On this page of StockholderLetter.com we present the 4/11/2023 shareholder letter from NU RIDE INC. — ticker symbol NRDE. Reading current and past NRDE letters to shareholders can bring important insights into the investment thesis.
Dear Fellow Shareholder, Lordstown Motors made significant progress as an electric vehicle OEM in 2022, by launching our first vehicle and pivoting the company to an asset-light business model. We also exercised discipline in our spending that enabled us to outperform our cash outlook in every quarter. Ahead of our Annual Stockholders Meeting on May 22nd, I d like to share some key highlights from the last fiscal year. EnduranceTM Product Launch Last fall, our team achieved full homologation and certification and launched our first vehicle, the EnduranceTM, a battery-electric full-sized pickup truck. Our leadership team consisting of new talent added since August 2021 has implemented rigorous processes to enhance vehicle program management and overall operational execution. We are one of the few OEMs that has completed the development, homologation, and launch of a full-sized electric pickup. We began commercial production, at a slow rate, as we faced several supply-chain, part pedigree, and part availability issues. We started commercial deliveries in Q4. We were pleased that Endurance was named a finalist in the North American Car and Truck of the Year awards. Our commercial fleet customers are providing valuable feedback as we work to optimize their user experience. Asset-Light Business Model We announced our intention to pivot to an asset-light business model in late 2021. In May of 2022, we successfully closed the sale of our assembly plant to Foxconn, who took on more than 400 of our experienced automotive manufacturing employees and contract manufacturing of the EnduranceTM. These actions materially reduced our operating complexity and overhead costs, while providing us with significant capital. We also formed a broader agreement with Foxconn, and are working with their Mobility-In-Harmony (MIH) consortium, to collaborate on the development of future electric vehicles. Foxconn also made an additional commitment to directly invest up to $170 million in LMC, of which $52.7 million has been funded and $117.3 million is subject to various conditions. Of the total commitment, $100 million is targeted to fund predevelopment work on our future electric vehicle platform and program. Operational and Financial Discipline At LMC, we place a high priority on achieving our business objectives while also being careful stewards of our stockholders money. Driven by our new leadership team s spending discipline in inventory purchases and R&D, we exited the year with cash and short-term investments of $221.7 million.
Our mission at Lordstown Motors is to accelerate EV adoption by creating and launching innovative electric vehicles for our North American commercial fleet customers. Driven by lower total cost of ownership (TCO) and environmental, social, and governance (ESG) goals, BEV sales in light-duty commercial segments are forecast to grow significantly over the next ten years. We expect demand will exceed supply for the foreseeable future. I very much look forward to speaking with you at this year s annual meeting. On behalf of our employees, we thank you for your continued support and hope you RIDE with Lordstown! Sincerely, Edward T. Hightower, CEO & President
 • shareholder letter icon 4/11/2023 Letter Continued (Full PDF)
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NRDE 4/11/2023 Shareholder/Stockholder Letter Transcript:

Dear Fellow Shareholder,
Lordstown Motors made significant progress as an electric vehicle OEM in 2022, by launching
our first vehicle and pivoting the company to an asset-light business model. We also exercised
discipline in our spending that enabled us to outperform our cash outlook in every quarter.
Ahead of our Annual Stockholders Meeting on May 22nd, I   d like to share some key highlights
from the last fiscal year.
EnduranceTM Product Launch
Last fall, our team achieved full homologation and certification and launched our first vehicle,
the EnduranceTM, a battery-electric full-sized pickup truck. Our leadership team consisting of
new talent added since August 2021 has implemented rigorous processes to enhance vehicle
program management and overall operational execution. We are one of the few OEMs that has
completed the development, homologation, and launch of a full-sized electric pickup. We began
commercial production, at a slow rate, as we faced several supply-chain, part pedigree, and part
availability issues. We started commercial deliveries in Q4. We were pleased that Endurance
was named a finalist in the North American Car and Truck of the Year awards. Our commercial
fleet customers are providing valuable feedback as we work to optimize their user experience.
Asset-Light Business Model
We announced our intention to pivot to an asset-light business model in late 2021. In May of
2022, we successfully closed the sale of our assembly plant to Foxconn, who took on more than
400 of our experienced automotive manufacturing employees and contract manufacturing of the
EnduranceTM. These actions materially reduced our operating complexity and overhead costs,
while providing us with significant capital. We also formed a broader agreement with Foxconn,
and are working with their Mobility-In-Harmony (MIH) consortium, to collaborate on the
development of future electric vehicles. Foxconn also made an additional commitment to directly
invest up to $170 million in LMC, of which $52.7 million has been funded and $117.3 million is
subject to various conditions. Of the total commitment, $100 million is targeted to fund predevelopment work on our future electric vehicle platform and program.
Operational and Financial Discipline
At LMC, we place a high priority on achieving our business objectives while also being careful
stewards of our stockholders    money. Driven by our new leadership team   s spending discipline
in inventory purchases and R&D, we exited the year with cash and short-term investments of
$221.7 million.

Our mission at Lordstown Motors is to accelerate EV adoption by creating and launching
innovative electric vehicles for our North American commercial fleet customers. Driven by lower
total cost of ownership (TCO) and environmental, social, and governance (ESG) goals, BEV
sales in light-duty commercial segments are forecast to grow significantly over the next ten
years. We expect demand will exceed supply for the foreseeable future.
I very much look forward to speaking with you at this year   s annual meeting. On behalf of our
employees, we thank you for your continued support and hope you RIDE with Lordstown!
Sincerely,
Edward T. Hightower, CEO & President


shareholder letter icon 4/11/2023 Letter Continued (Full PDF)
 

NRDE Stockholder/Shareholder Letter (NU RIDE INC.) 4/11/2023 | www.StockholderLetter.com
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