Embattled electric vehicle start-up Lordstown Motors expects to produce and sell up to only 3,000 vehicles through next year, the company announced Monday.
Those plans include 500 vehicles this year once retail production is slated to begin in the third quarter – a year later than expectations of when the company went public through a special purpose acquisition company in October 2020.
The production and sales are far below the amount former management sold investors on while the company was going public. Lordstown initially expected to build 2,000 vehicles in its first year, followed by 32,0000 units during the first full year of production.
Shares of the pre-revenue company dropped by more than 8% during pre-market trading before recovering to about even. Shares of the company closed Friday at $3.21 a share, up by 2.2%.
Lordstown Motors announced the production forecast as part of reporting its fourth-quarter results. Net loss widened for the company to $81.2 million in the fourth quarter as the automaker said it incurred a total of $115 million in expenses.
Lordstown Motors CEO Dan Ninivaggi said the company will initially only sell vehicles to a small amount of pre-selected businesses.
