LORDSTOWN – Lordstown Motors Corp. expects to produce 500 of its first vehicle, the electric Endurance truck, this year and as many as 2,500 in 2023, the company announced today in its fourth quarter and year-end 2021 financial report.
The company also reaffirmed the third quarter of this year as the target for commercial production and sales of the truck.
“The fourth quarter marked a significant strategic shift for Lordstown Motors,” said Dan Ninivaggi, CEO. “We executed the asset purchase agreement with Foxconn and have made substantial progress on the terms of our contract manufacturing agreement, subject to review by the Committee on Foreign Investment in the US (CFIUS). I believe the Foxconn partnership is a critical step in unlocking the full potential of the Lordstown facility and brings multiple benefits to LMC.”
Lordstown Motors and Foxconn, a Taiwanese electronics and tech giant, announced in November they had a deal for $230 million for Foxconn to purchase Lordstown Motors’ factory. It is expected to close in April.
Part of ongoing talks is with Foxconn is for it to be the contract manufacturer for the Endurance and joint development of future vehicles.
Read Tuesday’s print edition of the Tribune Chronicle or online at www.tribtoday.com for more on this story.
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