Lordstown Motors Down, Silverado EV Is Up, Ford Engineers Are Out

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It’s Tuesday and we’re fired up for another day in Retail Auto as we talk about the unfolding action in EV manufacturing. We discuss Lordstown Motors bankruptcy, the launch of the Silverado EV, as well as the moves Ford is making with its engineers. 

Show Notes with links:

• Ohio based Electric truck manufacturer Lordstown Motors has filed for Chapter 11 bankruptcy protection and is now  taking legal action against Taiwanese manufacturer Foxconn, accusing them of fraudulent conduct and a series of broken promises, including not abiding by an agreement to invest up to $170 million.
  • Foxconn, best known for assembling Apple's iPhones, had previously invested about $52.7 million in Lordstown and holds nearly 8.4% stake. They stated that Lordstown breached the investment agreement when the automaker's stock fell below $1 per share.
  • The company’s flagship product, a pickup called the “Endurance” was plagued with fires during testing and CEO Stephen Burns resigned in 2021 after acknowledging overstatements of pre-orders for its electric trucks.
  • The dispute could bring more scrutiny to Foxconn's electric vehicle ambitions and partnerships. Should Lordstown fail to find a rescuer, the once celebrated, Lordstown, Ohio factory now owned by Foxconn could attract overseas automakers wanting to build vehicles in the U.S.
• The Chevy Silverado EV is about to begin commercial production, promising a 450-mile range backed by a whopping 200+kWh battery. However, due to recent supply chain and economic pressures, Chevy is set to increase the initial $39,900 price point of the base model upon its 2024 launch.
  • GM has closed orders for the truck as it begins to fulfill some of the 185k existing commercial orders. Production has started at GM's Factory Zero assembly plant in Detroit, with customer deliveries expected to begin soon.
  • The vehicle weighs 8500 lbs and requires 61 PSI in its tires. Its 200kw battery is 50% larger than the F150 Lightning long range battery and twice as large as the standard range. A Chevy Bolt has a 65kw battery. 
  • Carplay still works with a popup warning that it will be discontinued with future updates
• In the ongoing positioning of EV manufacturing, Ford Motor Co. is preparing to lay off hundreds of salaried engineers across all three of its divisions;  EVs, ICE, and commercial vehicles to boost profitability and cut costs amid its $50 billion transition to electric vehicles. 
  • Earlier this year, CEO Jim Farley said the company needed as many as 25% more engineers
  • T.R. Reid, a spokesperson for Ford, stated, “We’re not cost competitive. We have specific priorities and ambitions that have implications for skills, assignments and staffing needs. These changes are consistent with that. Th

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