Lordstown Motors Corp said on Monday that 2021 production of its Endurance truck will be half of prior expectations and that the electric vehicle startup needs additional capital to execute its plans, sending shares down 9.5% in after-hours trading.
“Capital may limit our ability to make as many vehicles as we would like,” Chief Executive Steve Burns said on a conference call.
Burns said Endurance production this year will be limited and would be “at best 50%” of the company’s prior expectations of 2,200 trucks. He said it was still on track for the September launch of the truck, with pre-production vehicle builds slated for July. Deliveries are scheduled to begin in the fourth quarter.
Read the article at Autoblog.
