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I don’t think they will need an RS, and doubt it will get through customs anyway.
They have 6 months to get the share price up to $1.00.
RS is coming and has already been proposed, reverse stock split ratio ranging from 1:3 to 1:15.
This company has scammed many investors, and Steven Burns should be in jail. It's about time to start talking about a class action since it's obvious the SEC is not going to do their job and the only people who will make money from it if they do, is the government.
I agree - time for an episode of American Greed on this.
Shorts are filling orders at the ask for less than the order price.
We are over the target.
The volume is only in the head, full of sound and fury, and signifying nothing.
Congrats!
Great! RIDE will re-start production of a vehicle that it will, by its own admission, lose money on every truck sold. Ain’t America great?
“We lose a dollar on every sale, but we make it up on the volume.”
-Anonymous
good news, no forecast but they are back to being a "manufacturer" (which they aren't)
LORDSTOWN, Ohio, April 18, 2023 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors” or the “Company”), an original equipment manufacturer (“OEM”) of electric light duty vehicles focused on the commercial fleet market, and Amerit Fleet Solutions (“Amerit”), a provider of customized fleet maintenance and repair programs nationwide, announced today that it has entered into an agreement for Amerit to provide service and maintenance to Lordstown’s commercial fleet customers.
The Lordstown Endurance™ began commercial production at the Foxconn EV Ohio assembly plant in Q3 2022. Sales started in Q4 2022. Production and deliveries resumed in April 2023 after a pause earlier in the year to address supplier quality issues and are expected to continue at a very low pace.
Under the terms of the agreement, the two companies will jointly provide EV service and warranty for the Lordstown Endurance™ in key states allowed by law, as well as future vehicles developed by Lordstown in collaboration with the Foxconn EV ecosystem.
Amerit is executing plans for the strategic rollout of service locations aligned with Lordstown’s launch plan for initial fleet customers. Prior to the launch of services, Amerit service technicians will complete an extensive safety training program as well as Lordstown’s training curriculum for the Endurance and other future vehicles.
“Amerit is a perfect fit with Lordstown because it is a well-established service provider to the fleet and commercial industry with experience in the service and maintenance of EVs,” said Edward Hightower, CEO & President of Lordstown Motors Corporation. “Our vehicles and connectivity features, combined with Amerit’s mobile service network and innovative maintenance solutions, provide Lordstown with the ability to offer a comprehensive and customized EV experience for our fleet customers.”
“Lordstown is an innovative EV company serving the commercial fleet market, and we look forward to supporting their customers by offering service programs across the US,” said Amerit’s CEO, Dan Williams. “With over 1,800 trained and certified technicians across the country, our customized approach to service programs, and our expertise in providing EV maintenance solutions, we believe that Amerit is ideally suited to rapidly scale services to Lordstown’s Endurance customers and vehicle programs in the future.”
Frequency driven Hub Motors why Lordstown Motors will define the electric space and separate from traditional mechanical shaft driven autos.
I by curiosity watched a YouTube video that caught my attention. It stated that it was about a nuclear powered overland train. That got my attention even though it was never fitted with one, it was only considered. But what was touted as being one of its more innovative designs, was it's in hub electric motors and how they gave the train exceptional diverstability that allowed the overland trains stability over various situations.
Excellent Updates coming! MIH to change the world!
2023 Lordstown Endurance All Electric | Interview and TEST DRIVE - YouTube
LORDSTOWN MOTORS / FOXCONN NEWS 4-6-23 | ALL ABOUT WHAT IS GOING ON AT FOX EV LORDSTOWN HUB #MXUX
I somehow always thought to myself that LMC would surprise the market with an order of 10k trucks by a fleet company. I thought of Hertz since Ninnivagy has connection there plus any of those supposed “firm” orders by the old CEO Burns …. I mean something but the reality is that this company failed completely and now Hightower does not have a saying here as he screwed up being a CEO and Foxconn is calling the shots now being the majority shareholder and only finance partner that LMC has. Reverse split should happen if they want to remain in Nasdaq or maybe LMC wants to move to the OTC or pink market for some time.
When will we see an Episode of American Greed here ?
$.50 12 month target from Goldman Sachs . $.25 is very possible now in the near future
https://www.tickerreport.com/banking-finance/10424687/the-goldman-sachs-group-cuts-lordstown-motors-nasdaqride-price-target-to-0-50.html
Exactly and Tesla had a pack of Hedge Fund scumbag pimps from Europe, ripping on Elon and clawing at Tesla every inch of the way
It's apples and oranges to compare Lordstown to Tesla.
Tesla had a rabidly passionate visionary at the helm, who literally slept under his desk for months on end to drive his team towards success.
