Lordstown Motors Corp. shares dropped more than 16% late Tuesday after the electric-vehicle company warned investors about its ability to continue functioning financially.
What's happening with Lordstown Motors stock?
Lordstown Motors ( NASDAQ:RIDE) was down about 6.8%. Workhorse Group ( NASDAQ:WKHS) was down about 4.3%. Nikola's stock opened sharply lower on Monday after the company announced a tentative deal with GM, in which GM will sell hydrogen fuel cells to Nikola and assist with integrating the units into Nikola's electric semitrucks.
What happened to Lordstown's general counsel?
Nick Sciple: Lucid Motors also announced earlier this week an SEC investigation. Tom Canepa, Lordstown's general counsel and secretary, is leaving to pursue other opportunities.
Why is Tom Canepa leaving Lordstown Motors?
Tom Canepa, Lordstown's general counsel and secretary, is leaving to pursue other opportunities. LORDSTOWN, Ohio, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (“Lordstown Motors” or “LMC”) (Nasdaq: RIDE) announced today that its Board of Directors has elected Melissa Leonard as Executive Vice President, effective January 1, 2022. Ms.
Why are electric vehicle stocks trading lower on Monday?
Shares of several companies involved with electric commercial vehicles were trading lower on Monday, after electric big-rig start-up Nikola ( NASDAQ:NKLA) announced a deal with General Motors ( NYSE:GM) that fell far short of investors' expectations.
What is going on with Lordstown Motors?
Lordstown Motors shares sink on underwhelming production plans, uncertainty around Foxconn deal. Lordstown Motors expects to produce and sell up to only 3,000 vehicles through next year, the company announced Monday. The plans include 500 vehicles this year, with retail production slated to begin in the third quarter.
Will Ride stock ever go up?
Lordstown Motors Corp (NASDAQ:RIDE) The 4 analysts offering 12-month price forecasts for Lordstown Motors Corp have a median target of 1.75, with a high estimate of 2.00 and a low estimate of 1.00. The median estimate represents a +5.74% increase from the last price of 1.66.
Is Ride stock good to buy?
Is LORDSTOWN MOTORS Stock a good buy in 2022, according to Wall Street analysts? The consensus among 6 Wall Street analysts covering (NASDAQ: RIDE) stock is to Strong Sell RIDE stock.
Who invested in Lordstown Motors?
GM invested as part of the sale of an Ohio plant to the electric vehicle startup as well as a SPAC deal last year that took Lordstown public. GM owned 7.5 million shares of common stock in Lordstown with an equity value of $75 million, including in-kind contributions and $25 million in cash.
Does Lordstown motors have a future?
The market currently values Lordstown Motors at a consensus forward FY 2024 Enterprise Value-to-Revenue multiple of just 0.54 times. But there is no certainty that RIDE will be able to meet its 2022 and 2023 production and sales guidance in the first place.
What is Nio price target?
Stock Price Forecast The 30 analysts offering 12-month price forecasts for NIO Inc have a median target of 30.19, with a high estimate of 82.21 and a low estimate of 21.89. The median estimate represents a +46.36% increase from the last price of 20.63.
Is Lordstown going to survive?
Both the Department of Justice and the Securities and Exchange Commission have launched probes into Lordstown Motors, and the company has said it only has enough money to survive through mid-2022.
Is RIDE a good long term investment?
A good option is considering the stock investment. This article guides why you need to consider RIDE stock as a solid long-term investment plan option. The financial health and growth projections of RIDE in recent times establish that after underperforming for some time in the market, it is finally picking up.
Is RIDE a buy Zacks?
Zacks' proprietary data indicates that Lordstown Motors Corp. is currently rated as a Zacks Rank 4 and we are expecting a below average return from the RIDE shares relative to the market in the next few months.
Who is backing Lordstown Motors?
DiamondPeak HoldingsIn October 23, 2020, Lordstown reverse merged with a special-purpose acquisition company (SPAC) named DiamondPeak Holdings and became listed on the NASDAQ. The merger gives Lordstown Motors an estimated equity value of US$1.6 billion.
Did Foxconn buy Lordstown Motors?
Taiwan's Foxconn Technology Group completed a transaction with Lordstown Motors Corp. to acquire the electric-truck startup's Ohio factory for $230 million and take over production of its Endurance pickup truck, a critical step as the iPhone manufacturer seeks to diversify into electric vehicles.
Is Lordstown Motors publicly traded?
The hedge fund, which is able to buy the shares at $7.48 a share, could also benefit financially if the stock price rises. Lordstown Motors is an offshoot of former CEO Steve Burns' other company, Workhorse Group, a battery-electric transportation technology company that is also publicly traded.
What happened to Lordstown Motors?
In March, shares of the company slumped after investment research firm Hindenburg Research said Lordstown had misled consumers and investors about pre-orders worth $1.4 billion for its Endurance truck.
When will Lordstown release its results?
(Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, today announced that it will release its second quarter 2021 financial results after market close on August 11, 2021.
Is Lordstown Motors being investigated?
is being probed by the U.S. Justice Department in relation to claims that the company exaggerated potential sales of its electric Endurance pickup truck, a person familiar with the matter said.The probe is related to a previously reported inquiry of Lordstown’s operations by the Securities and Exchange Commission, said the person, who asked not to be named. The latest inquiry is in its early stages and is being handled by the U.S. attorney’s office in Manhat
Nikola's deal with GM is part of the story for all three
John Rosevear is the senior auto specialist for Fool.com. John has been writing about the auto business and investing for over 20 years, and for The Motley Fool since 2007. Follow @john__rosevear
What happened
Shares of several companies involved with electric commercial vehicles were trading lower on Monday, after electric big-rig start-up Nikola ( NASDAQ:NKLA) announced a deal with General Motors ( NYSE:GM) that fell far short of investors' expectations.
So what
Nikola's stock opened sharply lower on Monday after the company announced a tentative deal with GM, in which GM will sell hydrogen fuel cells to Nikola and assist with integrating the units into Nikola's electric semitrucks.
Now what
While the scaled-back deal with GM certainly will have an impact on auto investors ' expectations for Nikola, it doesn't necessarily mean anything for any of these three companies. (If anything, it might be a boon for Lordstown, which won't have to compete with the now-canceled Badger pickup.)
