Lordstown Motors has announced that it will begin selling its all-electric pickup truck the Endurance in the third quarter 2022 instead of the second quarter, as previously reported.
Reuters reports that the company cited shortages of parts in a conference call about its third quarter 2021 results. After-hours trading saw shares drop 11 percent at the Ohio startup.
“We’re focused on the Endurance,” said Lordstown Motors’ CEO Daniel Ninivaggi. “We know we have to get that truck out. It’s been a challenging quarter with raw material shortages, parts shortages, supply-chain disruptions, particularly from international sourcing, but we’re doing everything we can to mitigate it.”
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Lordstown is facing significant difficulties due to a March report by a short-seller in which the company was accused in misleading investors. Following the report, founder Steve Burns stepped down from his position as CEO.
The United States Securities and Exchange Commission is currently investigating the company, but it recently tried to get back on track.
Foxconn Technology Co Ltd, a startup that has just sold its Lordstown Ohio plant to Foxconn Technology Co Ltd for $230million. Foxconn will now have its first U.S.-based manufacturing facility. They will jointly build the Endurance pickup as well as co-develop vehicles commercially for American and International markets.
“We’re going to do everything possible to get the truck out on our revised schedule,” said Ninivaggi. The CEO added that wheel-mounted hub motors, one of the Endurance’s marquee features, will not be used in every vehicle the company designs.