Lordstown has a couple of corporate clowns who work 9 to 3 with 2 hour lunches and do "events" to create meaningless PRs.
They have no passion, no resources, an unproven product, no results and a "partnership" which has seen them sell 98% of the actual value of the company to a foreign entity who is NOT their friend and is in fact, researching other partnerships to replace all of the promised production volume that will never materialize with Lordstown.
Comparing this company to Tesla is like comparing Henry Ford to the first guy to hook an ox to a cart.
INSTITUTIONAL OWNERSHIP OF RIDE
IS UP!
https://images.fintel.io/us-ride-so.png
Do you anticipate that the 'light revenue' condition will continue for an extended period of time for Lordstown Motors?. Have you studied the weak performance of Tesla in their early days, and their slow ramp up at their beginning stages?
Asset light…product light…and revenue light. Not a recipe for success. Just survival.
RIDE has been way undervalued by Wall Street and the shorts are taking advantage, but not for long IMHO.
Mobility-In-Harmony (MIH) consortium. Asset-Light Business Model
We announced our intention to pivot to an asset-light business model in late 2021. In May of
2022, we successfully closed the sale of our assembly plant to Foxconn, who took on more than
400 of our experienced automotive manufacturing employees and contract manufacturing of the
Endurance TM. These actions materially reduced our operating complexity and overhead costs,
while providing us with significant capital. We also formed a broader agreement with Foxconn,
and are working with their Mobility-In-Harmony (MIH) consortium, to collaborate on the
development of future electric vehicles. Foxconn also made an additional commitment to directly
invest up to $170 million in LMC, of which $52.7 million has been funded and $117.3 million is
subject to various conditions. Of the total commitment, $100 million is targeted to fund pre-
development work on our future electric vehicle platform and program.
https://www.sec.gov/Archives/edgar/data/1759546/000110465923044145/tm2311215d2_ars.pdf
Lots of cheap shares for me and the tutes!
Retail is losing big time as they sell.
Tutes know what they are doing. Been at it for a lot longer than you!
It’s why they are gobbling up these cheap shares!
54 cents. ‘Nuf said.
Maybe you should tell that to the other 60 institutional investors accumulating more.
JoshTaeger from IHub vs over 60 institutions accumulating more RIDE.
Whose lead should we follow?
Boy thats a tough one.
Those would be six funds that should have mgmt voted out.
Institutions accumulating more RIDE shares
Since April 3 2023:
PBD - Invesco Global Clean Energy ETF reports 12.39% increase in ownership of RIDE / Lordstown Motors Corp
PBW - Invesco WilderHill Clean Energy ETF reports 21.29% increase in ownership of RIDE / Lordstown Motors Corp
UAPIX - Ultrasmall-cap Profund Investor Class reports 6.15% increase in ownership of RIDE / Lordstown Motors Corp
KCXIX - Knights of Columbus U.S. All Cap Index Fund I Shares reports 18.35% increase in ownership of RIDE / Lordstown Motors Corp
SUNAMERICA SERIES TRUST - SA Small Cap Index Portfolio Class 1 reports 5.01% increase in ownership of RIDE / Lordstown Motors Corp
FDIS - Fidelity MSCI Consumer Discretionary Index ETF reports 43.51% increase in ownership of RIDE / Lordstown Motors Corp
That’s just a sampling. Another 60+ institutions that increased their RIDE holdings since February 2023.
I will continue to hold long and accumulate following the lead of institutions!!!!
I guess purchasing 20,000 RIDE shares is laughable to some.
Speaks volumes!
Institutions buy when chicken sh*t retail sells off. Then they sell when the price explodes.
It’s why institutions hold 60 million RIDE shares today.
I’ll be in good company scooping up more shares at 0.50, if it hits.
I am sure you will…
#laughable
Lordstown Motors Corp (US:RIDE) has 259 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 59,936,016 shares. Largest shareholders include BlackRock Inc., Invesco Ltd., PBW - Invesco WilderHill Clean Energy ETF, Vanguard Group Inc, State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, IWM - iShares Russell 2000 ETF, Geode Capital Management, Llc, VEXMX - Vanguard Extended Market Index Fund Investor Shares, and IWN - iShares Russell 2000 Value ETF.
If we hit 0.50 I’ll buy another 20,000 shares!
Wall Street has given up, but not Foxconn and institutional investors.
Looking for a major turn around this year!
O and another new all time low today..
.50 cents approaching rapidly!
I read nothing in that statement about the state of current production restarting.
As a result the SP continues to bleed out and drop each passing day..
Absolute piss poor management and leadership. It could be the worst I have ever seen, Hightower at this point isn’t capable of running a used tire store!
I challenge someone to say or prove me otherwise …. More BS promises without producing all it is !
