Lordstown Motors disclosed a widened loss of $81.2 million, or 42 cents a share, for the fourth quarter. Analysts had projected a 77-cent loss, FactSet shows.
The startup expects to make and sell its first 500 Endurance electric pickup trucks in the third quarter of this year, with a fivefold increase in 2023 despite parts and supply-chain challenges. China's Foxconn will build the $55,000 Endurance electric truck in Ohio.
Unlike Lucid stock, Lordstown stock tumbled 20%, below 3 per share, even as other EV makers gained ground Monday. Shares of Lordstown Motors have never recovered from March 2021 accusations of fake orders by short seller Hindenburg Research.
On Monday, Lordstown management warned of hurdles in the Foxconn manufacturing deal. The production target for the end of 2023 may also have spooked investors.
Last week, Nikola also reported better-than-feared losses for the fourth quarter. It, too, expects to start generating revenue from sales of its Tre electric semi rigs this year. EV startup Nikola, too, hasn't recovered after being targeted by Hindenburg Research in September 2020.
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