Why Lordstown Motors Stock Crashed 10% After-Hours Today

Lordstown Motors Corp RIDE tanked in the after-hours trading on Thursday.

Riding High, Riding Low: The struggling electric vehicle startup's stock soared nearly 24% to close at $6.89 a share on Thursday but the stock fell over 10% in the after-hours trading.

Lordstown shares are down 66.2% year-to-date.

Why Is It Moving? The pre-production electric vehicle maker said it now expects commercial production of its Endurance EV pickup to begin in the third quarter of 2022 and not the second quarter as it had previously estimated. 

See Also: Lordstown Shares Shoot Up 5% As EV Maker Strikes Optimism In Q2 Earnings Report: Here's What You Need To Know

Lordstown Motors CEO Dan Ninivaggi attributed the delay to component and material shortages and other supply chain challenges for the delay. 

The electric vehicle maker revealed the delay in its third quarter financial results after market close on Thursday. Lordstown reported a net loss of $95.8 million in the third quarter and no revenue. The company ended the quarter with $233.8 million in cash.

The Ohio-based company on Wednesday also announced an update on its partnership and asset sale with Hon Hai Precision Industry HNHPF, also known as Foxconn.

See Also: Lordstown Motors Q3 Highlights: Breaking Down Cash Balance, Plant Sale, Production Timeline

Lordstown is selling its Lordstown plant in Ohio to Foxconn and will enter into an agreement that will see Foxconn manufacture its Endurance electric pickup truck.

Lordstown continues to be under investigation by the Securities and Exchange Commission related to potentially false or misleading statements from former management, including former CEO and founder Steve Burns, who has since left the company after internal investigations. 

Photo: Courtesy of Lordstown Motors