Shares of Lordstown Motors Show Gain in New Year
LORDSTOWN, Ohio – Shares of Lordstown Motors Corp. recovered slightly from its dismal slide during the final week of 2021, bouncing 7.8% during the first trading day of the New Year.
Lordstown Motors’ stock, listed under the ticker symbol RIDE, closed at $3.72 per share on Monday, an improvement from the stock’s 52-week low of $3.42. Shares crawled to a high of $7.82 per unit on Monday before closing lower.
Last week proved punishing for the electric-vehicle automaker as its stock closed at $3.45 per share on Dec. 31. That’s down 22.8% from its $4.47 close on Dec. 8.
RIDE stock has crumbled 60% over the last six months and has lost 81% of its value since the beginning of last year, data show.
In November, Lordstown Motors announced it had reached a formal purchase agreement with Foxconn, enabling the Taiwanese company to acquire the automaker’s plant for $230 million. The parties are also in negotiations to reach a manufacturing agreement that calls for Foxconn to produce Lordstown Motors’ Endurance pickup truck and future models.
The deal is expected to close in April.
On Monday, EV giant Tesla announced that it had delivered 308,600 vehicles during the fourth quarter, a new record for the electric vehicle manufacturer. Analysts had forecast deliveries around 260,000 units.
Copyright 2022 The Business Journal, Youngstown, Ohio.