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Lordstown Motors loss swells as delivery delays, production costs weigh

Lordstown Motors' quarterly loss swelled as delivery delays, production costs weighed. It posted sales of three vehicles and incurred $30 million in cost of sales. Expects to have $150-170 million in cash and short-term investments by end of quarter.

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  • Lordstown Motors posted a bigger quarterly loss due to production costs and missed delivery targets for its Endurance pickup truck.
  • EV companies have been battling surging costs and challenges in securing supply of parts to make enough vehicles.
  • The company posted sales of three vehicles and incurred $30 million in cost of sales.
  • Lordstown expects to have between $150 million and $170 million in cash and short-term investments at the end of the first quarter.
Lordstown Motors loss swells as delivery delays, production costs weigh
Lordstown Motors Corp on Monday posted a bigger quarterly loss, as the electric-vehicle (EV) maker struggled with production costs and missed the delivery target for its Endurance pickup truck, dragging its shares by about 5%.
Reuters

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