Lordstown Motors

Lordstown Motors Corp. is an automotive company, which engages in the design and manufacture of light duty electric trucks targeted for sale to fleet customers. The firm develops its flagship vehicle, the Endurance, an electric full-size pickup truck. The company was founded by Stephen S. Burns on November 13, 2018 and is headquartered in Lordstown, OH.

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Nu Ride, Inc. is an automotive company, which engages in the design and manufacture of light duty electric trucks targeted for sale to fleet customers. The firm develops its flagship vehicle, the Endurance, an electric full-size pickup truck. The company was founded on November 13, 2018 and is headquartered in New York, NY.

General Motors

The former chief executive of electric vehicle startup Lordstown Motors Corp sold $13.5 million worth of shares in the electric vehicle startup on Feb. 28, according to a regulatory filing - a day before General Motors Co disclosed it had sold its stake in the company.

Lordstown Motors ex-CEO sold shares day before GM said it exited stake -filing

The sale should be a red flag to anyone who invests in electric vehicle startups. GM clearly feels better about its own EV program.

GM Sells Lordstown Stake. Small-Cap EV Investors, Beware.

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Although the Bank of Canada raised its key lending rate to 0.5% on Wednesday, there were a few notable insider trades. When insiders sell shares, it indicates their concern in the company's prospects or that they view the stock as being overpriced.

Executives Sell More Than $47M Of 5 Stocks

LORDSTOWN, Ohio, March 2, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown Motors" or "LMC"), a provider of electric light duty trucks focused on the commercial fleet market, will be in Booth #409 at the March 9-11 Work Truck Week in Indianapolis. The Ohio manufacturer is bringing the Lordstown Endurance full size all-electric pickup onsite at the Work Truck Week show at the Indiana Convention Center.

Lordstown Motors Exhibiting at NTEA Work Truck Week March 9-11

General Motors sold its stake in Lordstown Motors, an electric vehicle startup that has struggled to get its first vehicle, the electric pickup truck Endurance, to production, reports the Detroit Free Press. GM's 7.5 million shares of common stock, which was less than 5% of the company, had an initial equity value of $75 million.

Struggling EV startup Lordstown Motors loses GM as investor

RIDE stock is down more than 20% year-to-date as investors grow nervous about the EV company. In addition, GM has sold its stake.

RIDE Stock Pops Even as GM Sheds Its Lordstown Motors Stake

General Motors Co sold its stake in electric vehicle startup Lordstown Motors Corp in its fourth quarter, according to a CNBC news report.

GM to sell stake in EV startup Lordstown Motors - CNBC

GM's stake in Lordstown Motors was less than 5%. The sale came in the fourth quarter after an undisclosed lock-up period.

GM sells its stake in embattled EV start-up Lordstown Motors

Shares of Lordstown Motors (NASDAQ: RIDE) popped in the wake of the earnings release but the gains were soon given up. The company reiterated its guidance amid some other good news and put the market for the stock into a reversal.

The Reversal In Lordstown Motors Skids To A Halt

Lordstown Motors Corp. (LMC) needs $250 million to make it through the year and a blessing from a government committee that examines foreign investment in the U.S. to produce 500 Endurance electric pickup trucks beginning in Q3. The bill of materials to make the trucks costs much more than LMC, which is under Securities and Exchange Commission investigation, can charge despite the price being raised to $63,000 from $52,500.

Lordstown Motors faces multiple hurdles to produce electric pickup

Production is still on track to start this year, but Lordstown still needs to raise new capital, too.

Is Lordstown Motors Stock a Buy After It Tanked Today?

Lordstown Motors (RIDE) stock is putting it in reverse Monday as investors react to news in the company's most recent earnings report. The post Lordstown Motors News: Why Is RIDE Stock Tanking Today?

Lordstown Motors News: Why Is RIDE Stock Tanking Today?

Electric vehicle startup Lordstown Motors said on Monday it plans to sell its first 500 Endurance electric pickup trucks this year even as expenses related to the launch surged in the fourth quarter, sending its shares down 16%. The company, when it went public under the previous management, had previously forecast sales of about 32,000 vehicles.

Lordstown expects to sell 500 Endurance electric trucks even as costs surge

Lordstown Motors Corp. (RIDE) CEO Daniel Ninivaggi on Q4 2021 Earning Conference Call - Earnings Call Transcript

Lordstown Motors Corp. RIDE, -17.60% shares fell more than 17% in midday trading Monday, reversing course from pre-market. The stock was on track for its lowest close since Jan. 28, when it closed at $2.45, and its largest percent decrease since Nov. 12.

