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EV
companies that went public in past few years have been battling
surging costs and challenges in securing supply of parts to make
enough vehicles to meet the sector's burgeoning demand.
At the start of commercial production in September, the company
had set a target to deliver 50 vehicles in 2022 and more in 2023
out of the planned first batch of 500 units.
However, it made only 31 units for sale and suspended production
of the pickup truck due to performance and quality issues with
some components.
Lordstown had said in January it expected production to be slow
through its first quarter due to supply chain constraints,
particularly with the availability of hub motor components.
The company began making its Endurance electric pickup truck in
September after Taiwanese contract manufacturer Foxconn acquired
Lordstown's Ohio factory and entered a deal to make their
vehicle.
Net loss for the quarter ended Dec. 31 stood at $102.3 million,
compared with $81.2 million a year earlier. The results included
an impairment charge of $36.5 million that the firm said was
driven mainly by a decrease in its stock price.
The company had a cash balance of $121.4 million, at the end of
the fourth quarter, down from $154.2 million in the preceding
quarter.
Revenue during the quarter was $194,000, compared with analysts'
estimate of $1.29 million, according to IBES data from Refinitiv.
(Reporting by Akash Sriram in Bengaluru; editing by Uttaresh
Venkateshwaran)
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