Lordstown Motors Reports Deepening Losses

Lordstown, one of a handful of young companies aiming to seize on demand for electric vehicles for commercial use, hasn’t yet begun full-scale manufacturing. It has faced scrutiny since last year over how it reported prospective orders and its ability to bring its vehicle designs into production.

The company’s chief executive and chief financial officer resigned last June as those challenges mounted for the aspiring auto manufacturer.

Lordstown, which released its results for the three months through December on Monday, reported no sales last year. Its net loss of $81.2 million in the fourth quarter, or 42 cents a share, was steeper than the company’s loss of 37 cents a share a year earlier.

Adam Kroll, Lordstown’s chief financial officer, said that the company will have to raise more money to launch its Endurance electric pickup truck.

“We understand that raising additional capital in the near term is critical to the successful launch of the Endurance and the execution of our operating plan,” Mr. Kroll said.

Lordstown said it still expects the truck to launch commercially in the third quarter of 2022, with as many as 500 vehicles produced this year. Up to 2,500 Endurance trucks could be sold next year, Lordstown said.

The company warned last year it was burning through cash faster than expected. In September, it agreed to sell its Ohio factory to Foxconn Technology Group, which will take over manufacturing of Lordstown’s vehicles at the factory.

Write to Matt Grossman at [email protected]