ZEV - Lightning eMotors production falls nearly 60% Q/Q to 53 vehicles & powertrains in Q1
2023-04-06 17:14:58 ET
- Lightning eMotors ( NYSE: ZEV ) on Thursday said it had produced 53 vehicles and powertrains in Q1 2023, compared to its highest ever production of 128 in Q4 2022.
- Shares of the electric vehicle maker were unchanged after hours, having earlier closed -0.9% at $0.30.
- The big drop in quarterly production sequentially comes after Bank of America in mid-March warned on a tough road ahead for ZEV and said that a capital raise would be likely after a few quarters.
- “We entered the first quarter with significant finished goods inventory, reducing our production requirements for the quarter," ZEV co-founder and CEO Tim Reeser said in a statement .
- "We expect our production to increase as we respond to demand for our new ZEV4 platform and see the anticipated impact of the new incentives on customer demand for our products," Reeser added.
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Lightning eMotors production falls nearly 60% Q/Q to 53 vehicles & powertrains in Q1