But I wouldn’t bet on a company with the stigma of exaggerated pre-orders, let alone one that has yet to actually produce a vehicle. If you want to invest in EV makers that have decent shot of still being here in 5 years, here’s a list you can review. Even as cheap as it is, RIDE stock just isn’t worth the gamble. If Lordstown Motors joins that club, RIDE shares will be worthless. Names like Studebaker, DeLorean and American Motors Corporation. The auto industry is full of companies that had promise, but ultimately failed. It seems unlikely at this point that Lordstown Motors is going to come out of this as one of the EV winners. There are only so many EV buyers to attract, and auto making is one of those industries that requires massive scale to succeed. There’s already one huge player that dominates the industry, and traditional auto makers are rapidly catching up. In fact, I would go so far as to predict that most of them won’t. The problem is that not all these EV makers are going to succeed. Investors have caught that excitement and driven EV stocks to levels unthinkable just two years ago. This is an exciting time for the auto industry and EVs in general. RIDE stock popped on that news, closing just below the $8 level, but it quickly resumed its slump. And the cash keeps Lordstown alive for now. The deal includes provisions for Foxconn to manufacture the Endurance (along with EVs from competing companies) in Ohio. The buyer is Taiwan’s Foxconn - yes, that Foxconn. 30, Lordstown Motors announced it was selling its Ohio assembly plant for $230 million. In fact, the only EV pickup truck in production belongs to a rival - Lordstown lost its first-to-market advantage. Lordstown Suffers More Bad OmensĪt the end of September, there was still no sign of Endurance production. The company continued to assure customers and investors that the Endurance would go into production in September. The company’s founder and CEO resigned amid an Securities and Exchange Commission investigation. The company said it lacked the money to start mass production and told regulators it may not survive. In June, it was revealed that those tens of thousands of Endurance pre-orders Lordstown cited last June were non-binding. However, the Lordstown story has been much darker in 2021. Of course, RIDE stock took off! Lordstown’s Founder and CEO Resigns The company even had an Endurance prototype on display at the White House for a photo op with President Trump. With a claimed 20,000 pre-orders and letters of intent, Lordstown said the Endurance would start rolling off its Ohio production line in July 2021. The Endurance was priced at $52,000 and offered a 250 mile range. The company claimed it would be the first electric pickup truck on the market. Last June, EV startup Lordstown Motors announced the Endurance. That has made an electric pickup truck something of a Holy Grail for the industry. market, pickup trucks and SUVs outsell passenger cars by a three-to-one margin. Gas prices are climbing again, helping to push even pragmatic car buyers toward the EV option.ĮV stocks have been hot over the past year, and RIDE stock was right up there. Climate change is steering consumer choice like never before and that makes EVs even more desirable. A new generation of EVs offers extended range, and more affordable prices. The government is prepared to throw money at building supporting infrastructure like charging stations. We are in the early stages of a golden era for EVs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |