Lordstown Motors affirms plan to start production in September

Edward Ludlow and Brett Haensel
Bloomberg

Lordstown Motors Corp., the embattled electric vehicle startup, said Wednesday it was holding to its plan to start limited production of its debut electric pickup in September, even as costs mount for tools, research and development.

Lordstown Motors Corp. headquarters in Lordstown, Ohio, on May 15, 2021.

The company said its battery line is now fully commissioned and its plant is production-ready. Lordstown, which has previously warned that it may not be able to continue as a going concern, said Wednesday it expects to have liquidity of between $225 million and $275 million in cash and cash equivalents at the end of the third quarter — without including any funds from capital raises.

For the full year, Lordstown said capital expenditures would be between $375 million and $400 million, largely because the company is having to prepay for equipment. That’s up from the $275 million it predicted as the top of its range in its prior guidance.