Posted on 11/29/2022 7:51:28 AM PST by Red Badger
Image Credits: Lordstown Motors
Lordstown Motors has starting shipping its all-electric Endurance pickup trucks manufactured by Foxconn, a milestone that seemed impossible earlier this year.
Lordstown Motors, which has experienced investigations, executive upheaval and a shortage of capital, said Tuesday that its full-sized EV truck received full homologation with certification from both the EPA and CARB that clears the way for the company to start customer sales.
The first batch of 500 EV pickups, made at an Ohio factory now owned by Taiwanese hardware manufacturing company Foxconn, are on their way to fleet customers, according to the company. The announcement sent shares of Lordstown Motors stock up 3.79%.
Lordstown Motors has moved from one dramatic event to another in its short life as a company. Workhorse Group founder and former CEO Steve Burns started Lordstown Motors in 2018. The startup immediately gained attention for its deal with GM to buy the legacy automaker’s soon-to-be-shuttered factory in Lordstown, Ohio. GM invested $75 million into Lordstown.
The company became a political tool at times; the unveiling of its Endurance pickup truck geared towards contractors was largely used as a campaign stop for then-Vice President Mike Pence. Lordstown also sustained a series of setbacks, which seemed to ramp up after it became a publicly traded company through a merger with a special purpose acquisition company.
In March 2021, Hindenburg Research, the short-seller firm whose report on Nikola Motor led to an SEC investigation and the resignation (and ultimately the indictment) of its founder, issued a report disputing Lordstown’s claims it had booked 100,000 pre-orders for its truck. The firm also alleged that Burns paid consultants for every truck pre-order as early as 2016 while he was leading Workhorse.
By summer 2021, Burns and CFO Julio Rodriguez had resigned, the company warned it was running low on capital and investors learned it was being investigated by the Department of Justice.
Foxconn, best known as the maker of Apple’s iPhone, came to the rescue in September 2021 and bought the Lordstown factory for $230 million. Foxconn also agreed to manufacture the pickup truck for Lordstown under a joint venture contract. Foxconn increased its investment in Lordstown Motors in November 2022 by buying $170 million in common stock and newly created preferred shares.
Foxconn holds all of Lordstown’s outstanding preferred stock and 18.3% of its common stock on a pro forma basis.
I’d use a rope and drag it across the state line before shooting it!..............
Just spending 2 weeks away from “wokies” was worth it!
I wonder what your electric bill will be when you are continually charging?
Half the plane was full of refugees from wokie states seeking refuge in Montana and Idaho!
Great commentary, but what’s disturbing is you even know what Lucchese suede cowboy boots, and Deana Carter tracks are.
I gave $1800.00 for mine in 1970!!!
They can all shove all of their EV’s.
They will. Slowly......................
Just these kind............
In America, the largest homologation is I beleive San Faancisco but I might be wrong.
The real disruptor Pickup is being made in Texas
what’s that now, used to be 128
I have an original drawing of that vehicle. I did it in second grade.
LOL
I can fill up my Ram 1500 and put a ton in the bed and drive 500 miles. I can refill the tank in about 5 minutes and turn the key and drive another 500 miles.
When an EV can do this and is COST EFFECTIVE in price and matainence I would consider an EV truck. I can actually see a use for an EV car with limited range of say 150 miles for my local shopping provided it is COST EVECTIVE.
That is a “fugly” looking truck. If I may hark back to the Ford Edisel, it was “fugly” on the outside and “fugly” engineering. Aside from that it was great, LOL.
Ford also screwed up with the Mustang. They made a great “Pony Car” and then decided to “improve” it. Today it is a very expensive car with outstanding performance but expensive and thus lost the lower end of market due to cost. It is a great car. They should have kept it simple with a big ass engine thus affordable. Circa 1966 some kids in high school had a pony that their parents could afford. They can no longer afford this today.
“KISS” Keep it simple stupid.
I’m a Mustang fan, always have been since it first came out. Own a 2014 ragtop.
I remember the first Mustang that came to our little town Ford dealership in north Mississippi.
They had it out front of the store and it was baby blue. They had put pink oval stickers all over it for some reason. Never knew why, I was only 9 years old so everything was a wonder to me.
Maybe it was to draw attention to the new model, or maybe it was to attract the female buyers, I don’t knw what the reason was.
But people were standing around it and admiring it regardless of the stickers.
But I have been a fan of Mustangs ever since.......................
lol
If it’s 400lbs net meat, $3 a pound still seems pretty cheap. Plus all the fun.
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