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Shares of the electric vehicle company were up 4% in trading before the bell.
“Despite ongoing challenges securing parts and other supply chain issues, we continue to target commercial production and sales in the third quarter of 2022,” Lordstown President Edward Hightower said.
In September, Lordstown announced a deal to sell its northeast Ohio assembly plant to Taiwanese technology company Foxconn Technology Co, which will build the $55,000 -priced Endurance truck.
Lordstown’s Chief Executive Officer Dan Ninivaggi said the company’s discussions with Foxconn are focused on reaching an agreement for the joint development of future vehicles and a funding structure to raise capital.
Net loss in the fourth quarter widened to $81.2 million as the automaker said it incurred a total of $115 million in expenses, some related to the commercial launch of Endurance.
The Ohio-based startup had delayed the launch of the new electric truck by three months to the third quarter due to supply-chain issues and has never sold a car and recorded no revenue in the fourth quarter.
