Lordstown Motors expects to produce only 3,000 electric pickups through 2023

Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its “Lordstown Week” event.

The company expects to produce and sell up to 3000 vehicles through next year.

When the company goes public through a special purpose acquisition company in October 2020, it will include 500 vehicles this year, but retail production will begin in the third quarter.

The amount of production and sales that the company sold to investors was much lower than the amount that was sold to the public. In its first year, Lordstown was expected to build 2,000 vehicles, followed by 32,000 units in the first year of production.

The pre-revenue company's shares dropped by more than 8% before they recovered to even. The company's shares closed Friday at $3.21 a share.

The production forecast was part of the fourth-quarter results. The company's net loss widened to $81.2 million in the fourth quarter as it spent a total of $115 million.

The company will only sell vehicles to a small group of businesses.