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I was just in Buffalo and Syracuse the last couple days - it's so crazy to see that there is almost no snow left on the ground from those storms! Bare grass and everything - some tiny snow piles still left here and there around in parking lots is about it. That area really is it's own microclimate.
I can't see them doing that for a number of reasons though.
They don't have the infrastructure to support EV charging in Ukraine - particularly under wartime conditions.
As we saw in the Baja250 that Steven Burns so foolishly entered Lordstown into - the Skateboard and drivetrain are in no way adequate for demanding off-road conditions, and the range of the vehicle is much too short to be usable. They only managed 40 miles in the Baja250, if you remember that debacle?
But most importantly, Lordstown is hanging by a thread right now financially. to spend even a couple million dollars on some promotional stunt like this would be the nail in the coffin for the entire company.
However, if Lordstown had been putting out regular PRs giving updates on the work being done, simple things like talking about durability testing (if they've even done any!) where they could tout successful milestones like the first "mile mile Endurance" or similar - then MAYBE - they would stand a chance of getting some U.S. government support to build test vehicles for the U.S. military.
Honestly, the company has been so mismanaged, I just don't see them staying in business for much longer.
As an EV fleet vehicle I would agree, not so much as a consumer targeted truck.
Ford has way more bells and whistles for the consumer.
Union Auto Workers greased NACTOY
Ford wasn't even a finalist. Rivian was but stepped down and they stuck Ford in the lineup.
Ford is also a Union shop and Lordstown isn't.
The Endurance beat Ford in a tug of war hands down.
Nope FORD WON it.
At least we got some advertisement out of it.
Lordstown Endurance: The All Electric Pickup Fleet Truck
NACTOY Awards Jan 11 2023
GE71, great idea. Here is another one, make some more of those military prototype vehicles and donate them to Ukraine.
They should have put an extended battery pack over the rear axle and put a plow on the front and taken it to Buffalo, NY, the whole world would be loven LMC now.
Ford was already voted out of the top 3 but Rivian who was a finalist dropped out so Ford replaced their position.
So it's really between Lordstown and Chevy. Because Lordstown is Non-Union and this is being held in Detroit, Lordstown will have a tough row to hoe.
NACTOY has 50 independent judges and we will see tomorrow, if the Auto Workers Union got to the judges or not. Judging is between 12 noon and 1pm, tomorrow.
AUTOMOTIVE NEWS VIDEO - 01/10/2023: Ride with Lordstown’s Edward Hightower
1 hour ago
Burns stopped selling as he had to dump 5mil to stay below 10% Ownership.
The truck of the year 2023 NACTOY should be announced tomorrow but if LMC can pull this off and win then all truck owners will want one. I believe Ford will win but the lightning can’t stop on ice like the Endurance
Somebody wanted Burns under 10%.
He now owns 9.9%.
Interesting.
Thank you Steve Burns and all that followed for the cheap shares!
Why the run today ? News leak about the truck of the year ?
$RIDE 2023 North American Car, Truck and Utility Vehicle of the Year Award™ Winners to Be Announced on January 11
Thanks, Gracie.
Small SS, right before take off.
NACTOY are independent judges and more respected over Motor Trend who is pay to play.
I believe the Endurace has a good shot at winning from
listening to the judges at their test ride from what I hear.
From what I gather, one said the Endurane is like no other
and handles like a dream.
Award Ceremony is 12 to 1 on Wed. Jan 11
2023 NACTOY Finalists: North American Car, Truck and Utility of the Year Awards
Foxconn is known for less hype.
Personally I wouldn't bet against them with currently 3 BEV's and the Monarch Electric Tractor in the pipeline at Lordstown.
Remember the van? Neither do shorts. Watch what happens.
NACTOY announcement Jan 11
I thought the winner of the Best Truck of the Year Award was to be announced today. WTF?
is it LMC or Foxconn though. or is that the problem, no one is responsible for the supply chain?
LMC is having supply chain issues just to build the first 500 trucks in the next 3 months. Tesla produces 1,391 cars in one day.
Foxconn is doing it RIGHT the first time.
The video they put out about the EV preparation is to mass produce
without a hitch or a glitch going forward. MIH will change the world.
The MIH Monarch Tractor is currently being produced at Lordstown as well
as 3 EV's in the pipeline that the media isn't talking about for some strange reason.
Millionaires are made by watching the crowd and going the other way.
When you are selling 6 trucks to Larry, moe and curly Wallstreet will punish the PPS . What happened to those 100k orders back when Burns was running LMC ? Now LMC can’t get at least a 10K order and then announce this ? It’s really pathetic 31 trucks built in a month on production. Give me 10 guys and I can build 2 a day in my garage .
Latest mxux video, just 3 min. long. Posted one hour ago.
what puzzles me is that the supply chain for components should be a Foxconn problem and I would have expected them to have addressed it a long time ago.
