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I found this in Google:
“Lordstown EV Startup Has Halted Production and Is Fixing Problems
Lordstown Motors has halted production of the Endurance electric pickup truck, citing issues with supplier components.
The truck has been in production since last fall, with Lordstown planning to assemble about 500 units with current funding.
More items...•Feb 24, 2023 “
Supplier components issues ? Really ? For 500 trucks ..LMAO !
Scrapping is not even on the table by Lordstown. That is just short talk by outsiders wanting to make a quick buck on trading.
Foxconn and Lordstown are confident they will find an OEM. I would say 1000/999 that they find an OEM.
Amazing how the script is so easily twisted to say something never intend by the CEO!
It’s nice to dream but when you wake up to reality the chances of LMC scrapping the Endurance is still possible . Who is going to pair up with them in this market right now ? .it’s more like a lottery ticket now with your odd of 1000 to 1 .Good luck
For endurance truck they make modules and battery pack.
Again, do your DD!
RIDE is not manufacturing EV batteries.
In Lordstown Ohio plant. Yes by RIDE.
“…for the Endurance….” But not by RIDE. So what?
Lordstown Motors is currently producing ZERO trucks.
Module and battery packs are already being manufactured at Lordstown Ohio plant for Endurance.
Do a little DD and stop spreading misleading information.
Credibility is lost!
@Almosthere
I agree with that forecast…
If a OEM and other positive news comes in we should see $4.00-$5.00 quickly. I think that’s a fair target .
Time will tell, best to all!
WW
If this start in 1-2 weeks we will see 1.50-2.00.
OEM announcement 5.00!
All North American MIH EV parts/components/vehicles go through $RIDE Lordstown Motors.
Wisconsin that primarily focuses on Information and Communication Technology products and the Lordstown facility primarily focuses on manufacturing Lordstown Motors commercial pickups and other vehicles.
***VIDEO- The Future of EV Ecosystem & Electric Mobility. MIH CEO | Jack Cheng, Lordstown Motors CEO | Edward T. Hightower, Monarch Tractor CEO | Praveen Penmetsa, INDI EV, VP of Administration | Frank Modiri
Excellent video! Lordstown Motors is "MIH EV" and the engineering behind the MIH EV evolution and platform. Whatever flows through the MIH EV system like Monarch Tractor or any other INDI EV, Lordstown Motors is the engineering brain box behind the product.
Every single unit that belongs to the North American MIH EV platform, flows through Lordstown Motors.
Check out the video where Hightower explains the nuts and bolts of the operation. It's a win, win for all involved.
If production does not start in 1-2 weeks then this sees the $.20 area like Mullen .
Maybe they will just scrap the Endurance file Bankruptcy and get another model going ?
https://jalopnik.com/foxconn-has-only-managed-to-make-about-40-lordstown-end-1850237549
In January, Lordstown asked Foxconn to suspend production because the cost of making the trucks exceeded the targeted sale price of $65,000. A few weeks later it became clear that the Endurance suffered from, well, a lack of endurance. At least one owner reported that the truck had lost power while driving in cold weather, prompting the company in February to issue a recall. Then on March 6, Lordstown said that if it can’t team up with an experienced automaker, it would be forced to discontinue the pickup, its only model.
You’re taking about RIDE. Numerous false starts. Unfortunately, there’s little entertaining about it. But I try.
I AM an investor. Doesn’t mean I stop calling them as I see them. I have integrity.
Only the Endurance accrues to RIDE in any substantial way.
Ford recall 1.5 million trucks, Rivian 200,000, Lordstown 5
CEO Hightower worked for GM and knows the consequences
of too fast, too soon and took their time before rushing production
for a quick bottom line adjustment to increase revenue.
CEO Hightower know's all about the system and dotting I's and crossing T's
Hightower made the right move to bring the Endurance to perfection
prior to mass production.
Ford and Rivian isn't so lucky.
Now the Endurance, Monarch and the Ind MIH, EV C are currently in production.
Edward Hightower
CEO & President
Lordstown Motors Corporation
Edward Hightower is the CEO & President of Lordstown Motors Corporation (Nasdaq: RIDE), an original equipment manufacturer of electric vehicles for the commercial fleet market. In 2022, he co-led the turnaround of the company, development of its partnership with Foxconn, and launch of its first vehicle – the Endurance full-size battery electric pickup truck. In doing so, over 700 jobs were saved, and the Endurance was selected as a finalist for the 2023 North American Truck of the Year award. Previously, Hightower served in executive roles between Ford, BMW, and GM. He also worked as a consultant at AlixPartners, LLP and Motoring Ventures LLC. He has extensive experience in emerging markets in Asia, Africa, and Latin America. Hightower authored the book Motoring Africa: Sustainable Automotive Industrialization, published in 2018. He also serves on public, private, and not-for-profit boards.
