LORDSTOWN, Ohio (AP) — Commercial electric vehicle startup Lordstown Motors has received approval to ship the first batch of its first model, the Endurance pickup.
The company announced Tuesday that the first units of the initial batch of 500 trucks were leaving the plant after they passed safety tests and hit several key benchmarks needed to be sold. It did not state how many of the pickups have been made.
Get Lordstown Motors alerts:
Sign Up
The trucks were built in an old General Motors small-car assembly plant in Lordstown, Ohio, near Cleveland, that was purchased last year by Taiwan’s Foxconn Technology Group, the world’s largest electronics maker.
“I am very proud of the Lordstown Motors and Foxconn EV Ohio team for their hard work, grit and tenacity in achieving this milestone,” said Edward Hightower, the company's president and CEO. Production of the vehicles remains slow, though, but the company reiterated that “volume will accelerate as we resolve supply-chain constraints.”
Earlier this year, Lordstown said it expected to produce 3,000 of its flagship Endurance electric trucks before the end of 2023.
Before you consider Lordstown Motors, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lordstown Motors wasn't on the list.
While Lordstown Motors currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
