Lordstown Motors (RIDE) gears to report for the first quarter late Monday after Ford’s (F) new F-150 Lightning, a rival truck to Lordtown’s Endurance, nabbed 45,000 reservations within 48 hours of unveiling. RIDE stock fell.
Lordstown’s update and progress on key milestones will be watched. The company aims to start preproduction of the Endurance in the July-August time frame, and to begin deliveries in September. The EV startup also plans an electric van next year.
Founded in April 2019 and backed by General Motors (GM), Lordstown plans to make electric trucks at a former GM plant in Ohio, mainly for the commercial market.
The Q1 report is the second since RIDE stock came public last October via a SPAC reverse merger.
Earnings also come ahead of an event June 21-25 at Lordstown’s Ohio headquarters, where it will offer investors and analysts tours of its factory as well as test drives of the Endurance. RIDE stock spiked last week after the announcement of the event.
Management may also further address an SEC inquiry disclosed in March tied to short seller Hindenburg Research’s allegations that Lordstown misled investors with “largely fictitious” orders.
Shares rose 1.15% to 9.69 in Monday’s stock market trading, below a 50-day line that has fallen sharply since March. RIDE stock sits almost 70% below its old high. Among other EV stocks, GM edged up 0.4%, Tesla popped 4% and Ford fell 1.3%.
On Thursday, RIDE stock tanked 15% after Ford unveiled the Lightning EV, a powerful new electric version of its iconic F-150 pickup truck, also targeting commercial customers.
Ford priced the Lightning competitively, starting below $40,000 before tax credits, with the truck set to arrive by the middle of next year. It said a longer-range version of the Lightning costs in the mid-$50,000s. That’s roughly in line with the Endurance and raised implications for RIDE stock.
Besides Ford, a host of automakers plan to bring electric trucks and vans to market. This fall, GM’s Hummer truck will hit the road. The R1T from Rivian, an EV startup backed by Amazon (AMZN), is supposed to go on sale in June. The Tesla (TSLA) Cybertruck is likely to arrive sometime this year.
Other EV startups, such as Canoo (GOEV), will also launch electric trucks and vans in the next one to three years.