Why Lordstown Motors Stock Crashed Today
After a tumultuous last year, electric vehicle (EV) start-up Lordstown Motors (NASDAQ: RIDE) is getting closer to beginning commercial production of its Endurance pickup truck. But investors still aren't happy with what they heard from the company's fourth-quarter and full-year 2021 financial update this morning. Lordstown shares fell as much as 19% in early trading Monday and remained down 17.1% as of 11:08 a.m. ET.
Lordstown has been working to turn the corner after its former CEO Steve Burns overpromised investors on customer interest and its production timeline. Burns stepped aside in June 2021, and the company has since pivoted to an agreement with Foxconn to take over its facility and produce the Endurance trucks. But though the company still plans to begin production in the third quarter of 2022, its plans to have only up to 3,000 trucks produced by the end of 2023 didn't please investors today.
Image source: Lordstown Motors.
Source Fool.com
