Lordstown Says It Needs An Extra $150 Million To Start Endurance Production | Carscoops carscoops
Lordstown Motors is seeking an additional $150 million in order to put its promised all-electric Endurance pickup truck into production.showed quite a lot of promise but things haven’t gone well over the last 12 months. Not only has General Motors sold off its entire stake in the company but Lordstown was also forced to sell its factory for $230 million to Foxconn back in late 2021.
Despite that deal now almost being finalized, the automaker needs additional funds.The company now says it needs the additional capital to scale up production of its pickup while also completing testing and purchasing materials and vehicle components. Lordstown confirmed in its latest financial report that it has a cash balance of $204 million, down from $587 million a year earlier.
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