Lordstown Motors’ Stock Slides; Endurance at Work Truck Week
LORDSTOWN, Ohio – Shares of electric-vehicle manufacturer Lordstown Motors Corp. continued their slide Wednesday in the aftermath of the company’s earnings report and recall of its flagship EV pickup, the Endurance.
Lordstown Motors, which trades on Nasdaq under the ticker RIDE, shed 7.2% of its stock value, closing at 91 cents per share, just 4 cents shy of its 52-week low of 87 cents.
Over the last month, Lordstown Motors’ shares are down 28.4%.
On Feb. 22, Lordstown Motors announced it had issued a voluntary recall of the Endurance, citing problems with a component that caused the vehicle to lose propulsion. It also announced production of the vehicle would halt until the issues were addressed.
The recall affected 19 vehicles, the company said.
Earlier this week, the company cautioned investors that it could halt production of the Endurance should it be unable to secure a partnership with another original equipment manufacturer, or OEM, to invest in new tooling and other co-development efforts to manufacture the truck.
Edward T. Hightower, Lordstown Motors CEO and president, said the company could halt production unless a partner could be found “in the coming months.” The production halt would continue until a partnership is secured.
Meanwhile, Lordstown Motors announced the Endurance would be on display at Work Truck Week in Indianapolis, held between March 7 and 10.
According to the company, the Endurance will be on site at three different locations at the Indianapolis Convention Center. Aside from its own booth, the vehicle will share space with the JB Poindexter/Leer Group at one booth and with ECCO at another, where it will be shown equipped with truck accessories customized for various uses for commercial fleet markets.
The Endurance began commercial production at the Foxconn EV Ohio assembly plant in Lordstown in late September and began initial commercial sales in November.
“The Lordstown Endurance is the only all-electric pickup solely for commercial fleets, designed to optimize critical vehicle capabilities of traction and maneuverability, safety and value,” Hightower said.
Work Truck Week is North America’s largest work truck event. Produced annually by NTEA – The Association for the Work Truck Industry, it includes Work Truck Show exhibits, education and training, Green Truck Summit and networking.
This year, the Endurance was a finalist for the 2023 North American Truck of the Year. The Ford F-150 Lightning, Ford Motor Co.’s new EV pickup, won the honors.
Published by The Business Journal, Youngstown, Ohio.