Lordstown Motors Corp (NASDAQ:RIDE) has reported a wider fourth-quarter loss as the electric truck developer faced rising production costs to get its Endurance pickup truck on the road.
Releasing Q4 and full-year 2022 results, Lordstown said it began to sell the Endurance late in 4Q, recording sales of three vehicles and approximately $30 million in cost of sales. That included $600,000 in production costs, $8.3 million of depreciation on production equipment and tooling, and $21 million of charges related to inventory write-downs.
For the three months to December 31, 2022, the company reported a net loss of $102 million from an $81.2 million loss in 4Q 2021.
READ: iPhone maker Foxconn becomes biggest investor in Lordstown Motors and unveils 'build your own EV' model
Notably, the company said it expanded and strengthened its partnership with Foxconn after converting its prior $100 million joint venture into a direct investment in Lordstown of up to $170 million, $52 million of which was funded in November 2022.
It said it continues to work collaboratively with Foxconn and the Mobility-in-Harmony Consortium on the pre-development work and vehicle development process deliverables for its next platform and vehicle program - which are key to its long-term business strategy.
Lordstown said the new vehicle will likely source key components and subsystems from Foxconn and MIH Consortium members and be built in the Foxconn EV Ohio assembly plant.
“Our asset-light business model and collaboration with the Foxconn EV ecosystem, including MIH, will provide the opportunity for Lordstown Motors to create winning EVs that are tailored to the needs of customers that use them for various work applications, while gaining the cost benefits of scale,” Lordstown Motors CEO and president Edward Hightower said in a statement.
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