Lordstown begins commercial production of electric pickup truck
In a first for the U.S., Lordstown Motors began commercial production of its Electric Pickup Truck at the Foxconn EV Ohio plant.
At the Foxconn EV Ohio plant, a new era of pickup trucks has begun. The plant will produce commercially available electric vehicles for delivery to retail customers.
The company is looking to make its mark on the electric vehicle market in a major way. Its goal is to get 500 vehicles built. This is a significant milestone in the development of new technology, and it is an important step forward for Lordstown Motors' electric vehicle efforts.
As a result of the company's positive cash flow and momentum, Lordstown anticipates ending the third quarter with approximately $195 million in cash and cash equivalents.
"We will continue to build at a slow rate as we address remaining part pedigree and part availability issues. We expect to increase the speed of production into November and December," Lordstown CEO and President Edward Hightower stated. "Our homologation and certification processes are proceeding as planned."
In response to the anticipated demand for electric vehicles in the coming years, it is critical that the automaker continues to explore capital raising alternatives, including in connection with the initial Foxconn JV program and strategic partnership discussions.
There's no question the truck market is big business, and while electric cars have recently garnered the lion's share of media attention, there's a future for electrified trucks as well.
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