LORDSTOWN, Ohio, Oct. 14, 2022 /PRNewswire/ — Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), an authentic tools producer (OEM) of electrical automobiles targeted on the business fleet market, at the moment introduced that it’s going to launch its third quarter 2022 monetary outcomes earlier than market open on Tuesday, November 8, 2022. The firm will then host a convention name at 8:30 a.m. Eastern Time.
The name might be accessed by way of a stay webcast accessible on the Events web page of Lordstown Motors’ Investor Relations web site at https://investor.lordstownmotors.com/. An archive of the webcast might be accessible shortly after the decision.
About Lordstown Motors Corp.
Lordstown Motors is an electrical car (EV) OEM growing revolutionary gentle responsibility business fleet automobiles, with the Endurance all electrical pickup truck as its first car being launched within the Lordstown, Ohio facility. Lordstown Motors has company, engineering, and analysis and improvement services in Lordstown, Ohio, Farmington Hills, Mich. and Irvine, Calif. For extra info, go to http://www.lordstownmotors.com/.
Forward Looking Statements
This press launch contains forward-looking statements. These statements are made underneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements could also be recognized by phrases resembling “feel,” “believes,” expects,” “estimates,” “initiatives,” “intends,” “ought to,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the need to raise substantial additional capital to execute our business plan, achieve our production targets for the Endurance, achieve scaled production of the Endurance, to continue ongoing operations and remain a going concern, and our ability to raise such funding on a reasonable timeline and with suitable terms; the cost and other impacts of contingent liabilities such as litigation, regulatory proceedings, investigations, stockholder letters and claims and availability of insurance coverage and/or adverse publicity with respect to these matters, which may have a material adverse effect, whether or not successful or valid, on our liquidity position, market price of our stock, cash projections, business prospects and ability and timeframe to obtain financing; our limited operating history and our ability to execute our business plan, including through our relationship with Foxconn; our ability to raise sufficient capital in order to invest in the tooling that we expect will enable us to eventually lower the Endurance bill of materials cost, continue design enhancements of the Endurance and fund any future vehicles we may develop; the rollout of our business and the timing of expected business milestones, including Foxconn’s ability to complete the conversion and retooling of its Lordstown facility and our ability to complete the engineering of the Endurance, to establish and maintain appropriate supplier relationships, to successfully complete testing, homologation and certification, and to start delivery of the Endurance in accordance with our projected timeline; our ability to successfully identify and implement actions that will lower the Endurance bill of materials cost; supply chain disruptions, inflation and the potential inability to source essential components and raw materials, including on a timely basis or at acceptable cost, and their consequences on testing, production, sales and other activities; our ability to obtain binding purchase orders and build customer relationships; the risk that our technology, including our hub motors, does not perform as expected and our overall ability to deliver on the expectations of customers with respect to the pricing, performance, quality, reliability, safety and efficiency of the Endurance and to provide the levels of service and support that they will require; our ability to conduct business using a direct sales model, rather than through a dealer network used by most other OEMs; the effects of competition on our ability to market and sell vehicles; our inability to retain key personnel and to hire additional personnel; the ability to protect our intellectual property rights; the failure to obtain required regulatory approvals; changes in laws or regulatory requirements or new or different interpretations of existing law; changes in governmental incentives and fuel and energy prices; the impact of health epidemics, including the COVID-19 pandemic, on our business; cybersecurity threats and compliance with privacy and data protection laws; failure to timely implement and maintain adequate financial, information technology and management processes and controls and procedures; our ability to remain in compliance with our debt covenants, our ability to repay the obligations when due, and the risks associated with having pledged significant assets as collateral for recently obtained indebtedness; and the possibility that we may be adversely affected by other economic, geopolitical, business and/or competitive factors, including the direct and indirect effects of the war in Ukraine. In addition, the transactions entered into with Foxconn are subject to risks and uncertainties. No assurances can be given that we will successfully implement or that we will realize the anticipated benefits from the recently completed transactions with Foxconn, including the contract manufacturing agreement and the joint venture to jointly develop additional EVs for launch. If we are unable to maintain our relationship with Foxconn or effectively manage outsourcing the production of the Endurance to Foxconn, we may be unable to ensure continuity, quality, and compliance with our design specifications or applicable laws and regulations, which may ultimately disrupt and have a negative effect on our production and operations. The success of the joint venture depends on many variables, including our ability to utilize the designs, engineering data and other foundational work of Foxconn, its affiliates, and other members of the MIH consortium to commercialize, industrialize, homologate and certify a vehicle in North America, together with variables which might be out of the events’ management, resembling expertise, innovation, satisfactory funding, provide chain and different financial situations, opponents, buyer demand and different elements that impression new car improvement. If we’re unable to develop new automobiles for ourselves and probably different OEM clients, our business prospects, outcomes of operations and monetary situation could also be adversely affected. We will want extra funding and will search strategic partnerships to execute our business plan and to attain scaled manufacturing of the Endurance. As we search extra sources of financing and strategic partnerships, there might be no assurance that such financing or partnerships could be accessible to us on favorable phrases or in any respect. Our skill to acquire extra financing within the debt and fairness capital markets or by strategic partnerships is topic to a number of elements, together with market and financial situations, the numerous quantity of capital required, the truth that our invoice of supplies price is presently, and anticipated to proceed to be, considerably increased than our anticipated promoting value, uncertainty surrounding regulatory approval and the efficiency of the car, significant publicity to materials losses associated to ongoing litigation and the SEC investigation, our efficiency and investor sentiment with respect to us and our business and trade. Additional info on potential elements that might have an effect on the monetary outcomes of the Company and its forward-looking statements is included in its most up-to-date Form 10-Ok and subsequent filings with the Securities and Exchange Commission. All forward-looking statements are certified of their entirety by this cautionary assertion.
Contacts:
Investors
Carter Driscoll, CFA
[email protected]
Media
Colleen Robar
[email protected]
313.207.5960
SOURCE Lordstown Motors Corp.
