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Lordstown Motors Corp. (RIDE) has announced a strategic investment from Foxconn Ventures totaling up to $170 million. The investment includes $70 million in Class A common stock and up to $100 million in Series A Convertible Preferred Stock. This funding will support development of a new electric vehicle program in collaboration with Foxconn, replacing a prior joint venture arrangement. Upon completion, Foxconn is expected to own 18.3% of Lordstown's common stock and appoint two board members, enhancing its influence on the company.
Lordstown Motors Corp. (Nasdaq: RIDE) will release its third quarter 2022 financial results on November 8, 2022, prior to market opening, followed by a conference call at 8:30 a.m. Eastern Time. The call will be available via webcast on their Investor Relations website. The company focuses on the commercial fleet electric vehicle market, with its first vehicle, the Endurance all-electric pickup truck, being developed at its Lordstown, Ohio facility. Investors are encouraged to monitor ongoing developments as the company navigates its production goals and future funding requirements.
Lordstown Motors Corp. (Nasdaq: RIDE) has commenced commercial production of its Endurance™ full-size electric pickup truck at the Foxconn EV Ohio plant. The initial production aims for up to 500 vehicles, with sales projected to start in Q4 2022, subject to necessary certifications. The company has successfully completed FMVSS crash testing and aims to deliver approximately 50 units by year-end 2022. As of the end of Q3, cash reserves are expected to be around $195 million. Lordstown also seeks strategic partnerships and capital raising alternatives to enhance production capabilities.
Hon Hai Technology Group (Foxconn) has signed a contract manufacturing agreement with Zimeno Inc., DBA Monarch Tractor, to produce advanced agricultural equipment and battery packs at its Ohio facility. This marks Foxconn's first contract following its acquisition of manufacturing operations from Lordstown Motors. Full-rate production of Monarch Tractor’s MK-V Series is set to begin in Q1 2023. The partnership emphasizes Foxconn's commitment to expand in the electric vehicle market and enhance sustainable farming practices.
Lordstown Motors Corp. (Nasdaq: RIDE) reported its Q2 2022 financial results, highlighting an ending cash balance of $236 million, exceeding internal targets, thanks to disciplined expense management. The company generated $107.5 million in cash from a deal with Foxconn, contributing to an operating profit of $61.3 million, driven by a $101.7 million gain on sale. LMC also reduced core operating expenses by 33% from Q1 2022. The firm is on track for commercial production of the Endurance by Q3 2022, with customer deliveries expected in Q4.
Lordstown Motors Corp. (Nasdaq: RIDE) has announced the release of its second quarter 2022 financial results on August 4, 2022, prior to market opening. A conference call will follow at 8:30 a.m. Eastern Time. The company, which focuses on electric vehicles for commercial fleets, is gearing up to launch its Endurance all-electric pickup truck. Lordstown Motors also maintains a joint venture with Foxconn to develop new electric vehicles in North America. The investor relations page will host a live webcast of the call for interested stakeholders.
Lordstown Motors Corp (Nasdaq: RIDE) announced key executive appointments aimed at strengthening its leadership team. Daniel A. Ninivaggi has been elected as Executive Chairman, focusing on corporate strategy and capital raising. Edward T. Hightower will serve as CEO, alongside his role in MIH EV Design LLC. Dr. Donna Bell joins as Executive Vice President overseeing product creation and engineering, while Andrew Reyntjes and Jill Coniglio-Kirk have been appointed to lead sales and culture initiatives, respectively. The company emphasizes its focus on launching the Endurance electric vehicle and fostering partnerships for future developments.
Lordstown Motors Corp. (Nasdaq: RIDE) announced the election of Joseph B. Anderson, Jr. and Laura J. Soave as independent directors during its annual stockholder meeting on May 19, 2022. Both bring extensive automotive industry experience, enhancing the board's capabilities. Daniel A. Ninivaggi combines roles of Chairman and CEO, with David T. Hamamoto as lead independent director. The company continues to focus on launching the Endurance all-electric pickup truck and repositioning itself with strategic partnerships, including Foxconn.
Lordstown Motors Corp. (Nasdaq: RIDE) announced the completion of a significant $230 million asset sale to Foxconn, which includes approximately $27 million reimbursement for operational costs. The partnership includes a $100 million joint venture, MIH EV Design LLC, for developing electric vehicles utilizing Foxconn's MIH platform. This agreement aims to enhance EV adoption by leveraging both companies' resources, ensuring seamless production of the Endurance electric truck, with commercial production expected to start in Q3 2022.
Lordstown Motors Corp. (RIDE) reported its Q1 2022 financial results, highlighting an ending cash balance of $204 million, exceeding $300 million post-Foxconn transaction. Operating expenses totaled $87.9 million, showing a 3.8% increase from Q4 2021 but down 11.5% year-over-year. Notable progress includes positive Endurance vehicle test results, continued facility preparations, and securing $50 million in purchase down payments. The company reaffirms its goal to start commercial production in Q3 2022, aiming for 500 units with deliveries expected in Q4.
