Lordstown Motors Corp. on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle maker struggled with production costs and missed its delivery target for the Endurance pickup truck in the period.
The company said Monday that its net loss widened to $102.3 million from $81.2 million a year earlier. The results included an impairment charge of $36.5 million caused mainly by a decrease in its stock price.
In September, when its commercial production commenced, Lordstown had said it aimed to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units.
However, it made only 31 units for sale and suspended production of the pickup truck due to performance and quality issues with some components.
Lordstown Motors began making its Endurance electric pickup in September after Taiwanese contract manufacturer Foxconn acquired Lordstown’s Ohio factory and entered a deal to make their vehicle.
The company had a cash balance of $121.4 million, at the end of the fourth quarter, down from $154.2 million in the preceding quarter.
Revenue during the quarter was $194,000, compared with analysts’ estimate of $1.29 million, according to IBES data from Refinitiv.