What we should have is a surplus problem having given Foxconn a forecast production target in the hundreds for 2022, where are they?
Yep. It’s why we hit 0.88 on Friday.
I’m surprised FOXCONN has allowed such poor management with the amount of money they have invested in this partnership.
Top executives have made a major blunder. Let’s see they can recover.
Innovation hub planned near Foxconn Lordstown plant
JALORDSTOW3
https://www.vindy.com/news/local-news/2023/01/innovation-hub-planned-near-foxconn-lordstown-plant/
LORDSTOWN — A Foxconn-driven initiative that promotes collaboration and harmony in the mobility industry — the MIH Consortium — plans to create an innovation hub near the Taiwanese tech giant’s electric-vehicle factory in Lordstown.
The plan is to bring together global supply-chain partners to share expertise and partner on EV and mobility projects, as well as share technologies and solutions for automakers, according to MIH (mobility in harmony).
“This effort aims to accelerate EV innovation and revitalize American manufacturing,” a release from MIH states. “By leveraging Foxconn’s resources and infrastructure in the United States, MIH is creating an EV ecosystem that spans the entire development process.”
MIH made the announcement Thursday at CES, the annual tech industry event formerly known as the Consumer Electronics Show in Las Vegas.
At the gadget show, MIH has brought together EV startups Lordstown Motors Corp. and southern Califonia’s INDIEV, and Livermore, Calif.-based Monarch Tractor, a maker of autonomous farm tractors — all of which will be produced at Foxconn’s Lordstown plant.
The company has contract manufacturing agreements to make Lordstown Motors’ battery-powered truck, the Endurance, and Monarch’s MK-V Series tractor. It also has an agreement with INDIEV to make the prototype versions of INDIEV’s Indi One, billed by the company as the first-ever vehicle with a vehicle-integrated computer capable of high-end gaming and learning the driver’s habits.
Production of the Endurance, a finalist for the North America Truck of the Year award, already has begun; 31 have been produced, and six have been delivered to customers.
Full-rate production of the MK-V Series tractor is scheduled to begin in the first quarter of this year, Monarch has said.
“MIH is not only a pioneer in the open EV platform, but also an expert in the automotive supply chain,” Jack Cheng, consortium CEO, said. “There are many emerging EV brands in the U.S. market that need the support of diverse supply chain partners. MIH can bring together top partners from around the world, allowing OEMs (original equipment manufacturers) to communicate directly and break the hierarchical model of the traditional automotive industry. This will help accelerate the development and mass production of new EVs.”
According to the consortium, the Midwest region of the U.S. plays a large role in the global automotive industry.
“As the world shifts towards EVs and new mobility services, the region’s abundance of talented workers and automotive supply chain will bring new opportunities for the U.S. auto industry and economic development,” the release states.
Foxconn, the world’s largest contract manufacturer for consumer electronics, has two factories in the U.S. — Lordstown, which focuses on manufacturing Lordstown Motors’ and other vehicles and one in Wisconsin, which, for now, mainly focuses on information and computer technology products. It could, however, “be used as a development hub for the EV industry in the future,” the release states.
“These two factories are located along an automotive corridor that spans several states in the Midwest, which will help drive the development of the entire supply chain,” Cheng said. “By leveraging the resources of Foxconn, the MIH will be able to greatly deepen and broaden its partnerships in the North American ecosystem.”
Guy Coviello, Youngstown / Warren Regional Chamber president / CEO said: “The region is blessed to house MIH’s innovation hub. As competition continues to grow exponentially in the emerging EV industry, MIH’s consortium and new established hub offers the (Mahoning) Valley a diversified and solid foundation.”
This hub is separate from a proposed EV workforce training and innovation center Foxconn is planning in partnership with Youngstown State University.
Announced in October, the center plans would help the emerging EV industry build and scale a sustainable workforce around advanced manufacturing, energy storage and other integrated technology solutions, such as artificial intelligence, 5G and cybersecurity.
The single-most difference of the Endurance vs all other EV trucks are the 4 HUB MOTORS.
To put out a news release emphasizing the shortage of HUB MOTOR components as cause of production delays is LUDICROUS. Can't give any credit at all to the two BOZO's at the top who could even allow such poor preparation for production to occur. This is simply INSANE.
Lordstown Motors Expects ‘Slow Rate’ of Production in First Quarter
LORDSTOWN, Ohio – Electric-vehicle manufacturer Lordstown Motors Corp. will display its inaugural vehicle at one of the country’s premier tech events today.
The EV startup expects a “slow rate of production” for its all-electric Endurance pickup through the first quarter of 2023, the company said Wednesday in a federal filing.
The company began commercial production of the Endurance in the third quarter of 2022. During the fourth quarter, Lordstown Motors achieved full homologation and received certification from both the EPA and California Air Resources Board, or CARB, to begin customer sales.
