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EV startup Lordstown Motors Corp. replaced its CEO with insider and automotive industry veteran Edward Hightower on Tuesday in a management shake-up aimed at ramping up efforts to start production of its pickup truck.
Hightower, president of the company since November, takes the reins from Daniel Ninivaggi who will become executive chairman and focus on partnerships and capital raising.
The former Ford Motor Co. and General Motors executive takes the helm at a crucial time for the 4-year-old company, which plans to start production of its Endurance pick-up truck with Foxconn in the third quarter.
While demand for electric vehicles has surged globally, supply chain disruptions and rising material costs have made it tough for companies to raise output and meet red-hot demand.
Lordstown Motors has also struggled with funding and had to sell certain assets to Taiwan-based Foxconn in May to secure capital essential for production.
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