Electric truck maker Lordstown Motors reported a first-quarter loss that was wider than anticipated by analysts. The company also said that 2021 production of its Endurance truck will be half prior expectations.
Lordstown incurred a net loss of -72 cents a share, compared with a loss of -28 cents a share expected by analysts polled by FactSet. The year-ago quarter’s loss was - 16 cents a share.
Chairman and CEO Steve Burns said Endurance production this year will be limited and would be "at best 50%" of the company's prior expectations of 2,200 trucks. However, the company is still on track for the September launch of the truck, with pre-production vehicle builds scheduled for July – Burns mentioned. Deliveries are supposed to begin in the fourth quarter.
"Capital may limit our ability to make as many vehicles as we would like," Burns said.