Stay Away From This Electric-Vehicle Stock
Predicting things is hard, but man, Lordstown Motors (NASDAQ: RIDE) really dropped the ball. The electric pickup truck company, which went public last year in a merger through a special-purpose acquisition company, gave investors some very bad news on Monday.
Lordstown is set to start producing its Endurance electric pickup truck later this year. The company has no revenue right now, so its roughly $1.5 billion market capitalization is solely based on its ability to successfully manufacture its trucks and compete with the likes of Ford (NYSE: F). Ford's F-150 Lightning, an all-electric version of its best-selling pickup truck, will be available next spring. Lordstown has a very small window, then, to get its truck on the market before competition arrives.
Image source: Lordstown Motors.
Source Fool.com
