Lordstown Endurance Delayed Until Q3 2022, Plant Sold To Foxconn

Lordstown Motors announced financial results for the third quarter of 2021, which brings an important update about the Lordstown Endurance electric pickup.

The company reports a net loss of $95.8 million during the quarter and cash of $233.8 million as of September 30, 2021.

Due to obvious cash constraints, Lordstown Motors has decided to sell its production facility – the former GM Lordstown Complex – in the Voltage Valley in Lordstown, near Youngstown, Ohio, to Hon Hai Technology Group (aka Foxconn) for $230 million.

This deal is of course not a simple asset sale. The partners agreed to pursue a joint venture agreement “to jointly design and develop vehicle programs for the commercial market in North America and internationally using Foxconn’s Mobility in Harmony (“MIH”) open electric vehicle platform.”

In other words, Foxconn will participate in the design and development of Lordstown Motors EVs, will offer its Mobility in Harmony (“MIH”) open electric vehicle platform, will become a strategic supplier and a contracted manufacturer. That substantially reduces Lordstown Motors position in the value chain.

We have read before that the hub motor assembly line and battery module and pack lines are excluded from the plant sales deal and will remain in Lordstown Motors’ hands.

Lordstown Endurance new production target: Q3 2022

The Lordstown Endurance electric pickup is delayed. It was promised to enter series production in Q2 2022 (after several previous delays), but it ain’t gonna happen.

Lordstown Motors says that in Q3 2021 it “continued to build and test prototype vehicles.” In early Q4 2021, the company started building pre-production versions of the Endurance (in total a fleet of 100 will be built):

“Since the beginning of the fourth quarter, we have begun building the first of what we expect to be approximately 100 pre-production vehicles that we will use to pursue a variety of validation activities aimed at achieving full homologation.”

The company’s new CEO, Dan Ninivaggi, calls it “a modest delay from earlier expectations,” caused by “component and material shortages, along with other supply chain challenges.”

The new target for commercial production and deliveries of the Endurance is Q3 2022. Basically close to a year from now.

“Endurance commercial production and deliveries beginning in the third quarter of 2022; building a limited number of vehicles for testing, validation, verification, and regulatory approvals during the remainder of 2021 and the first quarter of 2022.”

Lordstown Endurance specs (Design specs):

  • more than 250 miles (402 km) of range “(EPA cycle)”
  • 109 kWh battery
    6,048 cylindrical cells; 12 modules (504 cells per module)
  • 0-60 mph (96.5 km/h) in 5.5 seconds (without payload) according to initial specs
  • top speed of 80 mph (128 km/h)
  • all-wheel drive with 4 in-wheel hub motors (Elaphe’s L-1500 Endurance In-Wheel Motor) and custom in hub motor brakes; 20-inch wheels
  • peak system output of 600 hp (about 440+ kW)
    2,000/4,400 lb-ft (2,711/5,965 Nm) of torque (Continuous/Peak)
  • AC charging (11 kW on-board charger): in 10 hours
  • DC fast charging: 20-80% SOC in 30-90 minutes (expected up to 150 kW)
  • Off-board power for tools and accessory (stationary): 110/120V, 20 A (the website says also 30 A)
  • seating for 5
  • towing capacity up to 7,500 lbs (3,402 kg)
  • gradeability at GVW: 30%
  • price: around $55,000
    compared to the initially expected price of $52,500 ($45,000 after deducting federal tax credit of $7,500)
  • warranty: 3-years bumper to bumper; 8-years battery and hub motors

Source: Read Full Article