Lordstown Loss Widens but Production Begins Slowly on Pickup Truck
MarketWatch2022-11-08
Lordstown Motors Corp.said Tuesday its third-quarter loss widened to $154.43 million, or 73 cents a share, from $95.81 million, or 54 cents a share, in the year-ago quarter. Adjusted loss in the latest quarter totaled $33.8 million.
The electric vehicle maker did not report any sales. Wall Street analysts expected Lordstown Motors to lose 35 cents a share.
The company ended the third quarter with $204 million in cash and short-term investments, which is $32 million lower than the end of the second quarter.
Lordstown Motors said about 30 commercial units of the first batch of the company's 500 Endurance BEV pickup trucks are estimated to be built by the end of 2022, with the remainder built in the first half of 2023.
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