Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event.
Michael Wayland / CNBC
Lordstown Motors expects to end production of its Endurance pickup truck “in the near future,” as the embattled EV startup runs out of cash and seeks additional capital.
The comments, part of an unannounced Thursday quarterly earnings filing, come three days after the Ohio-based company said it may go bankrupt if a previously announced deal with contract manufacturer Foxconn falls through.
“To date, we have not identified a strategic partner for the Endurance. To the extent we do not identify such a partner, we anticipate that production of the Endurance will cease in the near future,” the once-promising company said in the filing.
Foxconn, a Taiwanese maker of Apple iPhones and other products, last month alleged that Lordstown was in breach of an investment deal because its stock had fallen under $1 per share for 30 consecutive trading days, triggering a delisting notice from NASDAQ.
Lordstown said Thursday its net loss widened to $171.1 million in the first quarter, compared with a loss of $89.6 million a year earlier. The company said it had cash and cash equivalents of just $108.1 million as of March 31, down 11% to begin the year.
Shares of the company were largely unimpacted by the Thursday filing, however, the stock hit an all-time low of 25 cents per share on Monday.
This is a developing story. Please check back for additional updates.
