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Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. He has been investing since 1989 and been a Fool since 2001. Prior to joining The Fool as a contract writer in 2019, Howard worked in the steel business as an engineer for 28 years. When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead.
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.
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Lordstown Motors Corp (NASDAQ: RIDE), which completed a SPAC deal in 2020, reported first-quarter financial results after market close Monday.
What Happened: Lordstown
Motors reported a net loss of $125 million in the quarter. The company had $587 million in cash as of March 31, 2021.
The company is guiding for operating expenses to come in at $115 million for fiscal 2021.
“As a result, we need to raise additional capital to complete our business plans and have begun those discussions,” the company said. Several opportunities to raise capital are being discussed.
What’s Next: The company is targeting late September 2021 for the start of production for the Lordstown Endurance pickup truck.
Lordstown Motors Slashes 2021 Production Plans; Will Need to Raise Capital fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Last week featured three announced SPAC deals. The week also had earnings from several well-known former SPACs. Here is a look back at the week that was .
Ford’s electric F-150 Lightning offers speed, grunt, a big frunk
The 2022 Ford F-150 Lightning XLT offers storage space under the hood.
Ford Motor Co./TNS
Mark Phelan/Detroit Free Press/TNS
The 2022 Ford F-150 Lightning
Ford Motor Co./TNS
Eighteen months ago, Tesla CEO Elon Musk threw down the electric pickup gauntlet, introducing the sci-fi Cybertruck at a Los Angeles news conference as a vision of the future. In so doing, he mocked Detroit Three pickup designs, saying “they all look pretty much the same.” Promising “something different,” his stainless-steel exoskeleton EV opened a new battlefront in the pickup wars.