In the beginning of business manufacturing in September, the corporate had set a goal to ship 50 autos in 2022 and extra in 2023 out of the deliberate first batch of 500 items.
Nonetheless, it suspended manufacturing final month on account of efficiency and high quality points with some parts and reported gross sales of solely six autos. The provision chain constraints, particularly in motor parts, are additionally anticipated to weigh on manufacturing within the present quarter.
On Monday, Lordstown posted gross sales of three autos and stated it incurred $30 million in price of gross sales. However, it didn’t present a manufacturing or supply forecast for the electrical pickup truck throughout a convention name with analysts.
“We are going to proceed to execute a capital constrained marketing strategy,” CFO Adam Kroll stated, including that Lordstown might want to elevate “considerably extra” capital to cowl prices associated to creating its new car.
Lordstown Motors started making its Endurance electrical pickup in September after Taiwanese contract producer Foxconn acquired Lordstown’s Ohio manufacturing facility and entered a deal to make their car.
The corporate had a money stability of $121.4 million, on the finish of the fourth quarter, down from $154.2 million within the previous quarter.
Income throughout the quarter was $194,000, in contrast with analysts’ estimate of $1.29 million, in accordance with IBES information from Refinitiv.
Lordstown additionally reiterated doubt in its means to proceed as a going concern.