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LORDSTOWN . Lordstown Motors Reports Third Quarter 2021 Financial Results November 11 , 2021 LORDSTOWN , Ohio , Nov. 11 , 2021 ( GLOBE NEWSWIRE ) -- Lordstown Motors Corp. ( Nasdaq : RIDE ) , ( " Lordstown Motors " or " LMC " ) , a provider of electric light duty trucks focused on the commercial fleet market , today released its third quarter 2021 financial results , and provided a business and financial outlook update . Third Quarter and Recent Key Business Highlights ● Reported third quarter 2021 net loss of $ 95.8 million , capex of $ 79.9 million and cash of $ 233.8 million on September 30 , 2021 . • Executed an asset purchase agreement with an affiliate of Hon Hai Precision Industry ( " Foxconn " ) that will culminate in the transfer of the Lordstown plant to Foxconn , and a plan to establish a contract manufacturing agreement whereby Foxconn will manufacture the Endurance . • Agreed to pursue a joint venture agreement with Foxconn to jointly design and develop vehicle programs for the commercial market in North America and internationally using Foxconn's Mobility in Harmony ( " MIH " ) open electric vehicle platform . • Signed an MoU with Cox Automotive Inc. with a mutual goal to provide service and support to all Lordstown Motors electric vehicle fleet customers . • Received $ 50 million equity investment from Foxconn in October at approximately $ 6.90 per share ; $ 230 million purchase price of the Lordstown plant would be pre - funded with three down payments - $ 100 million on or about November 18th , $ 50 million on February 1 , 2022 , and $ 50 million no later than April 15 , 2022 , subject to certain conditions . At closing , the remaining $ 30 million purchase price , along with reimbursement for certain operating and capital costs from September 1 , 2021 through closing , will be paid . • Net loss includes non - cash items of $ 11.1 million in intangible asset amortization , $ 6.6 million in stock compensation , and a $ 3.3 million gain on a fair value adjustment of warrants . Executive Commentary " The third quarter marked a significant strategic shift for Lordstown Motors , " said Dan Ninivaggi , Chief Executive Officer of Lordstown , " We announced our Agreement in Principle ( " AIP " ) with Foxconn regarding the sale of our Lordstown , Ohio assembly plant and the negotiation of a contract manufacturing agreement . The definitive Asset Purchase Agreement with Foxconn , implementing the AIP , was executed earlier this week . " " Our partnership with Foxconn will unlock the tremendous potential of the Lordstown automotive plant , enable us to reduce the overall cost of bringing the Endurance to market , and position us to be able to jointly develop vehicles with a partner that has significant scale , manufacturing expertise , and a commitment to electric vehicle manufacturing as one of its key global strategic priorities . As part of the transaction , LMC and Foxconn have agreed to pursue a joint venture to jointly design and develop commercial vehicle programs for North America and internationally using Foxconn's " MIH " open EV platform . Working collaboratively with Foxconn , we expect to be able to bring future vehicles to market faster and more efficiently . " " Our organization's top priority has remained bringing the Lordstown Endurance full size all - electric pickup to market as quickly and efficiently as possible . In the third quarter , we continued to build and test prototype vehicles . We also continued to execute on our ' commercial fleet first ' strategy , and have received additional non - binding indications of interest from a number of commercial customers , including fleet management companies . We have a unique vehicle in the biggest part of the market targeting commercial customers . As such , we believe that as potential future customers demo our vehicles , interest in the Endurance will grow , laying the groundwork for building out our order book as we get closer to commercial production . " " Since the beginning of the fourth quarter , we have begun building the first of what we expect to be approximately 100 pre - production vehicles that we will use to pursue a variety of validation activities aimed at achieving full homologation . This is a modest delay from earlier expectations as component and material shortages , along with other supply chain challenges , remain an issue for Lordstown Motors just as they are for the industry at large . We now expect that commercial production and deliveries of the Endurance will begin in the third quarter of 2022. " Please refer to " Forward Looking Statements " below . 2021 Financial Outlook We are updating the financial outlook for 2021 that we previously provided on September 30th . Revised guidance is as follows : • Endurance commercial production and deliveries beginning in the third quarter of 2022 ; building a limited number of vehicles for testing , validation , verification , and regulatory approvals during the remainder of 2021 and the first quarter of 2022 . • Cash balances of between $ 150 million and $ 180 million as of December 31 , 2021 , inclusive of the anticipated down payment of $ 100 million to be made by Foxconn under the Asset Purchase Agreement in November , and $ 15 million in issuances under the equity purchase agreement in October , but exclusive of any other potential financings . • Capital expenditures of between $ 330 million and $ 350 million for the full year 2021 , down from $ 375 million to $ 400 million , largely as a result of the timing of purchases related to tooling and production readiness .