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” match.
Michael Wayland / CNBC
Embattled electrical car 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 particular goal acquisition corporate in October 2020.
The manufacturing and gross sales are a ways under the quantity former control bought traders on whilst the corporate was once going public. Lordstown to begin with anticipated to construct 2,000 automobiles in its first 12 months, adopted via 32,0000 devices all over the primary complete 12 months of manufacturing.
Stocks of the pre-revenue corporate dropped via greater than 8% all over pre-market buying and selling sooner than getting better to about even. Stocks of the corporate closed Friday at $3.21 a percentage, up via 2.2%.
Lordstown Motors introduced the manufacturing forecast as a part of reporting its fourth-quarter effects. Web 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 to begin with handiest promote automobiles to a small quantity of pre-selected companies.
