Lordstown Motors Corp. shares rallied greater than 8% late Wednesday after the electric-vehicle maker reported one other quarterly loss however stated it is able to begin “restricted manufacturing” of its all-electric pickup truck in September, with first deliveries early subsequent 12 months.
stated it misplaced $108,200, or 61 cents a share, within the second quarter, in contrast with a lack of $7,958, or 11 cents a share, within the year-ago quarter.
FactSet consensus referred to as for Lordstown to report a lack of 49 cents a share for the quarter. Lordstown is a pre-revenue firm.
“We’re launching the Endurance with a prudent ramp of manufacturing given a difficult business and provide chain panorama,” Lordstown Chief Government Angela Strand stated in an announcement.
“We’re on observe to start restricted manufacturing on the finish of September and thru the fourth quarter and full automobile validation and regulatory approvals in December and January,” she stated.
“Chosen” early prospects are more likely to get their vans early subsequent 12 months, with industrial deliveries scheduled for the second quarter of 2022, she stated. The manufacturing ramp will get steeper within the second half of subsequent 12 months, Strand stated.
See additionally: Workhorse books $52 million loss on Lordstown Motors’ inventory funding
Strand additionally stated the corporate is in search of “potential strategic companions” to make use of the corporate’s “nicely located, 6.2 million-square-foot manufacturing plant and 650-acre campus” in Ohio.
“The scale and scope of our facility is such that we might simply accommodate extra manufacturing companions whereas nonetheless affording us the power to construct a profitable Endurance program and leverage its skateboard for added fashions within the years forward,” she stated.
The corporate guided for capital expenditures between $375 million and $400 million for the 12 months, largely associated to prepayments for hard-tool purchases. It pegged 2021 analysis and growth bills at between $310 million and $320 million.
Lordstown stated it expects to finish the third quarter with money and equivalents between $225 million and $275 million “with out together with any funds from a capital increase.” It didn’t element plans for such a increase.
Lordstown shares have misplaced 72% this 12 months and greater than 50% up to now 12 months. That contrasts with features of 18% and 33% for the S&P 500 index
The Justice Division reportedly has launched a probe into the corporate’s dealings and the electric-truck maker has disclosed a SEC inquiry.
Lordstown lately added a “going concern” warning to regulatory filings, following the departure of key executives and doubts over its order e book, with the corporate clarifying that orders aren’t binding.