Lordstown Motors (NASDAQ:RIDE) stock is sliding lower on Thursday even after announcing commercial production of its Endurance pickup truck.
Production of the electric vehicles (EVs) has kicked off at the company’s plant in Ohio. However, production isn’t at full capacity yet due to supply chain constraints. This has the company expecting production volume to slowly increase over time.
Lordstown Motors notes that the launch of its Endurance pickup truck will rely on a few different factors. Those include engineering readiness, quality, and part availability.
RIDE Stock: CEO Comments
Edward Hightower, president and CEO of Lordstown Motors, said the following about the production plans:
We will continue to build at a slow rate as we address remaining part pedigree and part availability issues. We expect to increase the speed of production into November and December. Our homologation and certification processes are proceeding as planned.
Investors weren’t overly excited about today’s production news as trading volume remains low. As of this writing, roughly 2.7 million shares of the company’s stock have changed hands. That still has a way to go before it hits the company’s daily average trading volume of 4.2 million shares.
RIDE stock is down 9.3% as of Thursday afternoon and is down 50.8% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.