Lordstown Motors may only build half the number of all-electric Endurance pickups this year than originally planned.
During a recent conference call, Lordstown chief executive Steve Burns revealed that the automaker will only be able to achieve its original production targets if it can raise additional capital. “What we are saying is that if we don’t get any funding, we might only make half of what we thought,” he said.
Burns added that the EV startup has had discussions with strategic investors who could provide the company with additional funding. It has also looked into borrowing money by using its plants and other assets as collateral, as well as getting funds from a federal government program designed to support the development of electric vehicles. However, as The New York Times reports, it is unclear if there are any funds left to lend out.
Lordstown had planned to build as many as 2,200 examples of the Endurance pickup by the end of this year but without any additional funding, it will probably build fewer than 1,000.
The EV startup went public last year after it merged with a special purpose acquisition company. It recently acknowledged that it is being investigated by the Securities and Exchange Commission and during the first quarter of 2021, lost $125 million and ended the quarter with $587 million in cash.