Link to Lordstown Motors Annual Letter to Shareholders. https://investor.lordstownmotors.com/sec-filings/sec-filing/ars/0001104659-23-044145
Filing Date Apr 11, 2023
Document Date Dec 31, 2022
Form Description An annual report to security holders
Filing Group Annual Filings
How much revenue accrues to RIDE from MIH?
Do you have a link for this?
Very informative from Reddit:
Handelsblatt interview with Ed Hightower
It seems that Ed gave an interview to Handelsblatt, a German business outlet at SXSW.
[https://amp2-handelsblatt-com.translate.goog/unternehmen/industrie/elektroautos-so-will-der-lordstown-chef-das-angeschlagene-elektro-start-up-retten/29067090.html?\_x\_tr\_sl=auto&\_x\_tr\_tl=en&\_x\_tr\_hl=en&\_x\_tr\_pto=wapp](https://amp2-handelsblatt-com.translate.goog/unternehmen/industrie/elektroautos-so-will-der-lordstown-chef-das-angeschlagene-elektro-start-up-retten/29067090.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp)
Some highlights-
2023 is the make or break year for LMC
**"We will restore our reputation. 2023 will be the defining year for Lordstown.”**
About the OEM partner
**"Hightower has not yet found the necessary strategic partner. 'We're in talks' he says curtly"**
It's interesting that this is the same thing that Foxconn said in their ER call that was 1 day before this interview. IS it possible that they are talking about the same thing? LMC needs money to buy the required hard tooling, it doesn't matter if that money comes from an OEM looking to build on the Endurance platform, or an OEM looking for a CDMS contract.
About Endurance production
'"**We will announce in the next few weeks when we will resume production**,' says Hightower. There was a problem with a high voltage battery connection. The defective component from a supplier was found and replaced. The same applies to a parking brake component that could fail over time. '**We have eliminated all problems**'".
Why will they will announce when they will resume production in "the next few weeks"? They stated already stated in their ER that they were going to hold off on resuming production of the Endurance until they had a partner - so what changes in "the next few weeks"???
Lordstown does not need a reverse split or ATM dilution, they are capitalized till the end of the year. I imagine this is assuming the Foxconn investment is approved. And, it obviously doesn't include hard tooling, which they need the stated partnership to accomplish.
"**Lordstown has capital until the end of the year**"
Foxconn has stated that they are in negotiations with a traditional OEM for a CDMS contract. They have stated that it's their #1 focus. They have also stated that they invested in Lordstown to have them support their CDMS business. Lordstown Motors has said they are Foxconn's primary design partner for their CDMS business and plan on handling the design, engineering, homologation and certification work for the CDMS contracts.
A Foxconn jet has been parked at Van Nuys airport since March 1st - that's 6 weeks. The last time it was parked there was Feb 26th to Apr 9th of 2022, when they were working out the details of the Lordstown plant sale, the JV and the CMA. They have been there this time roughly the same amount of time, this would appear to be a significant deal they are working on.
At the beginning of February, Taiwanese media reported that they expected Chairman Liu to visit the US in March or April to sign contract(s) with traditional OEM(s), it's now reported that he will visit the US in May.
This is speculation, but I believe there are lots of facts that back it up, I believe that in the coming weeks Foxconn is going to announce a significant CDMS contract with one or more legacy OEM(s). I believe this contract(s) will be for complete vehicle programs that Foxconn and LMC will handle from design through production. And, I believe the revenue LMC will receive from this contract(s) will allow LMC to pay for the hard tooling to resume Endurance production.
LMC the Brainbox?
More like Fartbox…
Management is terrible and any leadership worth anything would have spoken on the state of the company by now… good or bad!
Sad , sad , sad…
MIH happening. They are doing it right now with Monarch tractors
Monarch tractors are a part of MIH where LMC engineers and connects the dots for the entire platform including all logistics. LMC is the brain box for anything on the MIH platform and systems for North America. Foxconn handles the rest of the world. Jack from Foxconn said the Endurance is the first of 100 with many more following.
I posted video interviews explaining MIH and Lordstown Motors role.
Shorts play their games. They will be squeezed soon enough.
Don’t see Foxconn or institutions selling off.
Just shorters and chicken sh*t retail.
I’m holding long with Foxconn and institutions!
@ SavingGrace & Almosthere
.54 cents should be all you need to see and hear about this sad display of a stock….
I ll await your precious announcement but you know in your hearts they have nothing to relay to the share holders..
Management is Trash!
RIDE SHORT investors need to lay off of the dopium.
It will soon lead to a short squeeze and financial disintegration.
An excellent projection on Reddit of RIDE share price once an OEM IS announced.
“LMC share price is currently BELOW book value. Wall Street not only gives LMC ZERO % chance of survival, it's assuming that they will blow through all their cash and then die.
For Wall Street the issue is not whether the Endurance is a good truck, or even how many they could sell, it's if they will be able to produce it with positive margins. Wall Street has valued LMC as if they will never be able to produce it with positive margins.
If LMC partners with a large OEM and is able to scale production with them, then LMC can suddenly have positive margins. That changes everything.
What is LMC worth if they can produce and sell vehicles with positive margins?
Assume LMC is able to produce the Endurance with 10% positive margins - based on them being an asset light OEM and part of MIH, that reasonable or low. If they can produce 20000 trucks @ $65k that's $1.3B in sales. With 10% margins that's $130M in earnings, divided by shares outstanding, which after Foxconn's investment will be around 300M, and it's $0.43 EPS. If you multiply that by a PE of 10, that's a share price of $4.30.
BUT, if LMC is able to make vehicles with positive margins, they would be able to scale production and the PE would be much higher than 10. It's impossible to say what LMC's PE would be if they became profitable and were projected to grow, but a PE of 40-50 would be my best guess and that would give LMC a share price of $17-$21.”
LMFAO. Hilarious conjecture.
The only announcement will most likely be “ FYI we are out of business effective immediately”
Give me a break being pre-mature
It’s a description of most of your posts.
What was a “premature unfounded guess” was that Hightower actually meant what he said.
Let’s wait for the announcement before making premature unfounded guesses WWolf.
Nu Ride's new five-person board is expected to appoint William Gallagher, managing director of M3 Partners — a transaction advisory firm in New York — as Nu Ride's president and CEO, according to the regulatory filing.
Gallagher faced a situation similar to Nu Ride as CEO at WMIH Corp., the public acquisition corporation that succeeded Washington Mutual Inc. — the parent of WaMu Bank in Seattle that was seized by federal thrift regulators in fall 2008. By January 2015, the shell company left over from the failure of Washington Mutual had raised close to $600 million to pursue acquisitions of financial companies that could benefit from its huge, tax-deductible losses, according to a report by the Seattle Times.
Gallagher took over as leader of WMIH in May 2015 "to oversee its acquisition strategy and manage its day-to-day affairs," according to M3 Partners.
He was responsible for "reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups," M3 says.
"Ultimately, WMIH acquired Nationstar Mortgage Holdings to form Mr. Cooper Group," M3 says. Gallagher departed from WMIH after closing the Nationstar acquisition in July 2018.
Bill Gallagher has more than 35 years of experience in finance, investment and financial restructurings. He brings deep expertise in credit analysis and has long-term management experience in the financial services industry.
Prior to joining M3, Bill was the Chief Executive Officer at WMIH Corp (NASDAQ:WMIH), a public acquisition corporation which was the successor to Washington Mutual, Inc., from May 2015 to July 2018. Bill was recruited to WMIH to oversee its acquisition strategy and manage its day-to-day affairs. While there, he worked closely with WMIH’s strategic financial partner, Kohlberg Kravis Roberts & Co. At WMIH, Bill’s responsibilities included reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups. Ultimately, WMIH acquired Nationstar Mortgage Holdings (NYSE symbol NSM) to form Mr. Cooper Group (NASDAQ:COOP). Bill departed from WMIH upon the closing of the acquisition of Nationstar as his job at WMIH was completed.
Prior to WMIH, Bill was CEO and Chief Risk Officer at Capmark Financial Group, formerly known as GMAC Commercial Mortgage (from March 2009 to May 2015). Bill was retained by Capmark to manage its financial restructuring following the global economic crisis and was responsible for the management of the company’s day-to-day affairs, the restructuring of both the company and its assets (including its $15 billion commercial loan portfolio), its bankruptcy process, and its winding down and distribution of assets to creditors and other stakeholders. Capmark was a highly successful restructuring as Bill and his colleagues significantly increased the recovery value to Capmark’s creditors.
Before joining Capmark, Bill was the Chief Credit Officer of RBS Greenwich Capital, the US fixed income investment banking business of the Royal Bank of Scotland, where he was responsible for all aspects of credit risk management. While at RBS Greenwich, Bill was responsible for a wide variety of US corporations and buy-side companies, including corporate borrowers and debt issuers, financial institutions, industrial companies with captive finance businesses, and a variety of US corporations who traded various securities with or through RBS Greenwich.
Earlier in his career, Bill was a Vice President at First Boston Corporation in that firm’s credit risk management department. At First Boston, Bill was responsible for managing credit risk to a wide variety of corporate issuers and financial institutions. Bill began his career at Chemical Bank, where he completed the bank’s credit training program and then worked as a loan officer in the middle market division and a credit officer in the financial institutions division.
Bill has a B.S. in business administration from Syracuse University and an MBA from New York University.
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