Lordstown Motors Corp on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle (EV) maker struggled with production costs and missed its delivery target for the Endurance pickup truck.
on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle maker struggled with production costs and missed its delivery target for the Endurance pickup truck.
EV companies that went public in past few years have been battling surging costs and challenges in securing supply of parts to make enough vehicles to meet the sector's burgeoning demand. At the start of commercial production in September, the company had set a target to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units.
However, Lordstown suspended production last month due to performance and quality issues with some components and reported sales of only six vehicles. The company's supply chain constraints, especially in motor components, are also expected to weigh on production in the current quarter.
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