Lordstown Motors said it was pulling back on production estimates for its Endurance electric pickup truck, after posting a $125 million loss for the first quarter.
The company said it would cut by at least half its 2021 production and would need to raise more capital. The company earlier project 2,200 electric pickup trucks would come off production lines this year.
“Capital may limit our ability to make as many vehicles as we would like,” Steve Burns, CEO, on a conference call.
In a prepared statement, Burns touted beta testing of the electric pickup trucks, scheduled to conclude by the end of June. He said 48 out of 57 beta vehicles have been built.
“We are incredibly satisfied with beta vehicle test results so far,” he said. “We recently passed two of the most difficult crash tests and, as such, believe we remain on track to deliver a 5-star rated vehicle. We were also pleased with the mechanical performance of our Endurance at the San Felipe 250 race in Baja, Mexico last month, despite challenges that arose in predicting energy usage in the Mexican desert.”
Source: Lordstown Motors
