EV startups are nonetheless low on money, first-quarter financials display

The corporate is feuding with spouse Foxconn, which owns about 19 % of Lordstown, over investment aid secured to the automaker’s proportion worth.

“If we are unable to resolve our dispute with Foxconn in a timely manner on terms that allow us to continue operating as planned, identify other sources of substantial funding, identify a strategic partner and resolve our significant contingent liabilities, we may need to further curtail or cease operations and seek protection by filing a voluntary petition for relief under the United States Bankruptcy Code,” Lordstown stated.

The automaker is also working into problems generating its Continuity electrical pickup.

“Due to the production delays from early January to mid-April 2023, the failure to identify a strategic partner for the Endurance, and extremely limited ability to raise capital in the current market environment, we anticipate production of the Endurance will cease in the near future,” the corporate stated.

Faraday Pace noticed its money troubles keep growing within the first quarter. The corporate has about one moment of money left when compared with a tiny greater than 3 months’ importance on the finish of utmost month, consistent with a Thursday, Might 11, SEC submitting.

Alternative startups dealing with money woes come with Canoo, which had about two months of money readily available on the finish of 2022, and Workhorse Workforce, which had over a month’s importance. Each are scheduled to record effects Monday, Might 15.