Why Lordstown Motors Stock Popped 12.1% Today
Shares of electric vehicle manufacturer Lordstown Motors (NASDAQ: RIDE) jumped as much as 12.1% in trading on Wednesday after the company confirmed it's producing commercial vehicles. Shares closed the day within two cents of their high for the day.
Yesterday, a spokesperson for Lordstown Motors confirmed the company has begun production on its Endurance pickup. The company had already planned to begin production this quarter with deliveries scheduled for the fourth quarter, but timelines often slip in the EV industry.
It has helped that the market was rising quickly today, with the Nasdaq Composite up 2.1% and oil prices increasing 4.4% for the day. EV stocks, and Lordstown in particular, are highly volatile so even an up day on the market can be great for these stocks.
Source Fool.com
