Lordstown Motors Slashes 2021 Production Plans; Will Need to Raise Capital
Lordstown Motors (NASDAQ: RIDE) announced its first-quarter financial update after the bell Monday, and investors got a mixed bag. Shares of the aspiring electric pickup-truck manufacturer began a more than 50% slide in March when a short-seller report questioned the accuracy of its order book, as well as its ability to begin production on schedule later this year.
Today's announcement did confirm that the company still plans to begin production of its Endurance pickup truck by the end of September, but volume would be "at best" 50% of previous estimates. In addition, the company said it is seeking to raise additional capital to fund its start-up plans.
Source Fool.com
