HomeBusinessLordstown Motors (RIDE) Q2 2022 earnings and production

Lordstown Motors (RIDE) Q2 2022 earnings and production

Workers install door hinges to the body shell of a prototype Endurance electric pickup truck on June 21, 2021 at Lordstown Motors assembly plant in Ohio.

Michael Wayland | CNBC

Embattled electric truck startup Lordstown Motors on Thursday reaffirmed plans to begin commercial production of its first vehicle this quarter and roll out the first customer deliveries by the end of the year.

Lordstown CEO Edward Hightower said production of the Endurance pickup will be slow and largely reliant on capital availability. He said the company only expects to produce about 500 vehicles through early 2023 — an extremely slow production ramp-up by industry standards.

CFO Adam Kroll said Lordstown will need to raise “substantially more capital” to produce the initial 500 Endurance electric pickups, though the company projects it will need less money than previously thought.

Lordstown’s stock jumped as…

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