Lordstown Motors Needs More Money or That Is Probably It for the Endurance

·2 min read
Lordstown Endurance
Lordstown Endurance

It’s no secret that Lordstown Motors is in trouble. On Monday, we learned that Lordstown was close to bankruptcy as it fought with Foxconn over money issues. The other part of the problem is that you can’t run a successful company without a product to sell, and so far, Lordstown has only been able to build 40 Endurance electric pickup trucks. So things are bad, and apparently, they’re not likely to get any better.

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CNBC reports that yesterday, as part of an unscheduled quarterly filing, Lordstown said it expects that it will have to shut down production of the Endurance unless someone wants to give it more money. And unfortunately for Lordstown, it doesn’t sound like anyone wants to give a company that has only managed to build 40 trucks more money.

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“To date, we have not identified a strategic partner for the Endurance. To the extent we do not identify such a partner, we anticipate that production of the Endurance will cease in the near future,” the company said in its filing.

Lordstown is reportedly still in discussions with Foxconn about further investments, but it doesn’t sound like the Apple iPhone manufacturer has any interest in giving the electric truck startup any extra cash. And the odds of anyone else giving Lordstown more money are also low, with Lordstown reportedly pointing to an “extremely limited ability to raise capital in the current market environment” in its filing.

Odds are, this is close to the end of the road for Lordstown. If it stops the production of a truck it barely makes in the first place, that seems inevitable, at least. But you never know. Miracles happen. Faraday Future is still around somehow. Maybe a random billionaire will decide to light some money on fire for fun. Maybe Lordstown has a few more months, or a few more years.

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