Lordstown stock falls 17% to lowest in a month

Lordstown estimates it will produce no more than 3,000 electric pickup trucks by the end of 2023.

Why Lordstown Motors Stock Crashed Today

Lordstown Motors Corp (NASDAQ: RIDE) reported a fourth-quarter FY21 loss per share of $(0.42), beating the consensus of $(0.73). The total operating expenses rose 120.7% Y/Y to $84.6 million.

Lordstown Motors Stock Slides Post Q4 Results; Reaffirms Q3'22 Target For Endurance Sales

Those plans include only vehicles this year once retail production is slated to begin in the third quarter.

Lordstown Motors expects to produce only 3,000 electric pickups through 2023

Shares of Lordstown Motors Corp. RIDE, +2.23% rallied 1.9% in premarket trading Monday, after the electric vehicle maker reported a wider fourth-quarter loss but one that was narrower than expected. The net loss widened to $81.2 million, or 42 cents a share, from $61.7 million, or 37 cents a share, in the year-ago period.

Lordstown's stock rallies after losses reported were narrower than expected

Lordstown Motors Corp. shares RIDE, +2.23% rose 2.8% in premarket trade Monday, after the electric vehicle maker posted a narrower-than-expected loss for the fourth quarter and said it's on track with plans for its electric truck in the third quarter. The company posted a loss of $81.2 million, or 42 cents a share, for the quarter, wider than the loss of $61.7 million, or 37 cents a share, posted in the year-earlier period.

Lordstown shares rise premarket after EV company posts narrower-than-expected Q4 loss

Lordstown Motors Corp (NASDAQ: RIDE) shares are trading lower by 19.7% at $2.58 after the company reported fourth-quarter earnings results and said it expects commercial production and sales of the Endurance of approximately 500 units in 2022 growing to as many as 2,500 units in 2023. Lordstown.

Why Lordstown Motors Shares Are Falling

Electric vehicle startup Lordstown Motors Corp said on Monday it expects to manufacture and sell about 500 Endurance electric pickup trucks this year.

Lordstown Motors expects to sell 500 Endurance pickup trucks in 2022

LORDSTOWN, Ohio, Feb. 28, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown Motors" or "LMC"), a provider of electric light duty trucks focused on the commercial fleet market, today released its fourth quarter and fiscal year 2021 financial results and provided a business update. Fourth Quarter and Recent Key Business Highlights Ended 2021 with a cash balance of $244 million, $79 million above the midpoint of the previously issued outlook on disciplined spending, favorable working capital, additional equity issuances and a deferral of certain investments into 2022 Executed the asset purchase agreement with Foxconn to initiate the Company's strategic shift to a less capital-intensive business model focused on developing, engineering, testing and industrializing vehicles in partnership with Foxconn, with Foxconn manufacturing the Endurance in the Lordstown facility Raised $182 million in capital, comprised primarily of $100 million in down payments by Foxconn for sale of the Lordstown facility, $50 million from the sale of common stock to Foxconn and $30 million in other equity issuances; an additional $50 million down payment from Foxconn was received on January 28, 2022 Began building and testing Endurance pre-production vehicles for validation and homologation   Strengthened the senior leadership team and managed a challenging operating environment throughout 2021, including the impacts of COVID-19 and supply chain disruptions Outlook Reaffirm third quarter 2022 target for commercial production and sales of the Endurance Expect commercial production and sales of the Endurance of approximately 500 units in 2022 growing to as many as 2,500 units in 2023 Anticipate investments in hard tooling and other actions to drive significant reduction in the Endurance bill of materials into 2023 and beyond Working toward finalizing the Foxconn transaction, including the contract manufacturing agreement, and seeking an agreement and funding structure to develop new vehicles in collaboration with Foxconn based off the MIH platform  Continue efforts to raise additional capital to fund commercial launch of the Endurance and operating plan Executive Commentary "The fourth quarter marked a significant strategic shift for Lordstown Motors," said Dan Ninivaggi, Chief Executive Officer of Lordstown, "We executed the asset purchase agreement with Foxconn and have made substantial progress on the terms of our contract manufacturing agreement, subject to review by the Committee on Foreign Investment in the US (CFIUS).

Lordstown Motors Reports Fourth Quarter and Fiscal Year 2021 Financial Results

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LORDSTOWN, Ohio, Feb. 15, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), ("Lordstown Motors"), a developer of electric light-duty trucks focused on the commercial fleet market, today announced that it will release its fourth quarter and full year 2021 financial results before market open on February 28, 2022 . The company will then host a conference call at 8:30 a.m.

News for Lordstown Motors Stock (RIDE)