The Foxconn And Lordstown Partnership Is Not Going Well

It's looking like Lordstown Motors is in trouble yet again, as its partner Foxconn has only managed to build 40Endurancepickups since the first truck rolled off the assembly line 6 months ago. This news comes courtesy of aBloombergreport that outlines that the partnership between the two companies may not be as fruitful as many would have hoped.

It's no secret Lordstown motors has run into issue after issue these past few years. The company was in a sort of free fall last year whenFoxconn showed upto save them from themselves. After the Taiwanese company known for making Apple, Android, and Sony products purchased the factory from and a stake in Lordstown Motors things finally appeared to be improving, especially after the truck was finallyhomologated for US sales.

In January, Lordstown asked Foxconn to suspend production of the truck due to the cost exceeding the targeted sales price of $65,000. Soon thereafter,production was finally halted, but only because issues were found in the production process related to propulsion, chassis, and infotainment. This, along with owners losing power while driving, prompted the company to initiate a recall for 19 of the trucks currently on the road.

Shockingly, the company also revealed on its March 6, Q4 2022 earnings call that unless it's able to partner with a more experienced automaker it may have to abandon the Endurance pickup as it focuses on its future vehicle program with Foxconn and MIH consortium.

The issue is the Endurance pickup apparently costs significantly more for the company to produce than its selling point. The company doesn't just want to jack up prices again because at that point the truck will make even less sense compared to others like the Ford F-150 Lightning and it will start to push into Rivian R1T territory.