Lordstown Motors Shares Plunge to All-Time Low
LORDSTOWN, Ohio – Lordstown Motors Corp.’s share value plunged to its all-time low Monday after sliding more than 8% by afternoon trading.
The company, which trades under the ticker RIDE, hit $1.38 per share, the lowest unit price since the company was listed on the NASDAQ exchange in October 2020.
RIDE shares closed at $1.40, down 7.89% from Friday’s bell on trading volume of 6,045,220. After hours trading on Monday was also trending downward. RIDE’s share price is down nearly 21.8% over a five-day period.
Two weeks ago, Foxconn announced it would cancel a joint venture agreement it held with Lordstown Motors and instead replace it with an equity investment of $170 million into the electric-vehicle startup.
Lordstown Motors sold its manufacturing facility to Foxconn in May for $230 million. The parties also entered into a contract manufacturing agreement in which Foxconn would produce the all-electric Endurance pickup truck for Lordstown at the factory.
The Endurance began limited production in September and is a semifinalist for North America Truck of the Year, along with the Ford F-150 Lightning EV and the Chevrolet Silverado EV.
Nevertheless, Lordstown Motors stock continues to struggle. Shares have lost 72% of their value over the last 52 weeks and are down 62.3% year-to-date.
Published by The Business Journal, Youngstown, Ohio.