Lordstown Endurance electrical truck delayed to Q3 2022, as Foxconn acquires manufacturing unit

Earlier this 12 months, Ohio’s Lordstown Motors teased the thought of getting the primary electrical pickup within the U.S. market. However now, with Rivian R1T deliveries already taking place, the Ford F-150 Lightning due in Might, and the GMC Hummer EV in between, that window of alternative has lengthy handed. 

On Thursday, Lordstown confirmed a stunning plan proposed in September. With it, the corporate is promoting its former GM plant to Taiwan’s Hon Hai Precision Trade—higher referred to as iPhone maker Foxconn—for $230 million. And it confirmed that its long-awaited Endurance electrical pickup is now pushed again to the third quarter of 2022 for first deliveries.

Lordstown blamed the delay—one other certainly one of many—on “part and materials shortages, together with different provide chain challenges.” It mentioned that it has now made about 100 pre-production automobiles.

Lordstown Endurance

Lordstown Endurance

As a part of the deal, Foxconn made an extra $50 million fairness funding in Lordstown in October, and Lordstown agreed to pursue a joint-venture settlement with Foxconn underneath which it’s anticipated to function as a contract producer for the Endurance. 

The businesses will collectively design and develop future commercial-market automobiles, too. However these future automobiles can be on Foxconn’s “Mobility in Concord” platform, not on the platform shared with the Endurance electrical pickup. 

“Working collaboratively with Foxconn, we count on to have the ability to convey future automobiles to market quicker and extra effectively,” reported Lordstown on Thursday, alongside a third-quarter monetary report. 

Lordstown Endurance

Lordstown Endurance

Below its founding CEO, Steve Burns, who was pushed out in June over allegedly inflated order claims, Lordstown deliberate to construct an entire household of automobiles on the Endurance platform, together with an electrical van due in 2022, plus a midsize pickup truck and an “industrial-strength” SUV—all together with in-wheel hub motors, which it rallied round as a singular promoting level and packaging energy. However throughout a name Thursday following the monetary announcement, the corporate’s new CEO, Daniel Ninivaggi, reportedly downplayed the significance of the know-how—which Ford shortly nixed for the F-150 Lightning.

Foxconn hasn’t supplied a transparent affirmation on what it intends to do with the remainder of the Ohio plant, however Fisker CEO Henrik Fisker final month urged that the ability could permit Foxconn to make Fisker’s $30,000 electrical car, known as Venture Pear. Though the success of Lordstown Motors may stay unsure, there’s nonetheless a very good probability one thing fascinating and all-electric will emerge from Lordstown, Ohio.

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