Lordstown Motors delays EV pickup manufacturing attributable to provider points

Industrial manufacturing and deliveries of Lordstown Motors’ first product, an all-electric pickup referred to as the Endurance, are as soon as once more being pushed again, the corporate stated Thursday.

The embattled EV start-up stated industrial manufacturing is now anticipated to start out within the third quarter of subsequent yr in comparison with the second quarter, attributable to an ongoing international situation with auto provider and provide chains.

“It is a modest delay from earlier expectations as part and materials shortages, together with different provide chain challenges, stay a difficulty for Lordstown Motors simply as they’re for the business at giant,” Lordstown CEO Dan Ninivaggi stated within the firm’s third-quarter monetary outcomes launch.

The pre-revenue firm’s reported lack of 54 cents a share was barely narrower than the lack of 59 cents per share anticipated by analysts, in accordance with estimates compiled by Refinitiv.

Shares of Lordstown fell by 7% throughout afterhours buying and selling Thursday, after gaining 24% for the day to shut at $6.89 a share.

Shares of the Ohio-based automaker stay unstable. The inventory is down almost 80% from its 52-week excessive of $31.57.

The inventory’s efficiency Thursday was its greatest buying and selling day on a share foundation in roughly a yr. It was pushed by Lordstown’s plans, which have been confirmed Wednesday, to promote its large Ohio plant to Foxconn. The sale is an element of a bigger deal the place iPhone maker Foxconn will assemble electrical pickups for the cash-strapped firm.

The deal was initially introduced in September. It is going to present capital for Lordstown, whereas giving Foxconn a soar begin to producing EVs. Foxconn additionally has a cope with start-up Fisker to provide EVs within the coming years.

Lordstown on Wednesday additionally introduced an government shakeup on the firm. President Wealthy Schmidt, one of many final high-ranking staff underneath former Lordstown founder and CEO Steve Burns, stepped down.