Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Lordstown Motors delays Endurance EV pickup production due to supplier issues, shares fall

by
November 11, 2021
in Trading News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Freddie Mac House Price Index Increased in August to New High; Up 4.0% Year-over-year

Monday: ISM Manufacturing, Construction Spending

The Lordstown Motors Corp. Endurance electric pickup truck sits on stage during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020.

Matthew Hatcher | Bloomberg | Getty Images

Commercial production and deliveries of Lordstown Motors‘ first product, an all-electric pickup called the Endurance, are once again being pushed back, the company said Thursday.

The embattled EV start-up said commercial production is now expected to start in the third quarter of next year compared to the second quarter, due to an ongoing global issue with auto supplier and supply chains.

“This is a modest delay from earlier expectations as component and material shortages, along with other supply chain challenges, remain an issue for Lordstown Motors just as they are for the industry at large,” Lordstown CEO Dan Ninivaggi said in the company’s third-quarter financial results release.

The pre-revenue company’s reported loss of 54 cents a share was slightly narrower than the loss of 59 cents per share anticipated by analysts, according to estimates compiled by Refinitiv.

Shares of Lordstown fell by 7% during afterhours trading Thursday, after gaining 24% for the day to close at $6.89 a share.

Shares of the Ohio-based automaker remain volatile. The stock is down nearly 80% from its 52-week high of $31.57.

The stock’s performance Thursday was its best trading day on a percentage basis in roughly a year. It was driven by Lordstown’s plans, which were confirmed Wednesday, to sell its massive Ohio plant to Foxconn. The sale is part of a larger deal where iPhone maker Foxconn will assemble electric pickups for the cash-strapped company.

The deal was initially announced in September. It will provide capital for Lordstown, while giving Foxconn a jump start to producing EVs. Foxconn also has a deal with start-up Fisker to produce EVs in the coming years.

Lordstown on Wednesday also announced an executive shakeup at the company. President Rich Schmidt, one of the last high-ranking employees under former Lordstown founder and CEO Steve Burns, stepped down.

ShareTweetPin

Related Posts

Freddie Mac House Price Index Increased in August to New High; Up 4.0% Year-over-year

by
October 2, 2023
0

by Calculated Risk on 10/01/2023 10:11:00 AM Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index...

Monday: ISM Manufacturing, Construction Spending

by
October 2, 2023
0

by Calculated Risk on 10/01/2023 07:06:00 PM Weekend: o Schedule for Week of October 1, 2023 Monday: o At 10:00...

These 5 Stocks Are Setting Up This Buying Opportunity After Strong Runs

by
October 1, 2023
0

Post Content

7 Stock Picks You Might Not Have Heard About. Why They’re ‘Best-of-Breed Bisons.’

by
October 1, 2023
0

Here are 7 Stock Picks You Might Not Have Heard About. Why They’re Best-of-Breed Bisons. | Barron's D.A. Davidson, a...

Best China Stocks: These Two Are Flashing Buy Signals Now

by
October 1, 2023
0

Post Content

Next Post

Virginia pharmacy incorrectly administers Covid vaccine to 112 kids, officials pull remaining doses

Stock futures rise slightly as Wall Street looks to avoid losing week amid high inflation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net