Hyperdrive
Lordstown Motors Warns Startup Needs Partner to Fund EV Output
- Trucks have ‘upside-down’ profit margin, CEO Hightower says
- Company halted Endurance production last month after recall
The Lordstown Motors Endurance electric pickup truck.
Photographer: Matthew Hatcher/BloombergThis article is for subscribers only.
Lordstown Motors Corp., the electric vehicle startup that bought a former General Motors Co. plant in Ohio, said it will have to delay expanded production of its debut EV if it can’t find a partner to share costs.
The company said Monday it’s having discussions with larger automakers because it can’t afford to cover all the spending for tooling needed to boost output of its Endurance pickup, raising questions about the truck’s future. If no partner is found, Lordstown will focus on raising money to develop new EVs with Foxconn Technology Group, the company said.