The Lordstown Endurance has been delayed from Q2 2022 to Q3 2022 due to supply chain problems and material shortages. The company has also finalized a deal to sell Foxconn its Ohio factory for $230 million.
Lordstown Motors’ journey has been tumultuous, to say the least. The Lordstown Endurance was originally expected to start production in 2020. That didn’t happen.
Earlier this year, Hindenburg Research released a report that accused Lordstown Motors of fraud. This included an accusation of exaggerated truck demand, as well as a falsified ability to actually build their trucks.
This was later proven true.
Things started to look even worse when Lordstown’s founder, Steve Burns, and Lordstown’s CFO, Julio Rodriguez, resigned in June.
Lordstown Endurance fans must endure a longer wait
Though they aren’t the most stable company, there is definitely a crowd that is looking forward to the upcoming Lordstown Endurance.
Those people, however, will have to wait a bit longer to see it on the streets.
According to their latest Q3 financial results release, they will not be able to start commercial production and deliveries in the second quarter of 2022.
Instead, they expect “that commercial production and deliveries of the Endurance will begin in the third quarter of 2022.”
Taiwan’s Foxconn trots over to America
Lordstown motors also announced on Thursday that they have finalized their agreement with Foxconn.
Foxconn finished a $50 million stock deal with Lordstown, and will be paying the EV startup $230 million over the coming months.
We are thrilled to have signed a strategic partnership with a company as innovative and forward-thinking as Foxconn. I believe in their EV strategy and look forward to substantial collaboration in the future. https://t.co/QNrziJd1Pd https://t.co/TFIxKXKAjr
— Dan Ninivaggi (@NinivaggiDan) November 12, 2021
Moving forward, Foxconn also has an agreement with Lordstown Motors to help them build their Endurance trucks.