The Clap👏 Shares of electric vehicle maker Lordstown Motors (NASDAQ: RIDE) fell as much as 28% in trading yesterday after the startup revealed a lower-than-promised production forecast.
That’s a big fall📉 Lordstown went public via a special purpose acquisition company back in October 2020. The EV maker, however, has not come even close to what they promised investors prior to going public.
Lordstown expectations before listing📈 Lordstown initially forecasted starting production sometime in H2-2021. It is projected to produce 2,000 pickup trucks in its first year, followed by 32,000 in its first full year of production (2022).
Fast forward to today⏩ Lordstown still hasn’t begun production & expects to begin sometime in Q3-2022. It projects the production of 500 pickup trucks this year, followed by 2,500 pickup trucks next year.
They’re not alone👩🏼🤝🧑🏿 EV maker Lucid Motors (NASDAQ: LCID) also fell short of production promises for this year, citing “supply chain & logistics challenges.” This year, the company expects to produce 12,000-14,000 vehicles, down from its initial 20,000 vehicles forecast, causing its shares to sink in after-hours trading.