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Struggling Lordstown Motors expects to end production of its EV pickup ‘in the near future’


Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event.Michael Wayland / CNBCLordstown Motors expects to end production of its Endurance pickup truck “in the near future,” as the embattled EV startup runs out of cash and seeks additional capital.The comments, part of an unscheduled Thursday quarterly earnings filing, come three days after the Ohio-based company said it may go bankrupt if a previously announced deal with contract manufacturer Hon Hai Technology Group. or Foxconn, falls through.”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 once-promising company said in the filing.Foxconn, a Taiwanese maker of Apple iPhones and other products, last month alleged that Lordstown was in breach of an investment deal because its stock had fallen under $1 per share for 30 consecutive trading days, triggering a delisting notice from NASDAQ.Lordstown said discussions with Foxconn continue but they have not reached an agreement. The automaker also cited an “extremely limited ability to raise capital in the current market environment” as an ongoing issue.Lordstown said Thursday its net loss widened to $171.1 million in the first quarter, compared with a loss of $89.6 million a year earlier. The company said it had cash and cash equivalents of just $108.1 million a …

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