The company has so far built two trucks for customers at its Foxconn EV Ohio plant. It expects to complete a third truck shortly. These vehicles are part of the first batch of up to 500 saleable vehicles that Lordstown Motors intend to build.
“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,” said Edward Hightower, Lordstown CEO and President. “Our homologation and certification processes are proceeding as planned.”
It expects to complete a third truck shortly. The company is aiming to deliver about 50 trucks to customers by the end of the year and the remainder of the first batch in the first half of 2023, subject to raising sufficient capital.
Lordstown hopes to increase its rate of production substantially in 2023. But doing so may require additional cash: The company expects to burn about $85 million during the fourth quarter, which will leave it with just $110 million on hand at the end of the year.
The company said in statement that it will “continue to explore opportunities” to raise additional funds.
We anticipate ending the third quarter with approximately $195 million in cash and cash equivalents, including $27.1 million of proceeds from equity issuances during the third quarter of 2022. We now anticipate ending 2022 with approximately $110 million in cash and cash equivalents, excluding both any additional capital raises and funding of any contingent liabilities. Our cash outlook is better than our previous outlook by approximately $75 million and we continue to explore opportunities for capital raising alternatives, including in connection with the initial Foxconn JV program and strategic partnerships.