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Dear Fellow Shareholder,
Lordstown Motors made significant progress as an electric vehicle OEM in 2022, by launching
our first vehicle and pivoting the company to an asset-light business model. We also exercised
discipline in our spending that enabled us to outperform our cash outlook in every quarter.
Ahead of our Annual Stockholders Meeting on May 22nd
, I’d like to share some key highlights
from the last fiscal year.
EnduranceTM Product Launch
Last fall, our team achieved full homologation and certification and launched our first vehicle,
the EnduranceTM, a battery-electric full-sized pickup truck. Our leadership team consisting of
new talent added since August 2021 has implemented rigorous processes to enhance vehicle
program management and overall operational execution. We are one of the few OEMs that has
completed the development, homologation, and launch of a full-sized electric pickup. We began
commercial production, at a slow rate, as we faced several supply-chain, part pedigree, and part
availability issues. We started commercial deliveries in Q4. We were pleased that Endurance
was named a finalist in the North American Car and Truck of the Year awards. Our commercial
fleet customers are providing valuable feedback as we work to optimize their user experience.
Asset-Light Business Model
We announced our intention to pivot to an asset-light business model in late 2021. In May of
2022, we successfully closed the sale of our assembly plant to Foxconn, who took on more than
400 of our experienced automotive manufacturing employees and contract manufacturing of the
Endurance TM. These actions materially reduced our operating complexity and overhead costs,
while providing us with significant capital. We also formed a broader agreement with Foxconn,
and are working with their Mobility-In-Harmony (MIH) consortium, to collaborate on the
development of future electric vehicles. Foxconn also made an additional commitment to directly
invest up to $170 million in LMC, of which $52.7 million has been funded and $117.3 million is
subject to various conditions. Of the total commitment, $100 million is targeted to fund pre-
development work on our future electric vehicle platform and program.
Operational and Financial Discipline
At LMC, we place a high priority on achieving our business objectives while also being careful
stewards of our stockholders’ money. Driven by our new leadership team’s spending discipline
in inventory purchases and R&D, we exited the year with cash and short-term investments of
$221.7 million.
Our mission at Lordstown Motors is to accelerate EV adoption by creating and launching
innovative electric vehicles for our North American commercial fleet customers. Driven by lower
total cost of ownership (TCO) and environmental, social, and governance (ESG) goals, BEV
sales in light-duty commercial segments are forecast to grow significantly over the next ten
years. We expect demand will exceed supply for the foreseeable future.
I very much look forward to speaking with you at this year’s annual meeting. On behalf of our
employees, we thank you for your continued support and hope you RIDE with Lordstown!
MIH happening. They are doing it right now with Monarch tractors
Monarch tractors are a part of MIH where LMC engineers and connects the dots for the entire platform including all logistics. LMC is the brain box for anything on the MIH platform and systems for North America. Foxconn handles the rest of the world. Jack from Foxconn said the Endurance is the first of 100 with many more following.
I posted video interviews explaining MIH and Lordstown Motors role.
Foxconn still needs to prove themselves as competition is heating up .Rivian has their own factory but burning cash like crazy and so is Lucid.
went to a 3 bagger then even now..................a fraction of itself
Blackrock buying more!
Agree 100%
Glad I sold here when there was surge in PPS . I was thinking of and entry level at $,60 but I change my mind on this and have an entry for when they declare Bankruptcy for just a swing play This company will not survive unless Foxconn buys them out completely. Foxconn will have to invest about a billion to get this going again but the way I see it Foxconn will buy this for pennies on the dollar. IMO
Lordstown Motors in video, Interview with Chicago Fed concerning demand and tax incentives.
LORDSTOWN MOTORS MIH PROJECT X vs TESLA TAO
Lordstown Motors may be starting the MIH Project X BEV - it has confirmed a MIH based BEV is the next project - if it is the Project X - can it beat/match the TESLA TAO ? Yes it can according to my analysis
Lordstown Motors says it still has $220 million in cash
https://www.cnbc.com/2023/03/06/lordstown-motors-ride-q4-2022-results-deliveries.html
The alliance disclosed the plan at the CES technology show with its partners, including Lordstown Motors, INDI EV and Monarch Tractor, who are exhibiting at the Las Vegas show, which runs through tomorrow.
The hub would enable the alliance’s global supply chain partners to share their expertise and cooperate on electric vehicle and mobility projects, helping to boost innovation and US manufacturing capabilities, MIH Consortium chief executive Jack Cheng (???) said in a statement.
https://www.taipeitimes.com/News/biz/archives/2023/01/07/2003792118
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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