Lordstown Motors delays Endurance EV pickup production due to supplier issues, shares fall

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  • Lordstown said commercial production of its Endurance EV pickup is now expected to begin in the third quarter or next year, compared to the second quarter.
  • The company said the delay was due to an ongoing global issue with auto suppliers and supply chains.

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The commercial production and delivery of Lordstown Motors’ first product, an all-electric pickup called the Endurance, is being pushed back once again, the company said on Thursday.

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The embattled EV start-up said commercial production is expected to begin in the third quarter of next year, now compared to the second quarter, due to an ongoing global issue with auto suppliers and supply chains.

“This is a slight delay from earlier expectations as other supply chain challenges, along with other supply chain challenges, remain an issue for Lordstown Motors,” Lordstown CEO Dan Ninivaggi said at the company. Financial results for the third quarter released.

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According to estimates compiled by Refinitiv, the pre-revenue company’s reported loss of 54 cents per share was slightly lower than the 59 cents per share loss predicted by analysts.

Lordstown shares fell 7% during Thursday’s trading, closing at $6.89 per share after gaining 24% for the day.

Shares of the Ohio-based automaker remain volatile. The stock is down nearly 80% from its 52-week high of $31.57.

The stock’s performance Thursday was its best trading day on a percentage basis in nearly a year. It was inspired by plans from Lordstown, which were confirmed on Wednesday, to sell its sprawling Ohio plant to Foxconn. The sale is part of a bigger deal where iPhone maker Foxconn will assemble an electric pickup for the cash-strapped company.

The deal was initially announced in September. This would provide capital for Lordstown, while giving Foxconn a quick start to EV production. Foxconn has also tied up with start-up Fisker to produce electric vehicles in the coming years.

Lordstown also announced an executive shakeup at the company on Wednesday. President Rich Schmidt, one of the last highly placed employees under Lordstown’s former founder and CEO Steve Burns, stepped down.

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