Lordstown Motors says it remains on track to start commercial production of its all-electric Endurance pickup truck later this year.
The Ohio-based company also released its results for its Q1 ending March 31. The startup does not yet report revenue.
Lordstown ended the first quarter with $204 million cash on hand and with total operating expenses of $87.9 million, executives said.
According to a report in the Akron Beacon Journal, the company continues to work with Foxconn, which will take over the former General Motors Lordstown complex. The electric vehicle maker said it received the last $50 million payment on April 15 from technology manufacturer Foxconn, which plans to buy the Lordstown facility for $230 million.
The company still does not have a signed deal with Foxconn but executives said they continue to negotiate. If Lordstown Motors cannot reach a deal with Foxconn, it is supposed to repay the more than $200 million it has received. The deadline to complete the deal has been pushed back four days to May 18, executives said.
Source: Akron Beacon Journal
