Electric Truck Startup Lordstown Slashes Production Guidance
Lordstown Motors (RIDE) slashed production prospects for its Endurance electric truck and said it would need to raise more money. Ride stocks are down.
Lordstown earnings report
The company lost 72 cents a share, worse than the consensus forecast of a loss of 25 cents and an increase from a loss of 16 cents a year ago.
Management now believes that production of Endurance in 2021 "will be limited to at most 50 percent of what we previously expected." Other carmakers have cut production opinions because of a global chip shortage, although Lordstown did not mention this in its statement.
On a conference call with analysts, Stephen Burns, the chief executive, said the company had contracted enough batteries to get it through for the foreseeable future and had bought enough chips to see it through this year.
Previously, the company had planned to start pre-production in a July-August timeframe, with deliveries beginning in September. On Monday, Lordstown said its schedule will start production in late September 2021, when capacity will be limited.
It has already completed 48 of the 57 prototypes and will begin trial production in July.
But Lordtown raised its forecast for operating expenses in 2021 to the midpoint of the guidance range, citing "significant increases in expenses for Beta planning, vehicle validation testing, securing parts/equipment needed for production and using third party engineering resources.
"As a result, we need to raise additional funds to complete our business plan and have already begun these discussions."
Lordstown said it is seeking loans for advanced technology vehicle manufacturing across multiple jurisdictions, as well as tax credits and grants. It hopes to secure the ATVM loan "in the next few months". Mr. Burns said the company was in discussions with lenders to use some of its assets as collateral for financing, as well as "a number of strategic big investors," which could include automakers and investors who help with "big, immediate things," such as parts and engineering.
Lordstown, meanwhile, has started building a second electric car, the van, on Endurance chassis.
Lordstown, founded in April 2019 and backed by General Motors (GM), plans to build electric trucks at a former GM plant in Ohio, primarily for the commercial market.
This is the second report since Ride shares went public via a reverse merger with SPAC in October.
It will also gain ground before an event on June 21st at BBBs headquarters in Lordstown, Ohio, on June 25th, where it will offer investors and analysts a tour of its factory and a test-drive of Endurance. Ride shares soared last week after the race was announced.
Management also dealt with a US Securities and Exchange Commission investigation, disclosed in March, in relation to allegations by short-seller Hindenburg Research that Lordstown misled investors with "fictitious" orders. The company said on Monday that a board committee would continue to review the claims and would report back by the end of the second quarter.
Burns notes that Lordstown has about 30,000 vehicle purchase agreements, "some of them with an upfront payment, more than in the past."
Ford is not the only automaker planning to bring electric trucks and vans to market. This fall, GM\'s Hummer trucks will hit the road. Rivian\'s R1T, an electric car start-up backed by Amazon (AMZN), is expected to be available in June. The Tesla (TSLA) Cyber Truck is likely to arrive sometime this year.
Other electric car startups, such as Canoo (GOEV), will also launch electric trucks and vans in the next one to three years. This will most likely expand the market for the promptcharge ev charger. For more technical information about promptcharge ev charger, please send an email to email@example.com
The market trend of promptcharge ev charger
The global electric vehicle charging station market is expected to grow from 2.115 million units in 2020 to 432.28 million units in 2028, with a compound annual growth rate of nearly 50%. Growing demand for energy-saving commuters, government support for the electric car and through preferential policies, subsidies and tax rebates of charging infrastructure and other factors have led to a growing demand for the promptcharge ev charger, and in the next 20 years, governments around the world have already announced plans to phase out fossil fuel cars from the market.
Increased investment by governments around the world to develop charging station infrastructure and provide incentives to buyers will create more opportunities to expand their revenue streams and geographical distribution. The promptcharge ev charger is expected to experience the fastest growth in the Asia-Pacific market due to high demand for electric vehicles and the aggressive reforms by governments in China, Japan, South Korea and other countries and their efforts to facilitate the development of EV charging station infrastructure to make EV charging stations more accessible. At the same time, the promptcharge ev charger market is also growing in North America and Europe due to government initiatives and growing demand for the fast charging market.
The price of promptcharge ev charger
Initial investment such as quick charging involves high cost and objective requirements such as the better battery, technology, raw materials, etc. Therefore, the cost of promptcharge ev charger will be affected accordingly, and the price of promptcharge ev charger will fluctuate continuously.
And because the entire ecosystem was destroyed when COVID-19 first broke out, the production and sale of new cars around the world stopped. OEMs had to wait until the lockdown was lifted to resume production, which affected promptcharge ev charger business. As a result, car manufacturers have had to adjust production. Subsequently, the promptcharge ev charger manufacturers of electric vehicle charging stations will also be affected to some extent. However, in terms of EV charging stations, the number of products is growing faster than a year ago, as countries plan to accelerate EV use and increase investment in EV charging infrastructure. The auto industry is highly capital intensive and relies on frequent financing to continue its operations. As a result, shutdowns and low demand during an outbreak may have an unprecedented impact on the selling price and performance of promptcharge ev charger. For more technical information or price of promptcharge ev charger, please send an email to firstname.lastname@example.org
The promptcharge ev charger price continues to be affected by the momentum of the promptcharge ev charger market rise, various opportunities and challenges and other factors. As a result, during the forecast period from June 2021 to June 2028, the global promptcharge ev charger sales market is expected to expand substantially. The growth rate will continue to rise. It is expected that the price of promptcharge ev charger will increase to some extent in the second half of this year.
About Grasen Power Technologies Co.Ltd.- the promptcharge ev charger supplier
Grasen Power Technologies Co.Ltd. is a high-tech enterprise specializing in the research, development, manufacturing, sales and service of new energy electric vehicle charging equipment. The company provides high-quality DC quick chargers, charging stations, powder modules, onboard EV chargers, DC-DC converters for EV charging station owners, EV manufacturers, government departments, EV drivers and many other groups. The Grasen promptcharge ev charger is part of a complete solution that includes an EV Quick DC/AC Charging Station, cloud-based software with features and programs suitable for every industry as well as world-class service and maintenance.
For a no-obligation quote latest price of promptcharge ev charger or technical support, please please send an email to email@example.com and we’ll get back to you within 24 hours.
The main difference between silicon carbide and boron carbide is that in silicon carbide one silicon atom bonds to one carbon atom, whereas in boron carbide four boron atoms bond to one carbon atom.…
The application of various concrete admixtures can not only improve the performance of concrete, but also promote the development of new concrete technologies, promote the application of industrial by-products in cementitious material systems, and al…
John Albanese, leader of the Australian Labor Party, was sworn in as Australia's new prime minister. After his victory, Albanese said he would "make a big change" in the country's climate policy. "We now have an opportunity to end the 'climate wars'…