Lordstown Motors said that it has started commercial production of the Endurance, an electric pickup truck intended for commercial-fleet use.
Lordstown shares fell below $2 in morning trading.
The organization has up to this point fabricated two trucks for clients at its Ohio factory. It hopes to presently finish a third truck. The organization is expecting to deliver around 50 trucks to clients before the year’s over.
Edward Hightower, who became Lordstown’s CEO in July after it finished the sale of its factory to Foxconn, made statements are continuing according to plan.
“We will continue to build at a slow rate as we address remaining part pedigree and part availability issues,” he said. “We expect to increase the speed of production into November and December.”
Lordstown desires to expand its rate of production significantly in 2023. Yet, doing so may require extra money: The organization hopes to consume about $85 million during the final quarter, which will leave it with just $110 million available toward the year’s end.
The organization said in statement that it will “continue to explore opportunities” to raise extra funds.