Lordstown Will Manage Just 'Limited Production' This Year
Aug. 13, 2021—Lordstown Motors, the cash strapped electric pickup truck start-up, said on Wednesday that it will only begin “limited production” by the end of September, the New York Times reported.
The company is still in need of cash to meet its eventual goals and it expects to have limited production through the rest of this year.
Lordstown previously has said that without new sources of financing it may not be able to continue as a “going concern.”
In six months, the company has burned through nearly half of its $700 million that it obtained after merging with DiamondPeak Holdings. It said it was considering making room to “accommodate additional manufacturing partners” at a 6.2 million-square-foot factory in Ohio that it acquired from General Motors.