RIDE - Why Lordstown Motors Stock Plunged Today
The stock of electric vehicle (EV) hopeful Lordstown Motors (NASDAQ: RIDE) plunged below $2 per share today, and it might still be going lower. Lordstown shares remained down 9% as of 3:08 p.m. ET.
The slide came after the company announced it is pushing back the deadline to sign a previously announced deal with electronics manufacturing company Foxconn . The deal would turn Lordstown's factory over to Foxconn, and the two would partner on the production and development of Lordstown's electric Endurance pickup truck and potentially future models. But Foxconn has already made three prepayments totaling $200 million that Lordstown would be forced to repay if a final deal can't be signed by May 14.
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Why Lordstown Motors Stock Plunged Today