Energy

Lordstown slashes ’21 production plans, says more capital needed

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Lordstown Motors Corp Chief Executive Steve Burns poses with a prototype of the electric vehicle start-up’s Endurance pickup truck, which it will begin building in the second half of 2021, at the company’s plant in Lordstown, Ohio, U.S. June 25, 2020.

Lordstown Motors | Reuters

Shares of Lordstown Motors tumbled more than 9% during after-hours trading after the company slashed its production guidance for the year and said it will need to raise additional capital.

In a statement Monday, Lordstown CEO Steve Burns said the company has “encountered some challenges” as it prepares to begin production of its Endurance electric pickup truck in late September.

Lordstown said it expects to produce,…



Source cnbc.com

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