By on October 1, 2021

The troubled Lordstown Motors has announced it will be selling its Ohio production facility to the Taiwanese Hon Hai Precision Industry, better known as Foxconn. But this is not a case of the prospective automaker offloading its assets so it can pay off its debts in full retreat. Instead, Lordstown has asserted this is a necessary partnership that will help guarantee it can still deliver the all-electric Endurance pickup truck.

Terms stipulate that Lordstown Motors will sell the sprawling factory to Foxconn for about $230 million. Two years ago, the site was purchased from General Motors for a very breezy $20 million after the Detroit-based manufacturer decided to abandon the Chevrolet Cruze. Foxconn will also be buying up $50 million worth of common stock and effectively take responsibility for production at Lordstown Assembly. However there is a laundry list of things that need to be done before pickup assembly is even an option.  (Read More…)

By on August 26, 2021

Lordstown Motors has entered into the phase where an EV startup has to tread water now that everyone knows it failed to disclose various production hurdles and shared inaccurate information about the pre-orders it has been bragging about. The only thing offsetting this bad situation is that our misgivings regarding Lordstown could probably be a little worse. Nikola and Faraday Future told some real whoppers, while the Ohio-based company appeared to have at least one toe dipped in the waters of truth. But we can’t exactly call lying a little less than the competition a major triumph.

It remains a bad situation, particularly because Lordstown lost CEO Steve Burns almost immediately after stating the company was “highly dependent” on his leadership in June. However, the firm said it had remedied the situation by appointing Daniel Ninivaggi as the new chief executive on Friday.  (Read More…)

By on June 18, 2021

We’ve got more bad news about Lordstown Motors. Following several volleys of bad mojo ending with the departure of its upper management, the EV startup has informed the Securities and Exchange Commission (SEC) on Thursday that it doesn’t have any binding purchase orders or commitments.

That’s not what the company was saying several months ago. Hell, that wasn’t even what it said earlier this week when President Rich Schmidt told the Automotive Press Association the company had enough orders to support two years of production. Since the ability to sell automobiles is a somewhat relevant factor in an automaker’s long-term success, we’re getting concerned that Lordstown isn’t long for this world.  (Read More…)

By on June 14, 2021

Starting a car brand has to be among the more foolhardy endeavors one can embark upon. The industry is saturated with giant, multinational companies that don’t want competition and a regulatory environment that requires a ludicrous amount of wealth and plenty of time to overcome. Despite this, we’ve seen countless electric vehicle startups attempting to accrete into something profitable over the last few years. But even the winners have found themselves wholly dependent upon government-backed. carbon-credit schemes or blank-check firms designed to guarantee their IPOs are astronomically high — often before they’ve shown a functional prototype.

This makes distinguishing a company with potential from those that are dead on arrival incredibly difficult. Though it’s getting easier to see which side of the fence Lordstown Motors will be occupying after a particularly grim string of months. One of its prototypes spontaneously combusted during testing last March, at roughly the same time Hindenburg Research was accusing it of fraud. More recently, the business lost CEO Steve Burns and confessed that it was in desperate need of money to start production.  (Read More…)

By on May 25, 2021

One of the biggest contributors to EV skepticism are the companies associated with furnishing the technology. While brands like Tesla have unquestionably proven that there’s a market for electric cars, there’s a cadre of startups that seem built on a foundation of falsehoods and do nothing other than vacuum money to feed hypothetical products that never seem to manifest in the physical realm. But the problem is that it’s incredibly difficult to distinguish between them when even Tesla participates in making wild promises it clearly has no intention of keeping and is heavily dependent on regulatory issues favoring EVs — specifically via the sale of carbon credits.

Lordstown Motors has occupied a gray area between the extremes. However, it recently cut this year’s production targets by more than half, warranting some legitimate concern.  (Read More…)

By on March 12, 2021

Hindenburg Research, the firm that outed Nikola for overselling its technology in last year’s scathing report, has selected a new target. The company in its crosshairs this time around is Lordstown Motors. While the investment research firm stopped short of saying the Ohio-based manufacturer committed fraud, it came extremely close. On Friday, Hindenburg alleged that Lordstown is stringing investors along, will be unable to adhere to its existing production targets, and fabricated sales to make the business appear more appetizing.

“Lordstown is an electric vehicle [special purpose acquisition company] with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities,” reads the report. “The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy.”

