Lordstown Motors gave rides in prototypes of its upcoming electrical Endurance pickup truck on June 21, 2021 as a part of its “Lordstown Week” occasion.
Michael Wayland / CNBC
Embattled electrical car start-up Lordstown Motors expects to supply and promote as much as solely 3,000 autos via subsequent 12 months, the corporate introduced Monday.
These plans embody 500 autos this 12 months as soon as retail manufacturing is slated to start within the third quarter – a 12 months later than expectations of when the corporate went public via a special purpose acquisition company in October 2020.
The manufacturing and gross sales are far beneath the quantity former administration offered buyers on whereas the corporate was going public. Lordstown initially anticipated to construct 2,000 autos in its first 12 months, adopted by 32,0000 items throughout the first full 12 months of manufacturing.
Shares of the pre-revenue firm dropped by greater than 8% throughout pre-market buying and selling earlier than recovering to about even. Shares of the corporate closed Friday at $3.21 a share, up by 2.2%.
Lordstown Motors introduced the manufacturing forecast as a part of reporting its fourth-quarter outcomes. Web loss widened for the corporate to $81.2 million within the fourth quarter because the automaker mentioned it incurred a complete of $115 million in bills.
Lordstown Motors CEO Dan Ninivaggi mentioned the corporate will initially solely promote autos to a small quantity of pre-selected companies.