Lordstown Tanks as Revenue Stays Elusive, More Delay in Endurance

Investing.com

Fri, Nov 12, 2021, 3:56 AM1 min read

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By Dhirendra Tripathi

Investing.com – Lordstown stock (NASDAQ:RIDE) plummeted nearly 13% at the opening on Friday as the company continued to report losses while showing nothing in revenue for one more quarter.

A cut in price target by RBC Capital to $4 aggravated the slide.

Lordstown said it plans to deliver its Endurance truck in the third quarter of 2022, again delaying first deliveries of the vehicle to buyers.

The company is selling its Ohio plant to Foxconn (TW:2354) to revive its fortunes. Under a deal signed in September, Apple's (NASDAQ:AAPL) iPhone-maker will manufacture the Endurance.

The sale will bring in much-needed funds for Lordstown, which has warned several times that it’s running out of cash and may go out of business next year.

The U.S. Securities and Exchange Commission and the Justice Department are probing the company for inaccurate statements made by the company’s previous management about pre-orders for its Endurance trucks.

A narrower loss of 54 cents per share was one consolation for the beleaguered company.

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