<ul><li>Lordstown Motors, a developer of light-duty battery-electric pickup trucks for commercial fleets, reported its Q2 2022 results today. The company is yet to generate revenue. However, it reported a net profit of USD 63.7 million for the quarter (EPS of USD 0.32 vs a net loss of USD 108.2 million and a USD 0.61 loss per share in Q2 2021) as a result of the gain on sale of Lordstown’s facility in Ohio to Foxconn in May. Lower Q2 2022 expenses (R&D and selling, general, and administrative) also contributed toward narrowing losses relative to Q2 2021.</ul>

• The company also closed its contract manufacturing agreement with Foxconn for its upcoming pickup truck “Endurance” during the quarter. The duo has also completed forming the joint venture planned at the time of the facility sale. Under the deal, Lordstown Motors will become Foxconn’s primary development partner for electric vehicles in North America.

• Lordstown Motors continued successful testing of its pre-production version of the truck this quarter as well, with plans to begin commercial production in Q3 2022, manufacturing roughly 500 vehicles through early 2023. The company has reaffirmed plans to commence deliveries in Q4 2022. 

• The company also noted that it still needs to raise USD 50 million–75 million this year, down from the previous USD 150 million capital injection expected. The company will utilize the funds to scale the production of the trucks.