The two-year-old firm, which is converting a formerfactory to build electric pickup trucks, ended the first quarter with about $587 million. But it has cautioned that its cash burn is accelerating, largely because of higher-than-expected costs related to vehicle development and testing, and it will need to raise more money soon or risk running out of cash.
“This is a massively capital-intensive industry,” said Jeff Schuster, president of global forecasting at industry research firm LMC Automotive. “That’s exponentially higher when you’re talking about a new startup.” “It just doesn’t end,” he said. “The need for funding is a lot greater than any initial investment.” According to RBC Capital Markets, Lordstown Motors will need to raise $2.25 billion to remain solvent through 2025 when the analyst projects the company will become profitable.A personal, guided tour to the best scoops and stories every day in The Wall Street Journal.
A Lordstown Motors spokesman said Wednesday the company has adequate capital to continue operations and begin limited production, and it is in talks with several parties over raising funds. The company has significant tangible assets and multiple viable avenues for raising money, he said.
This one definitely going under
Ford just came out with a hybrid Mavrick. The price point is low, and it's not fully electric. But it's going that way, and they have the capital to get it done.
The only thing I can come up with is a type of atm machine that allows for fingerprint input since thdyve already been processed by the police selection options of country and bank which dispenses a temporary card with limited funds as well as a phone card included. Hcn kxgixhi
95% of these new EV companies will go bankrupt.
wow
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