(Read More…)

By on January 12, 2021

 

Lordstown Motors

Lordstown Motors announced on Monday that they had exceeded 100,000 pre-orders for their Endurance light-duty, all-electric pickup, slated to begin production in September.

(Read More…)

By on August 3, 2020

Lordstown Motors

The question of how fledgling EV maker Lordstown Motors plans to fund production of the Endurance pickup has been answered. On Monday, the owner of GM’s former Lordstown Assembly plant announced a merger with a blank-check company, with a cash-raising NASDAQ listing as its goal.

Lordstown Motors plans to finalize the merger with DiamondPeak Holdings Corp., which is already listed on the NASDAQ, by the fourth quarter of this year — after which the combined entity will carry the symbol “RIDE.” (Read More…)

By on June 25, 2020

Lordstown Motors

Rivian wants to dazzle you with excessive range and dirt-flinging tank turns. Ford wants you to feel virtuous while behind the wheel of an F-150. General Motors wants to crush things beneath the wheels of the monstrous GMC Hummer EV.

Lordstown Motors’s electric pickup, on the other hand, doesn’t want to be everyone’s best friend. The fledgling automaker, owner of GM’s former Chevy Cruze plant in Northeast Ohio, unveiled its first product Thursday, beating Ford and GM to an electric pickup debut. (Read More…)

By on June 9, 2020

It’s the smallest player in the nascent electric pickup segment, but it wants to be among the first — if not the first — to field such a product. That would be Lordstown Motors Corp., the fledgling automaker that took ownership of General Motors’ sprawling assembly plant in Lordstown, Ohio last November.

From that 6.2 million square foot facility, the company hopes to realize its dream of competing with Ford, GM, Rivian, and others with its Endurance pickup — a full-size EV powered by four in-wheel motors built on site. There’s not long to wait for a debut. (Read More…)

By on May 26, 2020

Lordstown Motors

A fledgling electric vehicle company with a sprawling former General Motors plant in its possession will reveal its first model in late June.

That’s according to Lordstown Motors CEO Steve Burns, who said the debut of the Endurance, originally slated for the Detroit auto show, will take place online instead. A full-size pickup that shuns internal combustion, the Endurance will face still competition from the Likes of Ford, Rivian, and GM in the emerging segment, though Lordstown doesn’t plan to stop there. (Read More…)

By on April 21, 2020

Lordstown Motors

Lordstown Motors is just one of the contenders vying for buyers in the yet unrealized electric pickup segment and, like the others, it isn’t immune (pardon the phrasing) from the coronavirus pandemic’s fallout.

After moving into a mothballed General Motors assembly plant in Northeast Ohio late last year, Lordstown Motors now says the virus has pushed back its production plans. (Read More…)

By on January 30, 2020

Lordstown Motors

No, General Motors hasn’t snatched back its mothballed Lordstown, Ohio assembly plant and restarted production of the Chevrolet Cruze. Clearly, those angry letters from yours truly fell on deaf ears.

Instead, the plant’s new owner, Lordstown Motors, will reveal the model it hopes to build at the former GM site at this summer’s Detroit auto show. Before homegrown electric pickups can roll out of the plant, however, Lordstown first needs cash.

That’s where the feds come in. (Read More…)

By on November 22, 2019

Lordstown Motors

From the Mustang Mach-E to the Cybertruck in a matter of days. What a week it’s been. While the verdict is still coming in on Tesla’s, um, interesting take on an electric pickup, an auto giant and an upstart automaker that just bought a big assembly plant are happy to offer an alternative.

Of course, neither General Motors nor Lordstown Motors have a physical, production-ready pickup to show you, but many would argue Tesla doesn’t, either. Yet both rival EV pickups are on the way, the companies claim. One’s already taking pre-orders. (Read More…)

By on November 7, 2019

Image: GM

That didn’t take long. With General Motors now in possession of a ratified four-year labor agreement, a plant the automaker closed down earlier this year, and one it had no intention of restoring to its past glory, is out of its hands.

Ohio’s Lordstown Assembly, which fell victim to dwindling passenger car sales (by the time of its closure, the facility was operating on one shift — down from three earlier in the Chevrolet Cruze’s life), has been sold to Lordstown Motors Corp., the automaker said Thursday.

(Read More…)

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