After the company confirmed it's producing commercial vehicles, the company's shares jumped as much as 12.3%. The shares were close to their high for the day.
The company has started production of its pickup. The company planned to start production this quarter with deliveries in the fourth quarter.
The market was rising quickly today and the oil price increased by 4%. Even an up day on the market can be great for EV stocks.
This is a company with a $434 million market cap which doesn't give it much ability to raise money if production goes awry.
Electric trucks have a lot of competition. At the end of the second quarter, Lordstown had $236 million in cash, but that can be eaten up if demand for trucks doesn't improve. With high interest rates and uncertainty for the economy, this isn't a stock I'd want to invest in.
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