When you’ve only built 40 trucks, the only place to scale is up. So what?
Ummm…no. Hub motors? Sure.
Almosthere,
Appreciate the link, seems “all about scale” is the mission here with FOXCONN and RIDE! Let’s see them turn this around and possibly be a leader in the field…
Best,
WW
Audio of Hightower interview. Enjoy!
Accelerated EV Adoption Requires Accelerated Innovation - Ed Hightower
https://schedule.sxsw.com/2023/events/PP1143609
Wonder who FOXCONN needs to lean on for expertise and experience with EV batteries?
LORDSTOWN MOTORS!
Minimally related to RIDE and the Endurance.
@ Watts Watt
Great article, refreshing and positive!
Appreciate the feed -!
Best,
WW
For a change, this is something relevant for investors to read:
https://www.teslarati.com/foxconn-brings-ev-battery-production-to-two-u-s-states/
RIDE stock is undervalued with enormous potential!
Doesn’t look like the peon calls of 0.50-0.60 are in the cards despite the negator banter.
Interview; The Future of EV Ecosystem & Electric Mobility. MIH CEO | Jack Cheng, Lordstown Motors CEO | Edward T. Hightower, Monarch Tractor CEO | Praveen Penmetsa, INDI EV, VP of Administration | Frank Modiri
Yes, disappointment and frustration is rife on this board. However the one feeling I truly have at this point, is that I want Steven Burns to face justice for the fraud he committed. This situation has shaken my faith in the U.S. financial system, and has exposed that the SEC is not trying to safeguard our interests or uphold law, so then why DOES it exist?
This situation has become a canary in the coalmine.
@ SavingGrace
Thanks for the video feed…
@.70 c I am scared to say what the future holds… I feel both sides, extreme disappointment and frustration like many on here, hopeful, yes, but I have NOT seen anything out of the Lordstown or FOXConn management team to feel otherwise..
I wish you the best, truly….
WW
…or the failure to find one.
Ooooh. 40 trucks. A distinction without a difference.
There is currently NO PRODUCTION. Meanwhile, employees are paid and the lights stay on. That $200M won’t last long.
Each day we are closer to an announcement from lordstown about and OEM.
You seem double minded. First you say no production. Now you say they produced 40.
Credibility is on the line.
Making plans. NOT making trucks.
BWAHAHAHA!!!!
Five out of how many produced? 40? Not to mention the 19?
BWAHAHAHA!!!!
Endurance Electric Truck - Lordstown Making New EV Plans
Lordstown recalled 5 Trucks. Nissan recalled 200,000 Trucks
The automaker says that it will replace the parking brakes in affected vehicles at no cost to the owner. The new parts will have washers that were correctly heat treated, thanks to a new marking system that helps the supplier better track its parts.
Lordstown is recalling a total of just five Endurance electric pickup trucks, which were produced between November 7 and December 7, 2022, due to a bad washer in the parking brake supplied to it by Akebono. The washer, it turns out, had not been properly heat treated, which could cause it to wear excessively over time.
The automaker was first made aware of the issue on February 20, when Akebono told it that certain rear electric parking brake calipers could contain thrust washers, supplied to it by a sub-supplier, affected by the heat treating error.
Read: Nissan Recalls More Than 200,000 Trucks Due To Rollaway Risk
Lordstown then launched an analysis of data supplied to it by Akebono and, on March 1, decided to launch a recall. Fortunately, it is not aware of any accidents or injuries related to the issue.
If the washer does wear excessively, the clamping force of the parking brake is likely to degrade over time. That could be an issue, especially if an owner parks their vehicle on a hill, because it would increase the risk of the vehicle rolling away, which could lead to a crash.
Unfortunately, the nature of the issue means that the owner will not receive any warning about a problem developing. Lordstown says, though, that it started reaching out to affected Endurance customers on March 3.
The automaker says that it will replace the parking brakes in affected vehicles at no cost to the owner. The new parts will have washers that were correctly heat treated, thanks to a new marking system that helps the supplier better track its parts.
They already did by purchasing 100% of the preferred and 18% of the common purchased on the open market. Safety nets were also put in place to prevent dilution.
Foxconn is the top shareholder of RIDE and has placed two directors on the board.
Foxconn is Lordstown Motors.
40!?!?!?
Production is HALTED.
BWAHAHAHA!!!
If FOXCONN does resort to buying out Lordstown? IF
What is the number ? $$$$$
$3, $5 or the original entry point for them $6.89? Or $1
Another false statement. 40 vehicle have been produced, and 6 sold.
Somebody sounds desperate!
And no vehicle in production currently…or most likely ever. G&A will eat that $200M.
No bankruptcy. That is just misleading information with no substance behind it.
220 million on board and 100 million more coming from Foxconn says otherwise!
Foxconn believes in Lordstown - period!
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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