Why Lordstown Motors Stock Slumped Today
Electric truck start-up Lordstown Motors (NASDAQ: RIDE) has had a rough month after being hit with a short-seller report and subsequent Securities and Exchange Commission investigation. Now add on a black eye over the weekend after failing to finish a highly touted off-road truck race. Lordstown shares are trading down about 10.3% today, as of noon EDT.
The company had been promoting the entry of its all-electric Endurance pickup truck in the San Felipe 250 race that was run in Baja California, Mexico, on Saturday. But the truck didn't cross the finish line, only logging about 40 miles of the race. No details were released on the reason for the withdrawal.
Even with the company calling the event a test and a learning experience, investor sentiment today is likely being impacted by the disappointing publicity on a day when several electric vehicle names are also moving lower.
Source Fool.com
