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Lordstown (RIDE) files for bankruptcy with Endurance electric truck assets up for sale

Lordstown-bankruptcy

EV startup Lordstown Motors (RIDE) filed for bankruptcy on Tuesday. Lordstown is also suing Foxconn after the companies failed to find common ground over a promised investment to keep the EV startup afloat.

Thus, the fate of the Endurance electric truck is again up in the air as the company plans to sell off its assets.

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Lordstown’s Endurance EV pickup may be a pipe dream after all, as Foxconn deal falls through

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EV start-up Lordstown (RIDE) just hit another major hurdle in its journey to bring the Endurance electric pickup to market. According to an SEC filing on Monday, Lordstown may be facing bankruptcy after Foxconn, which has been a lifeline for the company thus far, signaled an end to their investment agreement.

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Lordstown (RIDE) sold 3 Endurance EV trucks in Q4, says new EV program in the works

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Lordstown Motors (RIDE) Endurance EV pickup sales began in Q4, with the company selling not one, not two, but three vehicles in the fourth quarter of 2022. Although Lordstown beat the Tesla Cybertruck to market, the EV startup faces more financial woes with widening losses in Q4 and an ongoing production halt.

Meanwhile, Lordstown says it’s progressing on a new EV program with Foxconn.

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Lordstown halts Endurance electric truck production amid recall for quality issues

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Ohio-based EV manufacturer Lordstown Motors (RIDE) has hit another roadblock in its quest to bring its Endurance electric pickup to market. After several years of waiting, Lordstown says Endurance EV buyers will have to wait a little longer after announcing it will pause production amid a voluntary recall.

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Foxconn is investing another $70 million in Ohio’s Lordstown Motors to pursue revamped ‘EV program’

Lordstown EV

Global tech company Foxconn has announced it will invest at least another $70 million and up to $170 million total in EV startup Lordstown Motors. Foxconn’s $70M investment in Common Stock shares of Lordstown will help the company with its corporate strategy, while the two parties are shifting their previously announced $100 million joint venture into a Preferred Stock investment that will fund a “new EV program” run within Lordstown Motors instead.

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Lordstown Motors kicks off Endurance electric pickup production ahead of sales in Q4

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After a tumultuous four-year journey to this point, Lordstown Motors has announced it has finally reached that pivotal moment in any flagship EV lifecycle, the start of commercial production. The American EV automaker shared that it has already completed two production-ready Endurance pickups as part of a slow ramp up in Lordstown, Ohio toward 500 units that will begin sales next quarter.

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Lordstown Motors closes sale of plant to Foxconn for $230M in much needed cash

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Back in an unassuming corner near the exit of the ACT Expo at the Long Beach convention center sits a black Lordstown Motors Endurance pickup. As at least two ACT attendees asked questions about the prototype, its manufacturers were publicly announcing the official sale of its assembly plant. Lordstown Motors has officially closed its deal with Foxconn, who will now build the former’s Endurance pickup under a new joint venture (JV) and manufacturing contract.

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Rivian, Volvo, and 56 others urge Michigan governor to support electric trucks and buses

Rivian Michigan

The Electrification Coalition delivered a letter to Michigan Governor Gretchen Whitmer Wednesday, backed by 58 businesses, including Rivian, Volvo, EVgo, and Arrival, to name a few. The letter urges the governor to join the Multi-State Medium- and Heavy-Duty Zero Emission Vehicle Memorandum of Understanding, which would expedite the electrification of trucks and buses throughout the state.

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Lordstown Motors exits San Felipe 250 early, underestimates energy usage

Lordstown Motors San Felipe

Lordstown Motors recently entered its electric Endurance pickup truck in the SCORE San Felipe 250 race, only to have to drop out after stage one. Although the Endurance truck and its components withstood the elements, the Lordstown team admitted its pre-race estimates for energy consumption were wrong, and the EV prototype would likely not make it through stage two.

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