Lordstown Motors to Begin Production in September
August 16, 2021—Embattled EV startup Lordstown Motors on Wednesday said it still plans to begin production of its debut pickup truck in September.
The Detroit News reports the company's battery line is "fully commissioned" and its assembly is production-ready. The company in its announcement said it expects to have liquidity between $225 million and $275 million in cash, excluding "any funds from capital raises."
Costs for the company continue to mount, however: Lordstown says its capital expenditures will be near $400 million for the full year, up significantly from the $275 million it initially projected. Most of that comes from the need to prepay for equipment.