RIDE - Why Lordstown Motors Stock Is Surging Ahead of Earnings
Lordstown Motors (NASDAQ: RIDE) stock rode high on a weak market day today -- shares of the electric vehicle (EV) company were trading 4.9% higher as of 1:15 p.m. ET on Monday.
The beleaguered company is trying hard to find a footing in the highly competitive EV industry. It started commercial production of its all-electric Endurance pickup trucks only this September after launching in 2020 with a big -- but failed -- production target for 2021. A popular automotive magazine has now come out with its first test results of the Endurance pickup just days ahead of Lordstown Motors' earnings release, giving investors a reason to turn hopeful about the EV stock.
The company reportedly provided a couple of Endurance pickups for testing on the road, and after its first driving tests, Car and Driver sees promise in the truck. Although the automotive magazine believes the Endurance trucks need some final tweaks, it sees the vehicle "approaching readiness for fleet-truck use." Endurance is a light-duty commercial fleet truck with a range of 200 miles.
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Why Lordstown Motors Stock Is Surging Ahead of Earnings