LORDSTOWN, Ohio  — Commercial electric vehicle startup Lordstown Motors says it has slowly started production of its first model, the Endurance pickup.

The struggling company says it has built two production pickups, with a third to be finished shortly. It plans to ramp up depending on quality and parts availability, it said in a statement Thursday. Lordstown expects to deliver 50 trucks to customers this year, and up to 450 more in the first half of 2023, as long as it can raise enough capital.

The trucks are being built in an old General Motors small-car assembly plant in Lordstown, Ohio, near Cleveland that was purchased last year by Taiwan’s Foxconn Technology Group, the world’s largest electronics maker. Lordstown says it will look to Foxconn and other partnerships as sources of new capital.

“We expect to increase the speed of production into November and December,” CEO Edward Hightower said in the statement. Earlier this year, Lordstown said it expected to produce 3,000 of its flagship Endurance electric trucks before the end of 2023.

The company has struggled to raise money and get trucks out the factory door to customers. In its quarterly filings with the U.S. Securities and Exchange Commission, its auditors raise doubts that the automaker will be in business in the coming year.

Lordstown Motors said it expects to end the third quarter with about $195 million in cash and equivalents, including $27.1 million from equity sales during the quarter. The company says its cash outlook is $75 million better than its previous outlook as it explores options to raise more money.

Shares of Lordstown Motors fell 6% to $1.90 in Thursday morning trading amid broader market declines.

TECH NEWS RELATED

AA DRIVEN NZ COTY 2022: Chevrolet Corvette is the best Sports & Performance car of the year

Who doesn’t love a mid-engined V8 sports car with supercar style? It’s easy to be wowed by the Chevrolet Corvette C8 and quite right too: it looks incredible and goes fast. It’s a real poster car. But it’s also a worthy and significant winner for a whole bunch of reasons. ...

View more: AA DRIVEN NZ COTY 2022: Chevrolet Corvette is the best Sports & Performance car of the year

6 Reasons the 2023 Honda CR-V Is a Good SUV to Buy According to Cars.com

SUVs are all the rage these days. And for good reason—they offer the perfect blend of style, comfort, and utility. If you’re in the market for a new SUV, you’ll want to check out the 2023 Honda CR-V. For starters, the CR-V is known for its reliability. This is a ...

View more: 6 Reasons the 2023 Honda CR-V Is a Good SUV to Buy According to Cars.com

The New Sequoia Hybrid 2023 MPG Beats the 2022 by $1,150 Every Year

Toyota’s new 2023 Sequoia Hybrid is gaining fans for its comfort, off-road prowess, and its good looks. But it’s also making its mark with great mpg compared to the 2022 version. The new 2023 Sequoia ditches its V8 and instead gets a new hybridized V6 that shows the power of ...

View more: The New Sequoia Hybrid 2023 MPG Beats the 2022 by $1,150 Every Year

US: Kia EV6 Sales Dropped To New Low In November

Are sales going to rebound?

View more: US: Kia EV6 Sales Dropped To New Low In November

Elon Musk responds to Joe Biden’s plan to electrify the great American road trip

Tesla CEO Elon Musk recently responded to a post from US President Joe Biden, which referenced the electrification of the “Great American Road Trip.” According to Musk, there’s already a pretty good way to accomplish long road trips in the United States — at least if one uses a ...

View more: Elon Musk responds to Joe Biden’s plan to electrify the great American road trip

The 3 Most Reliable Ford Models According to Consumer Reports Owner Surveys

Ford is one of the most popular and well-known automakers in the world, but Ford isn’t well-known for being reliable. But while there have been a lot of unreliable Ford models, the American automaker has also made some cars that were more reliable than the rest. Here’s a look at ...

View more: The 3 Most Reliable Ford Models According to Consumer Reports Owner Surveys

Don’t Dismiss Jeep’s Grand Wagoneer as a Rebodied Ram Truck

Jeep’s Wagoneer and Grand Wagoneer are full-size truck-based SUVs. This means that, like the Chevrolet Suburban and Lincoln Navigator, they share a chassis and powertrain with a half-ton pickup truck. But dismissing the Wagoneer as a re-bodied Ram does it a disservice: Jeep engineered an arsenal of new technologies for ...

View more: Don’t Dismiss Jeep’s Grand Wagoneer as a Rebodied Ram Truck

Why Ferrari’s ‘SUV’ is really a sports car

Universo Ferrari in Sydney served as the location for the Purosangue’s local reveal Don’t call it an ‘SUV’. That’s the clear message from Ferrari when it comes to its all-new Purosangue model, which the company insists is a ‘high-riding sports car’ rather than a crossover. While it will be ...

View more: Why Ferrari’s ‘SUV’ is really a sports car

Feeney hopeful of being 2023 Supercars championship contender

Marque keen to make difference

Clean car laws impact sales

2023 GMC Sierra prices up, start at $38,995 for Sierra Pro Regular Cab

The Best 2023 GMC Canyon Trim Isn’t Cheap

Roar Before The Rolex 24 Schedule To Feature Traditional Format

Kiwi’s epic burnout celebration

The 3 Most Reliable Honda Models According to Consumer Reports Owner Surveys

The IMF Now Has A Championship Dedicated For Female Riders

Buy a McLaren M8, Live Out Your Can-Am Dreams

Tesla Semi wows the crowd at the Modesto Christmas parade

AA DRIVEN COTY 2022: BMW iX is the best Luxury car of the year

OTHER TECH NEWS

Top Car News Car News