HomeTop MoversHere is why Lordstown Motors Corp (RIDE) stock rallied on Thursday?

Here is why Lordstown Motors Corp (RIDE) stock rallied on Thursday?

Lordstown Motors Corp. (RIDE) shares surged 8.90% in after-hours on Thursday, September 30, 2021, and closed the daily trading at $8.69. Even in regular trading, RIDE’s stock gained 8.42%. The stock volume remained 31.13 million shares, which was higher than the average daily volume of 11.96 million shares within the past 50 days. RIDE shares have fallen69.01% over the last 12 months, and they have moved up 7.40% in the past week. Over the past three months, the stock has lost 22.90%, while over the past six months, it has declined 33.78%.

Let’s see what are the latest news about the company?


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RIDE the latest news

On September 30, 2021, Lordstown Motors Corp (RIDE) and Hon Hai Technology Group (Foxconn) signed an agreement to work jointly on electric vehicle programs in the Company’s assembly plant in Lordstown, Ohio. In connection with this announcement, the Company updated its production plan and financial outlook.

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Foxconn will purchase approximately $50 million of Lordstown Motors’ common stock directly from Lordstown Motors at $6.8983 per share. Foxconn has agreed to retain these shares for a specified period.

Updated FY 2021 financial outlook

  • For FY 2021, the company is now expecting a capital expenditure of $375 to $400 million.
  • Selling, General, and administrative expenditures of $105 to $120 million.
  • R&D expenditures in the range of $320 to $340 million.
  • The cash balance is $210 to $240 million on September 30, 2021.

RIDE New Appointments

On August 26, 2021, theBoard of Directors of Lordstown Motors Corporation (RIDE) appointed Daniel A. Ninivaggi as CEO and as a member of the Board, effective immediately.

Earlier on August 16, 2021, the company appointed Eric Purcell as Vice President of Global Quality, effective. Mr. Purcell will be responsible for implementing and overseeing the company’s quality standards ahead of the start of production of the Lordstown Endurance.

RIDE Endurance demonstration

On August 20, 2021, Lordstown Motors Corp. (RIDE) demonstrated the capabilities of the Lordstown Endurance at the Northeast Chapter of the American Association of Airport Executives’ Annual Conference, hosted by the Burlington Airport in Burlington, VT.

The Lordstown Motors Interim Head of Sales, Cynthia Maves said that the Endurance was quite popular in Burlington, drawing the attention of decision-makers from airports nationwide. The truck is our greatest asset, so anytime we can get it in front of the decision-makers, it more than speaks for itself, proving why it’s an essential addition for fleets of all varieties.

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Conclusion

The recent agreement with Foxconn was the reason behind its exceptional surge on Thursday and we expect that it will continue its momentum of the last trading day of the week.

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