Lordstown Motors is primarily looking to lend some space at its massive former General Motors plant, as the struggling startup moves closer to building its first production-quality, endurance pickup trucks later this year, according to the verege.
Interim CEO Angela Strand said Lordstown is in serious discussions with several potential partners who might manufacture the vehicles or do other types of work at the plant along with the startup, which means the startup could act as a sort of WeWork for manufacturing.
“This is an important strategic focus for us, and it is a decision that we believe will lead to significant new revenue imposition for Lordstown at the same time as building resilience is increasing,” Strand said.
“We currently use about 30% of our 6.2 million square feet of factory space, so we have plenty of room for potential partners to build vehicles, to build vehicles for others, and vehicle platforms [لوردستاون موتورز] Strand and Schmidt shared the plan on a call with investors as the company discussed second-quarter financial results, and Lordstown Motors, which said in June it would run out of cash by May 2022 without additional funding, lost $108 million, said President Rich Schmidt. In the quarter, the company was recently backed by a share purchase agreement with a hedge fund that could allow it to raise up to $400 million.
But the startup is still looking to raise more funding as it approaches its announced start date in September for endurance production, and won’t make a profit from those vehicles until it begins shipping in early 2022 (around the same time) the Ford F-150 is scheduled to ship. Lightning competition).
These financing efforts include a plan to allow other companies to use the plant, as well as find strategic partners and investors and increase debt financing. A number of companies and potential lenders refused to mention any names.
She also said that Lordstown Motors is working to obtain a third-party assessment of the value of the plant, the equipment inside and improvements the startup has made that could help increase the amount Lordstown can borrow for the plant.