Lordstown's Ride Keeps Going Uphill
A year ago, Lordstown Motors (NASDAQ: RIDE) was one of several promising electric vehicle (EV) upstarts. The company acquired a former General Motors factory in the Ohio town that bears its name and seemingly raised enough money through a merger going public to get its plans to build the Endurance pickup truck underway.
Founder and then-CEO Steve Burns said his plans to sell the truck to fleet customers from municipalities to utility companies would differentiate the company from other EV start-ups, and there was plenty of interest -- and pre-orders -- from potential customers. But that's when things started going downhill, and last week's quarterly business update didn't indicate that the company has yet turned the corner.
Image source: Getty Images.
Source Fool.com
