Lordstown Motors (NASDAQ:RIDE) said Monday that it still has over $220 million in cash, despite ongoing challenges that halted production of its Endurance electric pickup after just three were delivered to customers before the end of 2022.
Lordstown began deliveries of its first EV, the Endurance pickup truck, in November. But the company said last month that it had halted production to address performance and quality issues, and that it recalled 19 of the trucks to repair a faulty electrical connection that could stop the motors abruptly while driving.
As of Dec. 31, Lordstown had $221.7 million in cash and short-term investments on hand.
Fourth-quarter loss per share proved to be 45 cents, versus a loss of 42 cents per share in the fourth quarter of 2021.
Revenue was about $194,000. Lordstown had no revenue in the year-ago period.
The Ohio-based startup is beginning a pivot to a new electric vehicle program in collaboration with Taiwanese contract-manufacturer Foxconn, which bought Lordstown’s plant and invested in the startup last year in a deal that could eventually be worth up to $170 million if all milestones are hit.
Lordstown said that Foxconn has so far invested $52 million, of which $30 million is earmarked for a new EV platform, which will incorporate components and engineering developed by the Mobility in Harmony Consortium (MIH), a Foxconn-led effort to develop an open architecture for electric vehicles.
RIDE shares gave back five cents, or 4.5%, to $1.07.
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