Lordstown Motors announced it will launch its all-electric pickup truck, the Endurance, in the third quarter of 2022, rather than in the second quarter as had been previously stated.
The company cited parts and materials shortages in a conference call regarding its third quarter 2021 results, reports Reuters. Shares in the Ohio-based startup dipped 11 percent in after-hours trading.
“We’re focused on the Endurance,” said Lordstown Motors’ CEO Daniel Ninivaggi.. “We know we have to get that truck out. It’s been a challenging quarter with raw material shortages, parts shortages, supply-chain disruptions, particularly from international sourcing, but we’re doing everything we can to mitigate it.”
Lordstown has faced considerable difficulties following a report in March from a short-seller, in which the company was accused of misleading investors. Following the report, founder Steve Burns stepped down from his position as CEO.
Although the company is still under investigation by the United States Securities and Exchange Commission, it has recently been trying to work its way back from the brink.
Just this week, the startup announced that it had sold its Lordstown, Ohio plant to Foxconn Technology Co Ltd in a $230 million deal that will see Foxconn acquire its first U.S. manufacturing facility. Together, the two companies will build the Endurance pickup and will also co-develop commercial vehicles for American and international markets.
“We’re going to do everything possible to get the truck out on our revised schedule,” said Ninivaggi. The CEO added that wheel-mounted hub motors, one of the Endurance’s marquee features, will not be used in every vehicle the company designs.