The Clap Lordstown Motors (NASDAQ: RIDE), a potential American electric vehicle automaker, maintained its promise of kicking off production this quarter.
Backstory The company previously stated that it plans to begin production in Q3-2022, & have the first EV out for customer delivery by year’s end.
The Deets Although production is expected to be slow & contingent upon capital availability (much more of which will be needed, according to the CFO), the stock rallied as much as 27%.
How Slow? The company expects to produce 500 EVs within the next 6-8 months. Compared to industry standards, that is an extremely slow rate. Despite the 27% intraday jump in the stock’s price, it closed up 1.7%.