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Lordstown Expecting Endurance Deliveries This Year

But it still needs to raise “substantially more capital” first.

Electric vehicle startup Lordstown Motors provided an update on its Endurance pickup, CNBC reported.

CEO Edward Hightower said the company expects to start the first customer deliveries by the end of 2022. 

However, Hightower added the startup will only make around 500 vehicles through the start of 2023. 

Despite a second-quarter ending cash balance of $236 million, Lordstown still needs “substantially more capital.”

CFO Adam Kroll said the company needs to raise between $50 million and $75 million to manufacture 500 pickups. 

In the first quarter, the company posted an operating profit of $61.3 million, assisted by selling an Ohio factory to Foxconn. 

In May, Foxconn finalized the purchase of the site, where it plans to produce Fisker’s Personal Electric Automotive Revolution crossover utility vehicle.

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