Lordstown Motors Future EV PU Maker Headed for Dustbin

The filing underscores the speed at which the partnership has become destabilized amid turmoil in the EV market. Just about six months ago, Foxconn agreed to invest as much as $170 million in Lordstown and take two board seats. The deal gave the EV maker much-needed capital while offering Foxconn, the Taiwanese manufacturer best known as the maker of Apple Inc.’s iPhone, a firmer foothold in automotive production.

Foxconn also paid $230 million for a former General Motors Co. factory in Lordstown, Ohio, where it planned to make Lordstown’s debut vehicle under contract. But in January, Lordstown asked Foxconn to suspend production because the cost of making the Endurance battery-powered pickup exceeded the targeted sale price of $65,000 — and said it would need another partner beyond Foxconn share costs.

Ford’s EV PU is already out although production has been halted due to battery problem.

GM & Dodge PUs will be out in 2024. Tesla projected for 3rd quarter this year.

And Lordstown Motors cannot figure how to make their PU offering within budget and their partner wishes to end the venture.

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Teslas production capacity and sales give it significant advantage vs a start-up with little or no production. Add in falling prices and yes you catch up but it takes lots of capital. Not to mention courage and willingness to risk big losses.

Not a market for the timid. Even traditional auto giants (who must do EVs to retain market share) may find the business marginal for years.


Ford Motor Co (F.N) on Tuesday posted robust first-quarter revenue and profit, thanks to strong demand for trucks and SUVs, but issued a measured full-year outlook tempered by continued losses in its electric-vehicle unit.

Farley also said Ford does not intend to pursue EV sales volume “at any cost” - after the automaker earlier in the day slashed Mustang Mach E prices for a second time this year.

Ford lost more than $60,000 per electric vehicle sold in the first quarter. Its combustion-vehicle business, Ford Blue, averaged pretax profit of $3,715 a vehicle, while the Ford Pro commercial business earned $4,053 per vehicle, based on the company’s financial data.

Ford & GM have deep pockets but they must be able to become profitable in EVs or head for the dustbin of history.