By Sam Boughedda
Investing.com — American electric vehicle automaker Lordstown Motors Corp (NASDAQ:RIDE) is down more than 6% Monday after it reported fourth quarter and full-year results.
The company reported a loss per share of 42 cents. Analysts polled by Investing.com predicted a loss per share of 77 cents.
The Lordstown, Ohio-based company said it ended 2021 with a cash balance of $244 million, driven by disciplined spending, favorable working capital, additional equity issuances, and a deferral of certain investments into 2022.
The pre-revenue company expects commercial production and sales of the Endurance — a full-size electric pickup truck — of approximately 500 units in 2022, growing to up to 2,500 units in 2023.
Those numbers have disappointed investors, with Lordstown shares down more than 16% shortly after the open.
"Our organization's top priority remains bringing the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible," said Edward Hightower, President of Lordstown.
"In the fourth quarter and into 2022, we continued to build and test pre-production vehicles that we are using to complete a variety of validation activities needed to achieve full homologation. Despite ongoing challenges securing parts and other supply chain issues, we continue to target commercial production and sales in the third quarter of 2022."
Lordstown added that they are working to finalize the Foxconn transaction, which includes a contract manufacturing agreement and an agreement and funding structure to develop new vehicles in collaboration with Foxconn, based on the MIH platform — a software and hardware open platform for electric vehicles.