Why Lordstown Motors Shares Are Sliding Today

Lordstown Motors Corp RIDE reported a first-quarter FY22 loss per share of $(0.46), in line with the consensus of $(0.46) and against a loss of $(0.72) last year.
The total operating expenses declined 17.3% Y/Y to $87.9 million.
The operating loss incurred for the quarter was $(87.88) million versus $(106.21) million last year.
The company held $203.5 million in cash and equivalents as of March 31, 2022.
"We made significant progress toward launching the Endurance during the first quarter, notwithstanding unprecedented supply chain challenges. Our highest priority remains getting the Endurance into customers' hands so they can experience the unique attributes of the truck themselves," said CEO Daniel Ninivaggi.
"We also continue to work closely with Foxconn to close our pending transaction and strengthen our manufacturing and product development partnership."
Lordstown reaffirmed the third quarter 2022 target for the start of commercial production of the Endurance and initial production of approximately 500 units; commercial deliveries expected in Q4.
Price Action: RIDE shares are trading lower by 12.8% at $1.67 on the last check Monday.
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