Lordstown Motors gave rides in prototypes of its upcoming electrical Staying power pickup truck on June 21, 2021 as a part of its “Lordstown Week” tournament.
Michael Wayland / CNBC
Embattled electrical automobile start-up Lordstown Motors expects to supply and promote as much as handiest 3,000 automobiles via subsequent 12 months, the corporate introduced Monday.
The ones plans come with 500 automobiles this 12 months as soon as retail manufacturing is slated to start out within the 3rd quarter – a 12 months later than expectancies of when the corporate went public via a unique goal acquisition corporate in October 2020.
The manufacturing and gross sales are a long way underneath the quantity former control bought traders on whilst the corporate used to be going public. Lordstown first of all anticipated to construct 2,000 automobiles in its first 12 months, adopted by way of 32,0000 gadgets right through the primary complete 12 months of manufacturing.
Stocks of the pre-revenue corporate dropped by way of greater than 8% right through pre-market buying and selling ahead of convalescing to about even. Stocks of the corporate closed Friday at $3.21 a proportion, up by way of 2.2%.
Lordstown Motors introduced the manufacturing forecast as a part of reporting its fourth-quarter effects. Internet loss widened for the corporate to $81.2 million within the fourth quarter because the automaker stated it incurred a complete of $115 million in bills.
Lordstown Motors CEO Dan Ninivaggi stated the corporate will first of all handiest promote automobiles to a small quantity of pre-selected companies.
