LORDSTOWN, Ohio, Oct. 14,
2022 /PRNewswire/ -- Lordstown Motors
Corp. (Nasdaq: RIDE), ("Lordstown Motors"), an original
equipment manufacturer (OEM) of electric vehicles focused on the
commercial fleet market, today announced that it will release its
third quarter 2022 financial results before market open on
Tuesday, November 8, 2022. The
company will then host a conference call at 8:30 a.m. Eastern Time.
The call can be accessed via a live webcast accessible on the
Events page of Lordstown Motors' Investor Relations website at
https://investor.lordstownmotors.com/. An archive of the webcast
will be available shortly after the call.
About Lordstown Motors Corp.
Lordstown Motors is an electric vehicle (EV) OEM developing
innovative light duty commercial fleet vehicles, with the Endurance
all electric pickup truck as its first vehicle being launched in
the Lordstown, Ohio facility.
Lordstown Motors has corporate, engineering, and research and
development facilities in Lordstown,
Ohio, Farmington Hills,
Mich. and Irvine, Calif.
For additional information, visit
http://www.lordstownmotors.com/.
Forward Looking Statements
This press release includes forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as "feel," "believes," expects,"
"estimates," "projects," "intends," "should," "is to be," or the
negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein due to many factors, including, but not
limited to: the need to raise substantial additional capital to
execute our business plan, achieve our production targets for the
Endurance, achieve scaled production of the Endurance, to continue
ongoing operations and remain a going concern, and our ability to
raise such funding on a reasonable timeline and with suitable
terms; the cost and other impacts of contingent liabilities such as
litigation, regulatory proceedings, investigations, stockholder
letters and claims and availability of insurance coverage and/or
adverse publicity with respect to these matters, which may have a
material adverse effect, whether or not successful or valid, on our
liquidity position, market price of our stock, cash projections,
business prospects and ability and timeframe to obtain financing;
our limited operating history and our ability to execute our
business plan, including through our relationship with Foxconn; our
ability to raise sufficient capital in order to invest in the
tooling that we expect will enable us to eventually lower the
Endurance bill of materials cost, continue design enhancements of
the Endurance and fund any future vehicles we may develop; the
rollout of our business and the timing of expected business
milestones, including Foxconn's ability to complete the conversion
and retooling of its Lordstown
facility and our ability to complete the engineering of the
Endurance, to establish and maintain appropriate supplier
relationships, to successfully complete testing, homologation and
certification, and to start delivery of the Endurance in accordance
with our projected timeline; our ability to successfully identify
and implement actions that will lower the Endurance bill of
materials cost; supply chain disruptions, inflation and the
potential inability to source essential components and raw
materials, including on a timely basis or at acceptable cost, and
their consequences on testing, production, sales and other
activities; our ability to obtain binding purchase orders and build
customer relationships; the risk that our technology, including our
hub motors, does not perform as expected and our overall ability to
deliver on the expectations of customers with respect to the
pricing, performance, quality, reliability, safety and efficiency
of the Endurance and to provide the levels of service and support
that they will require; our ability to conduct business using a
direct sales model, rather than through a dealer network used by
most other OEMs; the effects of competition on our ability to
market and sell vehicles; our inability to retain key personnel and
to hire additional personnel; the ability to protect our
intellectual property rights; the failure to obtain required
regulatory approvals; changes in laws or regulatory requirements or
new or different interpretations of existing law; changes in
governmental incentives and fuel and energy prices; the impact of
health epidemics, including the COVID-19 pandemic, on our business;
cybersecurity threats and compliance with privacy and data
protection laws; failure to timely implement and maintain adequate
financial, information technology and management processes and
controls and procedures; our ability to remain in compliance with
our debt covenants, our ability to repay the obligations when due,
and the risks associated with having pledged significant assets as
collateral for recently obtained indebtedness; and the possibility
that we may be adversely affected by other economic, geopolitical,
business and/or competitive factors, including the direct and
indirect effects of the war in Ukraine. In addition, the transactions entered
into with Foxconn are subject to risks and uncertainties. No
assurances can be given that we will successfully implement or that
we will realize the anticipated benefits from the recently
completed transactions with Foxconn, including the contract
manufacturing agreement and the joint venture to jointly develop
additional EVs for launch. If we are unable to maintain our
relationship with Foxconn or effectively manage outsourcing the
production of the Endurance to Foxconn, we may be unable to ensure
continuity, quality, and compliance with our design specifications
or applicable laws and regulations, which may ultimately disrupt
and have a negative effect on our production and operations. The
success of the joint venture depends on many variables, including
our ability to utilize the designs, engineering data and other
foundational work of Foxconn, its affiliates, and other members of
the MIH consortium to commercialize, industrialize, homologate and
certify a vehicle in North
America, along with variables that are out of the parties'
control, such as technology, innovation, adequate funding, supply
chain and other economic conditions, competitors, customer demand
and other factors that impact new vehicle development. If we are
unable to develop new vehicles for ourselves and potentially other
OEM customers, our business prospects, results of operations and
financial condition may be adversely affected. We will need
additional funding and will seek strategic partnerships to execute
our business plan and to achieve scaled production of the
Endurance. As we seek additional sources of financing and
strategic partnerships, there can be no assurance that such
financing or partnerships would be available to us on favorable
terms or at all. Our ability to obtain additional financing in the
debt and equity capital markets or through strategic partnerships
is subject to several factors, including market and economic
conditions, the significant amount of capital required, the fact
that our bill of materials cost is currently, and expected to
continue to be, substantially higher than our anticipated selling
price, uncertainty surrounding regulatory approval and the
performance of the vehicle, meaningful exposure to material losses
related to ongoing litigation and the SEC investigation, our
performance and investor sentiment with respect to us and our
business and industry. Additional information on potential factors
that could affect the financial results of the Company and its
forward-looking statements is included in its most recent Form 10-K
and subsequent filings with the Securities and Exchange Commission.
All forward-looking statements are qualified in their entirety by
this cautionary statement.
Contacts:
Investors
Carter Driscoll, CFA
IR@lordstownmotors.com
Media
Colleen Robar
crobar@robarpr.com
313.207.5960
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SOURCE Lordstown Motors Corp.