“The Endurance will present advantages to clients that use their autos for work. It optimizes key attributes of traction and maneuverability … with our in-wheel hub motors … [and] security … with our five-star crash efficiency … [as well as] worth within the section,” mentioned Lordstown CEO Edward Hightower in a press release.
Lordstown Motors has survived a number of hurdles to place itself to ship its first electrical vehicles.
The corporate acquired its Lordstown manufacturing facility from Normal Motors in late 2019. GM had closed the ability and was in search of one other producer to relaunch manufacturing on the web site.
Lordstown then turned a publicly traded firm by way of a reverse-merger take care of a particular objective acquisition firm and was listed on the NASDAQ in October 2020. Quickly afterward, Lordstown was beset by manufacturing, provide chain and monetary points amid the worldwide COVID-19 pandemic.
The corporate turned the goal of a Securities and Alternate Fee investigation in 2021 after Hindenburg Analysis accused Lordstown of deceptive buyers concerning the power of its truck pre-orders. Hindenburg makes a speciality of brief gross sales — funding bets that an organization’s share worth will fall. Its findings led Lordstown founder and former CEO Steve Burns to resign from the corporate.
Final yr, Lordstown bought the manufacturing facility to Foxconn for $280 million.
The contract producer agreed to take over manufacturing the Endurance pickup and mentioned it’ll produce EVs for different producers on the plant. Foxconn can be making Fisker’s electrical Pear utility car and Monarch’s electrical tractor on the Lordstown plant.
Foxconn is in talks with Volkswagen to construct Scout autos because the German automaker revives the previous Worldwide Harvester model within the U.S., Automotive Information affiliate Automobilwoche reported Tuesday. It’s unclear whether or not Foxconn will construct Scouts on the Lordstown manufacturing facility or elsewhere.
Final month Foxconn unveiled two new EV prototypes highlighting its ambitions to turn out to be a serious automobile producer, replicating its success in electronics meeting as Apple’s largest manufacturing companion. A partnership with VW may imply a serious breakthrough for Foxconn.
Lordstown Motors and Foxconn are pursuing a $200 million U.S. Power Division mortgage to assist pay prices for retooling the manufacturing facility to construct electrical vehicles.