Cash-strapped Lordstown may tap the brakes on Endurance production

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Lordstown Motors had cash and cash equivalents of $108.1 million as of March 31, down from $203.6 million a year earlier.

Shares were little changed, having hit a record low of 25 cents on Monday.

Lordstown Motors and its EV peers have been struggling as access to capital tightens from rising interest rates and mounting economic uncertainty.

The company had resumed production of Endurance in March after a pause in February to address quality issues.

It said in February that it had made only 37 trucks for sale and recalled 19 vehicles delivered to customers or being used internally.

Net loss ballooned to $171.1 million in the quarter ended March 31, the company said on Thursday, from $89.6 million a year earlier.

Lordstown Motors had previously warned of substantial doubt about its ability to continue as a going concern, citing liquidity issues.

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