Lordstown withdrew mid-way from a desert race.
Endurance prototype caught fire on its first test drive.
Lordstown Motors (NASDAQ: RIDE) stock sank more than 10% today after the company slashed its production guidance for the year and also said that it needed to raise fresh capital.
Read more about the cut in production guidance here.
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The company went public last year in a reverse merger with Diamond Peak Holdings Corp., a special purpose acquisition company (SPAC). The business combination valued the company at $1.6 billion and it is currently trading below that valuation. The company received proceeds of $675 million as part of the deal to push through the initial production. In the few weeks following the announcement, shares more than tripled and reached a peak of $31.80 but have remained volatile ever since. The shares closed at $9.67 on Monday and are down more than 10%
Lordstown Teases Building Of Beta Endurance Electric Truck
Feb 23, 2021 at 5:59pm ET ++ The robots come to life again, after a few years of sleep.
Lordstown Motors has just released a new video teasing the manufacturing process of the Beta prototype of the Endurance pickup.
What we see here are robots welding the very first Endurance Beta in the former GM Lordstown Complex in Voltage Valley in Lordstown, near Youngstown, Ohio: Beta assembly is under way in Lordstown, OH. Watch as over 400 pieces of metal come together to form the very first Endurance Beta body.
In the latest interview, Lordstown Motors Corp. CEO and Founder Steve Burns said that the Lordstown Endurance Beta is basically 97% the final product. In other words, at this point only details might change: