Is Lordstown Motors Stock a Buy?
Lordstown Motors (NASDAQ: RIDE) expects to deliver 500 units of its electric pickup truck, the Endurance, this year. The company sold its Ohio plant to Foxconn and is now working on a contract manufacturing agreement with the latter.
Let's look at the progress Lordstown has made so far, as well as its plans, to decide if the company's stock makes an attractive buy.
After being the target of a short-seller's accusations, facing a Securities and Exchange Commission investigation, and losing its top leadership, Lordstown could finally be moving toward producing electric vehicles (EVs) -- but only if things go according to the company's plans. After selling its factory, the company is looking to contract the manufacturing of its Endurance pickup truck to Foxconn. However, the deal isn't finalized yet.
Source Fool.com
