A Lordstown Motors beta version of its all electric pickup truck, the Endurance, is seen at the Lordstown Assembly Plant in Lordstown, Ohio, U.S., Jun

Lordstown Motors evaluates strategic partners in funding search

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2021-06-22 10:00:06

A Lordstown Motors beta version of its all electric pickup truck, the Endurance, is seen at the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook

DETROIT, June 21 (Reuters) - Electric vehicle startup Lordstown Motors Corp (RIDE.O) is “evaluating strategic partners” as part of its search for funding needed to stay in operation, the company’s executive chair, Angela Strand, said on Monday.

Lordstown Motors earlier this month warned it may not be able to continue as a "going concern" if it cannot raise more money to retool its factory in Lordstown, Ohio, for high-volume production. read more

Strand is leading the company while the board searches for a replacement for former Chief Executive Officer Steve Burns, who left the company earlier this month. She provided no details on the evaluation of strategic partners. read more

Since the "going concern" warning, the company has tried to allay worries by saying it was in talks with multiple parties to raise funds. Strand said Monday the company is also "continuing our due diligence" in pursuit of a loan from the U.S. Department of Energy. Burns said in 2020 the company was seeking a $200 million loan from the Energy Department's Advanced Technology Vehicles Manufacturing loan program.