RIDE - Lordstown Motors gains after saying it will look for OEM partners to help it scale

Lordstown Motors Corp. ( NASDAQ: RIDE ) fell in early trading on Thursday despite reaffirming a Q3 2022 target date for the start of commercial production of the Endurance with commercial deliveries expected to begin in Q4.

Executive Chairman Daniel Ninivaggi said RIDE's immediate focus moving forward will be on completing the successful launch of the Endurance and identifying partners to jointly scale the Endurance. Those partners could include OEMS, he noted. RIDE also want to define the first vehicle program under its Foxconn joint venture, as well as securing significant customer support for that program. Finally, RIDE said it wants to earn the the support from investors required to raise the additional capital necessary to execute its business plan.

"Our success and ability to execute our plan remains dependent upon our ability to raise additional capital," noted Lordstown CFO Adam Kroll separately.

Shares of RIDE gained 4.78% premarket to $3.07 vs. the 52-week trading range of $1.49 to $8.93.

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