March 6 (Reuters) – Lordstown Motors Corp (RIDE.O) on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle (EV) maker struggled with production costs and missed its delivery target for the Endurance pickup truck in the period.
EV companies that went public in past few years have been battling surging costs and challenges in securing supply of parts to make enough vehicles to meet the sector’s burgeoning demand.
At the start of commercial production in September, the company had set a target to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units.
However, it made only 31 units for sale and suspended production of the pickup truck due to performance and quality issues with some components.
Lordstown had said in January it expected production to be slow through its first quarter due to supply chain constraints, particularly with the availability of hub motor components.
The company began making its Endurance electric pickup truck in September after Taiwanese contract manufacturer Foxconn (2317.TW) acquired Lordstown’s Ohio factory and entered a deal to make their vehicle.
Net loss for the quarter ended Dec. 31 stood at $102.3 million, compared with $81.2 million a year earlier. The results included an impairment charge of $36.5 million that the firm said was driven mainly by a decrease in its stock price.
The company had a cash balance of $121.4 million, at the end of the fourth quarter, down from $154.2 million in the preceding quarter.
Revenue during the quarter was $194,000, compared with analysts’ estimate of $1.29 million, according to IBES data from Refinitiv.
