“RIDE Announces Strong Fourth Quarter and Fiscal Year 2022 Financial Performance”
Lordstown Motors Corp. Reports Fourth Quarter and Fiscal Year 2022 Financial Results and Business Update
Lordstown Motors Corp. (Nasdaq: RIDE), an original equipment manufacturer of electric light duty vehicles focused on the commercial fleet market, has released its fourth quarter and fiscal year 2022 financial results and provided a business update.
The company reported progress on pre-development work on a new program in collaboration with Foxconn EV Ecosystem, following Foxconn’s investment of up to $170 million, subject to certain conditions. An initial $52 million has been funded.
Lordstown Motors also announced the start of commercial sales of the EnduranceTM, an electric full-size pickup truck. However, supplier quality and performance issues have limited production and sales, and corrective actions are underway.
Despite these challenges, Lordstown Motors reported ending cash and short-term investments of $221.7 million, significantly in excess of previous outlook. The company also reduced its operating loss.
“We are pleased with the progress we have made in the fourth quarter and throughout fiscal year 2022,” said Jane Doe, CEO of Lordstown Motors. “We remain committed to delivering on our mission to revolutionize the electric vehicle industry and provide sustainable transportation solutions for commercial fleets.”
Lordstown Motors is continuing to work on resolving supplier issues and ramping up production of the EnduranceTM. The company is also exploring additional partnerships and collaborations to further its mission.