Lordstown Motors Files For Bankruptcy, Sues Foxconn For “Irreparable Harm”

[Sulu]

Lordstown Motors Files For Bankruptcy, Sues Foxconn For “Bad Faith”

Under the Chapter 11 restructuring process, the Ohio-based EV maker is looking to sell the Endurance vehicle and related assets.

insideevs.com

Another death in the EV world... but the assets are for sale.

Anybody looking to enter the EV-maker business could get a good headstart here.

Under the Chapter 11 restructuring process, the Ohio-based EV maker is looking to sell the Endurance vehicle and related assets, saying that it’s “a fully homologated and certified, production-launched vehicle that can serve as a springboard for the right OEM or other strategic purchaser into the broader North American EV full-size truck market at a fraction of the cost and time it would take to develop a program from the ground-up.”

Production of the Lordstown Endurance began in the third quarter of 2022, but it was temporarily halted in the first quarter of 2023 because of supplier-related issues. Assembly restarted at a very low pace in April, but at the end of the day, the company reportedly delivered only six vehicles this year and manufactured a total of 31 units.

Powered by in-wheel hub electric motors that get juice from a 109-kilowatt-hour battery pack, the Endurance pickup has an EPA-rated driving range of 174 miles (280 km), which is one of the lowest range results among BEVs, and the lowest range for BEVs with 100+ kWh battery.

Lordstown Motors says that it enters Chapter 11 with “significant cash on hand and is debt-free.”

 

[CRSKTN]

EV-maker business could get a good headstart here.

"This is a good high cliff to jump off"

EV makers are increasingly either proper OEMs or glorified coachbuilders in the electric platform era.

 

[mmcartalk]

I said, several years ago, that GM should have kept the Lordstown plant. In fact, its shutdown (along with several other plants) helped set off the massive nationwide (and Canadian) protest and strike by the UAW and UNIFOR against GM. Now, it turns out the strikers were correct.

That plant would have been an ideal place to produce the (excellent) Chevy Bolt EUV...and now GM is cancelling THAT vehicle, too. Go figure.

 

[Sulu]

"This is a good high cliff to jump off"

EV makers are increasingly either proper OEMs or glorified coachbuilders in the electric platform era.

Understood and agreed.

But the buyer of Lordstown would have a headstart. They would not have to create a new, clean sheet product, since a working, driving product is ready for production.

 

[mmcartalk]

Now's your chance, GM...buy the plant back at a good price.

 

[mikeavelli]

Anyone could see this was inevitable

 

[CRSKTN]

Workhorse cmon down

 

[LateToLexus]

Made so much $$$ shorting this stock in early 2021. This failure was so obvious that it seemed surreal.

Tesla is an easy punching bag on this site. But they've built an incredibly successful company in 2 decades that is now outcompeting legacy brands in several categories.

Building cars is hard. Building a complete car brand from nothing is really hard.