Why Lordstown Motors Stock Is Surging Today


Lordstown Motors Corp RIDE shares are trading higher Tuesday after the company announced its Endurance pickup truck achieved full homologation. The company also announced that EPA and CARB certification has been received and first customer vehicles have left the Foxconn EV Ohio plant for delivery.

Full homologation, as well as EPA and CARB certification were the key conditions needed to commence customer sales. Following completion of such, Lordstown said an initial batch of 500 vehicles has been moved from its manufacturing facility for customer delivery. 

Lordstown said it expects production volume to "ramp slowly" and accelerate as the company resolves supply chain constraints.

"I am very proud of the Lordstown Motors and Foxconn EV Ohio team for their hard work, grit, and tenacity in achieving this milestone. We are very excited to start delivering vehicles to our commercial fleet customers," said Edward Hightower, president and CEO of Lordstown.

Lordstown Motors is an electric vehicle OEM developing innovative light duty commercial fleet vehicles.

See Also: Nasdaq, S&P Futures Jump As China Signals COVID-19 Policy Relief

RIDE Price Action: Lordstown has a 52-week high of $4.83 and a 52-week low of $1.30.

The stock was up 7.58% at $1.42 at time of publication, according to Benzinga Pro.

Photo: Trump White House Archives from Flickr.

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