News & Rumors Lordstown Motors delays EV pickup production

TT97

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Didn't Foxconn just buy their plant? How are they producing the truck still?

Foxconn will build them for Lordstown. It probably will work better in the end for Lordstown as Foxconn can likely build them better and more efficiently than Lordstown would have been able to do.
 

talkingevs

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I don't know if this model will ever be available. Seems like one thing after another.
 

TT97

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Latest reports are saying Q3 2022. Might still beat the Ford and Tesla to market

I hope so. I have Lordstown stock that has been getting hammered. It started off well, then they had multiple issues and the stock just tanked. It has been improving slowly recently. I technically have a "reservation" for the truck but it was a zero money down reservation (that was one of their many issues; they were stating that had a huge amount of reservations but all were with no money down so didn't mean anything.)
 

talkingevs

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I hope so. I have Lordstown stock that has been getting hammered. It started off well, then they had multiple issues and the stock just tanked. It has been improving slowly recently. I technically have a "reservation" for the truck but it was a zero money down reservation (that was one of their many issues; they were stating that had a huge amount of reservations but all were with no money down so didn't mean anything.)
Are they still offering zero down reservations? And how much of a backlog do they have now? I would be a little worried making a purchase since Foxconn has no history building a vehicle.
 

TT97

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Are they still offering zero down reservations? And how much of a backlog do they have now? I would be a little worried making a purchase since Foxconn has no history building a vehicle.

I don't see anything about taking reservations anymore. They did come out with their Q3 financials on Thursday and they look bleak (which doesn't look promising for my stock holding). They are spending $100mm per quarter and have $233mm in cash. At that rate, they have enough cash for 7 months (end of April). They need another $167mm to get to the end of Q3 '22 when they start selling trucks (and that is on the insane assumption they can break even as soon as they start selling trucks).
 

talkingevs

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Well, Q3 is the projected start of production. And as you know, most likely will get delayed even further. They will need more rounds if funding from somewhere or something to set them apart from the others. How much did Foxconn invest in them?
 

SuperLucky88

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This article is a little older but appears they are going with commercial deliveries first, meaning consumers won't see the truck probably until at least 2023 if this truck does actually get produced.

 

talkingevs

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It mentions 10,000 packs per line, with 3 total lines. That means max production is currently set for 30,000 trucks a year? If @TT97 is correct that they have a high number of reservations, then they might have years worth of production already reserved. They might need to reach out and require a down payment to keep the reservation?
 

SuperLucky88

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Oct 12, 2021
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You know how many people would cancel their reservations if they asked for money now? That's not an option for them since they didn't decide to do it upfront. They will need to get one of the big 3 to back them to make the truck I think. Ram seems most legit to me as Ford is already backing Rivian
 

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