RIDE - Lordstown Motors gains after updating on production timeline

Lordstown Motors (NASDAQ:RIDE) rose after reporting Q4 results and issuing an update on expectations for 2022/ The electric vehicle maker affirmed the prior target for commercial production and sales of the Endurance Expect commercial production and sales of the Endurance to grow from approximately 500 units in 2022 to as many as 2,500 units in 2023. Lordstown Motors (RIDE) also anticipates investments in hard tooling and other actions to drive significant reduction in the Endurance bill of materials into 2023 and beyond. RIDE also said it is working toward finalizing the Foxconn transaction, including the contract manufacturing agreement, and seeking an agreement and funding structure to develop new vehicles in collaboration with Foxconn based off the MIH platform Continue efforts to raise additional capital to fund commercial launch of the Endurance and operating plan. On the balance sheet, Lordstown Motors (RIDE) ended 2021 with a cash balance of $244M, which

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Lordstown Motors gains after updating on production timeline