Thndr Claps
  • U.S.
  • Egypt
  • Saudi
  • Thinkers
No Result
View All Result
Thndr Claps

Thndr Claps » U.S. Claps » Nasdaq 🔔 » Lordstown Motors updates production plans; shares plummet📉

Lordstown Motors updates production plans; shares plummet📉

by Shams Abbas
February 28, 2022

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.

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Related Posts

Amazon, Revenue, Claps
Tech 📲

Amazon sets modest forecast ☁️

by Omar El Shorafa
February 3, 2023
Claps, Tech, NASDAQ
Tech 📲

Meta reports strong Q4 earnings 📱

by Omar El Shorafa
February 2, 2023
Intel, Chips, NASDAQ
Tech 📲

An underwhelming quarter from Intel 📉

by Omar El Shorafa
January 27, 2023
Claps, Health
Tech 📲

Amazon offer medical subscription service 💊

by Omar El Shorafa
January 25, 2023
Claps, Tech
Tech 📲

Microsoft posts bitter-sweet quarter 💻

by Omar El Shorafa
January 25, 2023
Claps, Tech
Tech 📲

Google to begin layoffs ✂️

by Omar El Shorafa
January 23, 2023

Website

Community

Blog

Learn

© Thndr. All rights reserved

No Result
View All Result
  • U.S.
  • Egypt
  • Saudi
  • Thinkers

Disclaimer: Thndr does not provide investment advice, individual investors are responsible for their own decisions or can seek independent advice. The value of investments can go up and down. Thndr is a trading name of Thndr Securities Brokerage which is authorised and regulated by the Financial Regulatory Authority (FRA). Registered in Egypt (no. 804)..© Thndr. All rights reserved

 

Hello👋 We want you to be able to express your opinions on anything and everything finance and economics related to the Egyptian and US markets.

This is why we introduced Thndr Thinkers💭

Let’s go through some housekeeping notes before you jump into publishing your article to all Thndr Claps readers!

Type of Content📝 We want to see market-relevant content that shows good analysis, please! Base your articles on facts 

Don’t be shy, explain🗣 Flex your knowledge to us, and we’ll share it with all the readers!

Be Original🙏 Please don’t copy. No one likes a copycat. All submissions are welcome as long as they’re yours 

Make your title attractive🤩 A title is like the cover of your book. Attractive enough to make you look at the book but also clear enough to tell you what the book is about.

Clean🧹 We’re all humans and we all make mistakes. But please try and clean up the article so it’s clear for all the readers 

No promotional content🚫 We don’t publish promotional content.

Any questions about becoming a Thndr Thinker? Email thndrclaps@thndr.app and we’d be happy to help!

Normally, your article will be published within 24 hours of submission (if you followed the guidelines)