RIDE - Lordstown expects 'slow rate of production' through Q1

A regulatory filing released late on Wednesday indicates Lordstown Motors ( NASDAQ: RIDE ) continues to struggle with production.

While the automaker noted that its first vehicles left its factory in late November, production remains under pressure into 2023 due to lingering supply chain constraints.

“The Company expects a slow rate of production through the first quarter of 2023, with supply chain constraints, particularly with respect to the availability of hub motor components, continuing as the primary factor governing volume and timing,” the company explained.

The automaker said that, thus far, it has produced 31 vehicles for sale, six have been delivered to customers. Of the remaining 25, 15 will be sold to customers while the remaining are used for marketing and demonstrations. Planned production targets for the first quarter were not disclosed in the filing.

Read more on Rivian’s Q4 deliveries .

For further details see: