![]() ![]() GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group. President Donald Trump and other Ohio political leaders put pressure on GM CEO Mary Barra to reverse the decision, or find a buyer. The Endurance is part of the onslaught of. The Lordstown factory in Northeast Ohio was formerly a GM (GM.N) small-car factory that GM decided to close in 2018. Overview The 2023 Lordstown Endurance sounds more like an English marathon than an electric pickup truck, butbelieve it or notit's the latter. Lordstown CEO Edward Hightower told Reuters the Endurance business could prove attractive to another automaker looking for a fast entry into the EV market at a time the Biden administration’s policies are attempting to move away from gasoline-powered cars. It does not have an initial offer in hand, known in bankruptcy parlance as a stalking-horse bidder, which sets a minimum price other suitors can top in an auction. Lordstown filed for bankruptcy with plans to seek a buyer. ![]() Lordstown Motors expects to end production of. Should Lordstown fail to find a rescuer willing to re-start full production of the Endurance, the Ohio factory could be a draw for overseas automakers looking for a quick way to build vehicles in the United States. Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on Jas part of its Lordstown Week event. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans.įoxconn, formally called Hon Hai Precision Industry and best known for assembling Apple’s iPhones, has said Lordstown breached the investment agreement when the automaker’s stock fell below $1 per share. Shares of Lordstown Motors, which hit an all-time low of 0.25 earlier this week, were trading up at 0.39 by midday. Home Reviews 2023 Lordstown Endurance Electric Pickup Is Up and Running The battery-electric full-size pickup truck is aimed at fleet buyers, but the startup has less cash than Rivian and. In the complaint, Lordstown accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the electric-vehicle manufacturer.įoxconn previously invested about $52.7 million in Lordstown as part of the agreement, and currently holds an 8.4% stake in the EV maker. ![]() The automaker, named after the Ohio town where it is based, filed for Chapter 11 protection in a Delaware bankruptcy court. Shares of the pre-revenue company plunged as. “Moving forward it will be Tesla and the traditional incumbents. Lordstown initially expected to build 2,000 Endurance pickups in its first year, followed by 32,000 units during the first full year of production. “The bankruptcy of Lordstown signals that the days of successful EV startups is in the rear-view mirror,” said Thomas Hayes, chairman at hedge fund Great Hill Capital. ![]()
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