Lordstown Motors resumes production, deliveries after snafu

Nu Ride

18/04/2023 13:24

April 18 (Reuters) - Electric-vehicle company Lordstown
Motors Corp  RIDE.O  said on Tuesday production and deliveries
of its Endurance electric pick-up truck resumed this month after
a pause in February to address quality issues.
    EV startups have been struggling with dwindling cash
balances and production challenges as access to capital tightens
amid rising U.S. interest rates to tame inflation.
    Ohio-based Lordstown, whose shares were trading 1% higher
premarket, also said it has struck a deal under which Amerit
Fleet Solutions will provide service and maintenance for its
fleet customers.
    The company said in February that it had made only 31 units
for sale, and recalled 19 vehicles delivered to customers and
those that were being used internally.
    In January, the EV company forecast production would slow
through its first quarter due to supply-chain constraints,
particularly with respect to the availability of hub motor
components.

 (Reporting by Akash Sriram in Bengaluru; Editing by Devika
Syamnath)
 ((Akash.Sriram@thomsonreuters.com; @HoodieOnVeshti on Twitter;
+91-74116-87774;))