RIDE - Why Lordstown Motors Sank Friday
Shares of Lordstown Motors (NASDAQ: RIDE) have dropped almost twice as much as the S&P 500 index over the past month, declining nearly 15%. That downward move continued today with the stock lower by 5% as of 11:18 a.m. ET.
The stock falloff came despite the company announcing on Sept. 29 that production of its Endurance electric pickup truck has officially begun. The Endurance is being marketed as a commercial truck ideal for job site work. But it is entering a crowded field of new electric pickup trucks from the likes of both start-up electric vehicle (EV) companies and traditional automakers building new EV lineups.
Image source: Lordstown Motors.
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Why Lordstown Motors Sank Friday