Lordstown Motors Endurance Pickup Clears Last Regulator Approvals, to Begin Shipping

Investing

Published: November 30, 2022 10:19 pm

On Tuesday, electric truck startup Lordstown Motors (US:RIDE) said that its full-size electric Endurance pickup truck passed several final regulatory milestones and would begin shipping to customers.

The company said the truck achieved full homologation, a critical condition to start sales. It’s also received EPA and CARB certifications and passed crash tests.

“These were the key conditions to start customer sales. The first units of our initial batch of 500 are leaving the Foxconn EV Ohio plant for customer delivery. As disclosed earlier, production volume will ramp slowly and accelerate as we resolve supply chain constraints,” the company said in a news release.

Ohio-based Lordstown, founded by Steve Burns, makes light-duty fleet vehicles. The company operates from a former General Motors plant in Lordstown, Ohio.

Several large investors reported holdings in the company recently, including founder Steve Burns, Morgan Stanley, and Foxconn Ventures.

Foxconn put another $170 million into the company on Nov. 7 via a mix of $70 million common shares and up to $100 million Series A preferred shares.

The Taiwanese electronics giant raised its investments across the electric vehicle sector over the last few years, announcing deals with US startup Fisker Inc (US:FSR) and Indian conglomerate Vedanta Ltd (IN:VEDL, US:VEDL)

On Nov. 14, Morgan Stanley filed a 13F Securities and Exchange Commission form disclosing it raised its passive Lordstown stake to 1.6 million shares or about $3 million from October’s 1.4 million shares worth $2.1 million.

Meanwhile, founder Stephen Burns has been selling down his stake, from 41.3 million shares a year ago to the latest reported 26.7 million. He’s cut his stake to 12.3% from 22.4% over the last 12 months.

Burns resigned as CEO in September 2021 after an investigation into allegations that he and other executives lied about preorders for the company’s electric pickup truck. The startup’s chief financial officer Julio Rodriguez also resigned.

This article originally appeared on Fintel

It’s Your Money, Your Future—Own It (sponsor)

Retirement can be daunting, but it doesn’t need to be.

Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!

Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.