On Wednesday, Lordstown Motors Corporation (NASDAQ:RIDE) reported a second-quarter loss, confirming it will begin limited production of its Endurance pickup truck by the end of September. Shares rose 4.7% in after-hours trading.
Q2 Figures
The second quarter resulted in a loss exceeding $108 million, or 61 cents a share, significantly greater than last year's loss of nearly $8 million, or 11 cents a share. It ended the quarter on June 30th with $366 million in cash and equivalents, guiding the third quarter with liquidity in the range between $225 million and $275 million excluding any funds from a capital raise.
The Ohio EV startup increased its guidance on 2021 capital expenditures from the prior forecast of $250 million to $275 million to a range between $375 million to $400 million due to prepayments for hard tool purchases.
The Arrival Of Endurance
The Competitive Landscape
Electrifying Pickups Is A Big Deal
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