Lordstown Motors said earlier that production volume would ramp slowly and accelerate as it resolves supply chain constraints. Through Jan. 3, the company has produced 31 vehicles for sale, of which six have been delivered to customers.
Of the remaining units, the company intends to use approximately 15 for sales, demo drives, marketing and service training purposes prior to sale, Lordstown Motors said. The balance will be sold following completion of updates, final inspection and establishment of service arrangements to meet customer specifications.
“The company expects a slow rate of production through the first quarter of 2023, with supply chain constraints, particularly with respect to the availability of hub motor components, continuing as the primary factor governing volume and timing,” Lordstown Motors said in a statement filed with regulators.
The company plans to display the Endurance pickup at the CES show in Las Vegas this morning, one of the country’s most-watched consumer technology expos.
Lordstown Motors President and CEO Edward Hightower will be on hand to participate in the Mobility in Harmony, or MIH, Consortium press conference.
In May, Lordstown Motors sealed a deal with Foxconn that allowed the Taiwanese tech company to purchase the company’s plant for $230 million and serve as a contract manufacturer for the Endurance.
Foxconn has pledged an equity investment of $170 million toward the development of new vehicles with Lordstown Motors. These vehicles will be developed on Foxconn’s MIH platform.
“The sale of the manufacturing plant located in Lordstown, Ohio, to Foxconn was much more than a transfer of ownership,” Hightower said in prepared remarks. “It laid the groundwork for the two companies to collaborate on product development.”
Hightower said the fastest means of achieving innovation is through open collaboration, which is the basis for the MIH Consortium.
The consortium consists of more than 2,400 companies that seek to collaborate to expedite product development cycles and design and optimize the supply chain. The program also encourages sharing components and systems to reduce costs.
“Purchasing the Ohio plant and becoming an employer of highly skilled automotive professionals enables Foxconn to rapidly scale its component and supply chain capabilities,” Hightower said. “It also offers a fast path to production for new or nontraditional OEMs.”
At its peak, when General Motors owned the factor, the Ohio plant produced more than 300,000 internal combustion vehicles per year, Hightower noted. GM sold the plant to Lordstown Motors in 2019 after the Detroit automaker ceased production of the Chevrolet Cruze.
“This capacity is expected to be used to build EVs from multiple OEMs,” he said. “Foxconn can scale the plant for EVs quickly. A core advantage of accelerated innovation is the ability for more OEMs to realize the benefits of scale.”
The Endurance is a finalist for the 2023 North American Truck of the Year.
Copyright 2023 The Business Journal, Youngstown, Ohio.
More if these MM’s need to get their arses thrown in prison for a while.
https://stocktwits.com/BBC_Hearts_Hot_Carls/message/505074517
Maybe you should listen to Foxconn? They are in this with 400 million of their OWN money, unlike Burns.
You just invested too early for too high a price. It happens.
Agreed - It will continue to go down until they announce bankruptcy at some point in the next year I think. I'll hold this until the company goes completely under - at this point the losses are so large it doesn't make any difference to sell or hold, except if I do hold there's always some chance something good will happen. It really is a shame to lose so much, the whole idea was to invest that money while supporting an American company in an emerging market in an area that has been hard hit by the downward trend of American manufacturers - I had hoped I could have been part of a resurgence of American manufacturing that would take American manufacturing into the future and also strengthened our family's future at the same time. I never should have listened to Steven Burns and his lies. Sigh.
Foxconn is paying 400 employees taken over by LMC, and invested 400 million plus in this partnership.
Anyone thinking Foxconn is going to let this company die is in for a rude awakening!!
1.32 CALL. Appears the prophet of this price was false as we tanked to 0.88.
Now we should all follow that one?
LMAO
Heavy volume today . I believe some funds have to sell under a dollar. Sorry to hear about your kids money invested in this stock. There is not much left here as it seems there is no integrity with the new management. Ninivaggi lied and passed the baton to Hightower to smooth things a bit but it’s the same management. I take a gamble buying here again but this will go over a dollar again most likely be the best time to get out as I see $.50 coming eventually. IMO
I added some shares @ $.90 …….. hopefully it will go back up soon for a swing trade .
100%.
The Internet just brings out the "best" in people don't it.
I was told it would never go below 1.50….
I won’t name names…but I was gaslit and berated because of my comment saying that it would go to 1.32 or less…
Wasn’t bad for a swing trade but now they need to prove themselves. There’s a good chance this stays in the toilet until I see buyers stacking.
Lordstown needs to actually produce at scale to make this go but the fact they needed $$$ give a good hint. Just read filings…it tells you everything you need to know about the lenders.
Just remember the market is another means to acquire money and most of that money goes right back to the lenders of notes and other debts from the company.
