Electric-vehicle startup Lordstown Motors Corp. said Wednesday it is on track to start limited truck production in late September and is in talks with multiple partners about deals that could potentially lead to cash infusions.
The company, in releasing second-quarter financial results, said that it plans to begin commercial deliveries of its first electric truck, the Endurance, to customers in the second quarter next year. Lordstown plans to complete the necessary validation and regulatory approvals in December and early 2022.
To generate additional revenue, company executives said they are in talks to offer unused space in the 6.2 million square-foot factory acquired from General Motors Co. two years ago to companies that need ready-to-go manufacturing facilities.
“This is a critical strategic pivot for us,” said executive chairwoman Angela Strand on the company’s earnings call.
Interim Chief Financial Officer Becky Roof later in the call said she felt the book value of the assembly factory at $45.5 million was significantly undervalued and will be reappraised with third-party evaluators.
