25 Stocks Moving in Tuesday s Pre-Market Session benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Lordstown Motors Say It Needs More Capital To Achieve Production Goals
Views : 674 | Category: New Cars | Source: | SOURCE: www.autonews.com
SHARE THIS ARTICLE Lordstown Motors Corp. said Monday that 2021 production of its Endurance truck, slated to begin in September, will be half of prior expectations and that the electric vehicle startup needs additional capital to execute its plans, sending shares down 8.3 percent in after-hours trading. We are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans, CEO Steve Burns said in a statement. We believe we have several opportunities to raise capital in various forms and have begun those discussions.
RIDE stock was hard hit after management said it ‘encountered some challenges’
Management revised key 2021 guidance metrics lower and said it needs to raise new cash.
Lordstown Motors Corp (NASDAQ: RIDE) investors are dealing with yet another concerning headline that sent the stock lower by around 15% Tuesday morning. RIDE stock is reacting to the downside after the electric pickup truck maker revised its production guidance lower and said it needs to raise additional capital.
Lordstown says it ‘encountered some challenges’ in Q1
Lordstown reported Monday afternoon first quarter results along with a business update. Investors are paying attention to revenue and other traditional metrics given the fact the company remains in the production stage. However, what is of interest to the investment community is management’s business update.
Lordstown Motors says 2021 production will be half of expectations autoblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoblog.com Daily Mail and Mail on Sunday newspapers.