Lordstown Motors slips on wider Q4 loss after missing production target

Nu Ride

06/03/2023 13:12

** Shares of electric-truck maker Lordstown Motors  RIDE.O  fall 0.9% to
$1.11 premarket
    ** RIDE Q4 net loss attributable to shareholders widened to $102.3 mln from
$81.2 mln a year ago  urn:newsml:reuters.com:*:nL4N35E2EH
    ** Co recorded an impairment charge of $36.5 mln in Q4, which it said was
driven mainly by the decline in its stock price
    ** In September, when its commercial production commenced, Lordstown had
said it aimed to deliver 50 vehicles in 2022; last month, it said it had made
only 31 units for sale and suspended production of the pickup truck due to
performance and quality issues with some components  urn:newsml:reuters.com:*:nL4N3532V6
    ** Up to last close, RIDE down ~2% YTD

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))