By Dhirendra Tripathi
Investing.com – Lordstown Motors stock (NASDAQ:RIDE) was up 5.5% in Thursday’s premarket after the troubled electric vehicle maker revealed plans to pivot to leasing out space at its gigantic plant in Ohio.
Interim CEO Angela Strand said Wednesday the company is in “serious discussions... with several potential partners” who may build vehicles or do other types of work at the plant alongside Lordstown.
“The size and scope of our facility is such that we could easily accommodate additional manufacturing partners while still affording us the ability to build a successful Endurance program and leverage its skateboard for additional models in the years ahead,” she said.
Lordstown has a 6.2 million square foot manufacturing plant and 650-acre campus.
Strand said commercial deliveries of Endurance, a full-size electric pickup truck, will happen in the early part of 2022’s second quarter.
The company also raised its annual guidance for operating and capital expenditures as well as R&D expenses. It sees a liquidity of $225 million to $275 million by end of next month without including any funds from a capital raise.
Net loss in the second quarter widened to $108 million from $7.95 million in the year-ago quarter.