Lordstown Motors to produce 3,000 electric pickups through 2023

Lordstown Motors gave rides in prototypes of its upcoming electrical Stamina pickup truck on June 21, 2021 as portion of its “Lordstown Week” party.

Michael Wayland / CNBC

Embattled electrical car or truck start-up Lordstown Motors expects to generate and market up to only 3,000 autos by way of up coming calendar year, the enterprise declared Monday.

Those people designs involve 500 automobiles this year as soon as retail creation is slated to begin in the 3rd quarter – a year afterwards than anticipations of when the company went community via a distinctive purpose acquisition business in Oct 2020.

The output and product sales are significantly below the amount of money former administration marketed investors on while the firm was going community. Lordstown originally predicted to establish 2,000 motor vehicles in its 1st 12 months, followed by 32,0000 units through the to start with entire year of creation.

Shares of the pre-income corporation dropped by more than 8% for the duration of pre-marketplace trading in advance of recovering to about even. Shares of the company closed Friday at $3.21 a share, up by 2.2%.

Lordstown Motors declared the manufacturing forecast as aspect of reporting its fourth-quarter final results. Net reduction widened for the business to $81.2 million in the fourth quarter as the automaker reported it incurred a full of $115 million in expenditures.

Lordstown Motors CEO Dan Ninivaggi said the business will initially only provide cars to a modest volume of pre-selected organizations.