Posted on 11/29/2022 7:51:28 AM PST by Red Badger
Image Credits: Lordstown Motors
Lordstown Motors has starting shipping its all-electric Endurance pickup trucks manufactured by Foxconn, a milestone that seemed impossible earlier this year.
Lordstown Motors, which has experienced investigations, executive upheaval and a shortage of capital, said Tuesday that its full-sized EV truck received full homologation with certification from both the EPA and CARB that clears the way for the company to start customer sales.
The first batch of 500 EV pickups, made at an Ohio factory now owned by Taiwanese hardware manufacturing company Foxconn, are on their way to fleet customers, according to the company. The announcement sent shares of Lordstown Motors stock up 3.79%.
Lordstown Motors has moved from one dramatic event to another in its short life as a company. Workhorse Group founder and former CEO Steve Burns started Lordstown Motors in 2018. The startup immediately gained attention for its deal with GM to buy the legacy automaker’s soon-to-be-shuttered factory in Lordstown, Ohio. GM invested $75 million into Lordstown.
The company became a political tool at times; the unveiling of its Endurance pickup truck geared towards contractors was largely used as a campaign stop for then-Vice President Mike Pence. Lordstown also sustained a series of setbacks, which seemed to ramp up after it became a publicly traded company through a merger with a special purpose acquisition company.
In March 2021, Hindenburg Research, the short-seller firm whose report on Nikola Motor led to an SEC investigation and the resignation (and ultimately the indictment) of its founder, issued a report disputing Lordstown’s claims it had booked 100,000 pre-orders for its truck. The firm also alleged that Burns paid consultants for every truck pre-order as early as 2016 while he was leading Workhorse.
By summer 2021, Burns and CFO Julio Rodriguez had resigned, the company warned it was running low on capital and investors learned it was being investigated by the Department of Justice.
Foxconn, best known as the maker of Apple’s iPhone, came to the rescue in September 2021 and bought the Lordstown factory for $230 million. Foxconn also agreed to manufacture the pickup truck for Lordstown under a joint venture contract. Foxconn increased its investment in Lordstown Motors in November 2022 by buying $170 million in common stock and newly created preferred shares.
Foxconn holds all of Lordstown’s outstanding preferred stock and 18.3% of its common stock on a pro forma basis.
EV Truck Ping!................
Once they get beyond the niche market and must sell to the general population, this company will collapse. The limited range, low battery life expectations, vulnerability to fire after wear and tear, high repair costs, will doom this product. Nobody who really depends on a pickup for their economic well being will buy this product.
The Chevy EV Denali.
It's the Denali of EVs.
full homologation...
It appears that grille manufacturers have a serious production supply problem. Or have the grille manufacturers gone bankrupt?
Pretty amazing Taiwanese company. Between Foxconn and TMC (the chip manufacturer), Taiwan has a ridiculously outsized influence on world manufacturing.
Got a link?
I just found the GM “Everywhere” EV commercial on YouTube. I had to laugh because several times they show the EVs driving down the road with a big “Whoosh” that sounds all the world like an ICE powered car.
Why do you think Mainland China wants to take it over?........ When it was just an island full of peasants they didn’t care....................
allendale crushes this thread in 3 sentences.
a few facts:
It can carry 1 ton (2,200 lbs) in its bed and tow 3 tons (6,600 lbs) behind it…..doubt it but we’ll see what happens. If it’s anything like the Ford it’ll only go about 100 miles with something hitched to it.
Its Range is 280 miles. So take 70-80% of that, not under load, and you’re looking at a little over 220 miles.
And, I looked at 4 articles. Can’t find a price. But if they’re consistent with others in that market, that thing ain’t cheap. Close to $100k, I’m betting.
Get some generous tax breaks to line some pockets. Hire a few folks. Go out of business and don’t lose a dime in the process.
Seriously...I’d miss cleaning bugs outta the grill. That’s the highlight of washing a vehicle.
I wish them luck, for my neighbors over in Ohio sake…
If it functions as a decent fleet vehicle should find a market
Just another stupid idea from an economically depressed area RUN BY DEMOCRATS!!! In 1979 the Steel Mills closed. Democrats were in charge then. DEMOCRAT politicians, still in charge today, have been chasing pipe dreams like this EVER SINCE.
Not surprised to hear that there are/were funny financial issues with this production. Having “Funny Financial Issues” is the Democrat mantra. Lordstown plant will shutdown again very soon. Sad for the area, but they keep voting DEMOCRAT.
That's a longer commercial, but just the short ads on YouTube are where I mainly heard that.
“ It appears that grille manufacturers have a serious production supply problem. Or have the grille manufacturers gone bankrupt?”
***********************************************************
Neither. That’s a COVID-19 mask on the truck’s grille. /sarc
They always wanted it - even back in the 50s/60s when Taiwan was a poor fishing Island with some Kuomintang refugees and mainland gold. But you are right, now they really really want it. Not for national pride, but to command economic hegemony over the world.
I give ‘em about a year, maybe two, perhaps much less. LOL. Good luck, fellas.
Drving that monstrosity for a red blooded american male would be the equivalent of a husky forced to go to the dog park wearing both a doggie sweater and the cone of shame
I love all these trucks with plush seating for the family and hardly any bed!
I was going to buy a Chevy Avalanche with the longer 3’ bed option to stow a bag of organic groceries, but opted instead for the new Ford model, with 2.5’ bed so I can haul a six-pack of peach wine coolers on the weekends.
I enjoy scrolling through the internet on my wi-fi enabled flat-screen, checking out the ads for Lucchese suede cowboy boots while I listen to hip-hop remixes of Deana Carter tracks.
Looking at a lift kit option. Already got the motion-sensor enabled LED work / disco tactical light bar. A man and his truck!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.