MIH Consortium Unveils Innovation Hub Plan to Strengthen EV Ecosystem in North America
https://en.prnasia.com/releases/global/mih-consortium-unveils-innovation-hub-plan-to-strengthen-ev-ecosystem-in-north-america-389580.shtml
Jack Cheng, MIH Consortium CEO, and Edward T. Hightower, Lordstown Motors CEO and President at CES 2023.
At CES 2023, MIH brings together automakers such as Lordstown Motors, INDI EV, and Monarch Tractor to showcase a range of EV applications, including commercial fleets, consumer vehicle with entertainment and gaming, and agricultural innovation, demonstrating the versatility of its ecosystem and its potential to serve a wide range of markets and industries.
Loading up!!!!!
Thanks too all the shorts!
Looks like they shouldn't have bet their future on their parent.
It's going to keep going down too, you can count on it. No production, a completely unproven product, very little cash on hand and burning it fast - they'll be bankrupt by the end of the year or sooner.
But hey at least you're not alone. I've lost a small fortune on this one.
I got in when Steven Burns was talking about having 100k firm pre-orders, production was only 6 months away, and the stock was sailing.
This has literally impacted the future for my kids. Steven Burns should be in jail for the fraud he has committed.
Yep shorts are having a hay day.
Big money bringing this down.
Company performance has contributed to the downfall.
My gut tells me this will turn around but maybe not for another 3-6 months.
Under a dollar ! What trash is LMC . Now I have to bag hold this piece of shit
What trash is LMC . Now I have to bag hold this piece of shit
Nu Ride's new five-person board is expected to appoint William Gallagher, managing director of M3 Partners — a transaction advisory firm in New York — as Nu Ride's president and CEO, according to the regulatory filing.
Gallagher faced a situation similar to Nu Ride as CEO at WMIH Corp., the public acquisition corporation that succeeded Washington Mutual Inc. — the parent of WaMu Bank in Seattle that was seized by federal thrift regulators in fall 2008. By January 2015, the shell company left over from the failure of Washington Mutual had raised close to $600 million to pursue acquisitions of financial companies that could benefit from its huge, tax-deductible losses, according to a report by the Seattle Times.
Gallagher took over as leader of WMIH in May 2015 "to oversee its acquisition strategy and manage its day-to-day affairs," according to M3 Partners.
He was responsible for "reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups," M3 says.
"Ultimately, WMIH acquired Nationstar Mortgage Holdings to form Mr. Cooper Group," M3 says. Gallagher departed from WMIH after closing the Nationstar acquisition in July 2018.
Bill Gallagher has more than 35 years of experience in finance, investment and financial restructurings. He brings deep expertise in credit analysis and has long-term management experience in the financial services industry.
Prior to joining M3, Bill was the Chief Executive Officer at WMIH Corp (NASDAQ:WMIH), a public acquisition corporation which was the successor to Washington Mutual, Inc., from May 2015 to July 2018. Bill was recruited to WMIH to oversee its acquisition strategy and manage its day-to-day affairs. While there, he worked closely with WMIH’s strategic financial partner, Kohlberg Kravis Roberts & Co. At WMIH, Bill’s responsibilities included reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups. Ultimately, WMIH acquired Nationstar Mortgage Holdings (NYSE symbol NSM) to form Mr. Cooper Group (NASDAQ:COOP). Bill departed from WMIH upon the closing of the acquisition of Nationstar as his job at WMIH was completed.
Prior to WMIH, Bill was CEO and Chief Risk Officer at Capmark Financial Group, formerly known as GMAC Commercial Mortgage (from March 2009 to May 2015). Bill was retained by Capmark to manage its financial restructuring following the global economic crisis and was responsible for the management of the company’s day-to-day affairs, the restructuring of both the company and its assets (including its $15 billion commercial loan portfolio), its bankruptcy process, and its winding down and distribution of assets to creditors and other stakeholders. Capmark was a highly successful restructuring as Bill and his colleagues significantly increased the recovery value to Capmark’s creditors.
Before joining Capmark, Bill was the Chief Credit Officer of RBS Greenwich Capital, the US fixed income investment banking business of the Royal Bank of Scotland, where he was responsible for all aspects of credit risk management. While at RBS Greenwich, Bill was responsible for a wide variety of US corporations and buy-side companies, including corporate borrowers and debt issuers, financial institutions, industrial companies with captive finance businesses, and a variety of US corporations who traded various securities with or through RBS Greenwich.
Earlier in his career, Bill was a Vice President at First Boston Corporation in that firm’s credit risk management department. At First Boston, Bill was responsible for managing credit risk to a wide variety of corporate issuers and financial institutions. Bill began his career at Chemical Bank, where he completed the bank’s credit training program and then worked as a loan officer in the middle market division and a credit officer in the financial institutions division.
Bill has a B.S. in business administration from Syracuse University and an MBA from New York University.
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