EV maker Lordstown Motors commits to begin production of first vehicle
The company only expects to produce about 500 vehicles through early 2023
By Shubhangi Mathur
Published - Aug 04, 2022, 12:20 PM ET
Last Updated - Jul 18, 2023, 04:37 PM EDT
Electric-vehicle maker Lordstown Motors Corp (NASDAQ: RIDE) on Thursday reaffirmed its commitment of beginning the commercial production of its first vehicle this quarter.
The company only expects to produce about 500 vehicles through early 2023, said CEO Edward Hightower.
Lordstown’s stock was up by 7.3% to about $3.15 a share.
The company reported second quarter results on Thursday posting its first quarterly operating profit of $61.3 million for the period ended June 30.
The profit, which was due to the sale of its Ohio factory to contract manufacturer Foxconn, constitutes of gain from the sale and reimbursement of operating expenses.
Picture Credits: CNBC
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