Why Lordstown Motors Shares Tumbled Today
Shares of Lordstown Motors (NASDAQ: RIDE) got a boost last week on some welcome news, but the stock has now given back those gains and more. Today, Lordstown shares were lower by 7.2% as of 3:28 p.m. ET.
Lordstown has been struggling to conserve cash and get its production off the ground. When word came last week that production had started for its Endurance electric pickup truck, the stock popped double digits. But the stock has been sliding ever since. Including today's drop, Lordstown shares are down 15% since last Wednesday's spike.
Lordstown has had a troubling last year. In an effort to preserve cash and move to the production phase of its development, the company sold its manufacturing facility to electronics manufacturer Foxconn and entered into an agreement for Foxconn to be the producer of Lordstown's Endurance electric pickup truck.
Source Fool.com
