Lordstown Motors Corp (NASDAQ: RIDE) on Thursday said it expects the production of its Endurance electric full-size pickup truck to stop "in the near future" given the lack of investment and production delays.
What Happened: Production of Endurance - Lordstown's flagship vehicle - may cease soon, the company said in a filing on Thursday.
"Due to the production delays from early January to mid-April 2023, the failure to identify a strategic partner for the Endurance, and extremely limited ability to raise capital in the current market environment, we anticipate production of the Endurance will cease in the near future," it said.
The company is seeking strategic partners to scale the program but noted that its ability to obtain additional financing is "extremely limited."
Why It Matters: The struggling automaker started commercial production of Endurance in 2022 third quarter and completed the assembly of the first two Endurance vehicles in September. The company was intending to build an initial batch of 500 Endurance vehicles this year.
Lordstown Motors CEO and President Edward Hightower said in March that the company may pause production until a partner is identified owing to the high manufacturing cost of the vehicle.
Earlier this week, Lordstown warned that it might have to file bankruptcy after Hon Hai Precision Industry Co Ltd (OTC: HNHPF) affiliate Foxconn Ventures Pte Ltd sought to withdraw from an agreement for a $170 million investment.