Why Lordstown Motors Stock Jumped 9.5% on Thursday
Shares of Lordstown Motors (NASDAQ: RIDE) jumped as much as 9.5% in trading on Thursday after the company completed its first production vehicles. Shares are trading 7.1% higher at 3 p.m. ET.
The news of the day is that two electric pickup trucks have officially rolled off the production line in Ohio. Foxconn, who is Lordstown's contract manufacturer, is completing a batch of 500 Endurance pickup trucks and aims to deliver 50 to customers this year.
Lordstown's stock has been fluctuating wildly over the last few months as investors worry about the company running out of cash. Trucks need to be delivered to paying customers to keep the business going, and for today, that's pushing the stock higher.
Source Fool.com
