Investors in the electric-vehicle manufacturer Lordstown Motors woke up to a strong sell-off this morning after the company announced that the scheduled launch of its Endurance electric pickup will be delayed from Q2 to Q3 of 2022. It seems that supply chain issues are getting the better of the electric figurehead, causing development to be slower than intended.
The company intended on producing the commercial truck this year, yet like many other manufacturers, has been hit with supply chain bottlenecks that have pushed back targets.
The news follows the sale of the Lordstown factory (once belonging to GM) to Taiwanese tech company Foxconn for $230M – providing the company with a much-needed cash injection.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Daniel Ninivaggi, CEO of Lordstown Motors, remains faithful in spite of headwinds:
“We’re focused on the Endurance. We know we have to get that truck out. It’s been a challenging quarter with raw material shortages, parts shortages, supply-chain disruptions, particularly from international sourcing, but we’re doing everything we can to mitigate it”
Electric vehicles are stirring sentiment amongst investors as more and more manufacturer find their way to the forefront of electric innovation. RIDE stock jumped more than 20% ahead of Q3 earnings as Rivian’s IPO spurred a wider surge in the market. Today, however, RIDE stock is suffering a 16.6% loss as we move towards Friday mid-market – investors don’t take kindly to delays.
