of capital required, the fact that our bill of materials
cost is currently, and expected to continue to be, substantially
higher than our anticipated selling price, uncertainty surrounding
regulatory approval and the performance of the vehicle, meaningful
exposure to material losses related to ongoing litigation and the
SEC investigation, our performance and investor sentiment with
respect to us and our business and industry. Additional information
on potential factors that could affect the financial results of the
Company and its forward-looking statements is included in its most
recent Form 10-K and subsequent filings with the Securities and
Exchange Commission. All forward-looking statements are qualified
in their entirety by this cautionary statement. Any forward-looking
statements speak only as of the date on which they are made, and
Lordstown Motors undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this release.
Contacts:InvestorsCarter DriscollIR@lordstownmotors.com
MediaColleen Robarcrobar@robarpr.com313-207-5960
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