It reported a net loss of $125 million and will cut vehicle production by half from around 2,200 units to just 1,000 this year to help save money, though this depends if additional funding can’t be found. If so, CEO Steve Burns says the original production plan could be reinstated. Equally troubling is the company’s projected expenses, which were originally estimated between $220 million and $235 million. This has now increased to between $335 million and $350 million. The year-end liquidity forecast has been lowered too, from $200 million to between $50 million and $75 million.
In short, Lordstown Motors is losing cash fast. Without an infusion of new funds, things will probably only get worse. CNBC reports shares of Lordstown Motors dropped over 9 percent following the report’s release.