Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
GO TESLA, INC
"PEACE"
$$$$$$ $$$$$$
AMADEINAMERICA,INTERNATIONAL,ENERGY,TECHNOLOGYANDCARCOMPANY
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
4 survive Tesla Model 3 crash off 100-foot drop
Talk about a crash test.
Four occupants escaped with minor to moderate injuries when the Tesla Model 3 they were in lost control on State Route 18 in California's San Bernadino mountains and crashed down a 100-foot drop through a stand of trees on early Tuesday evening.
Photos captured by the Mountain Reporter show the red sedan perched on its nose up against a tree with both ends crushed and the passenger compartment mostly intact.
The Model 3 has received the highest possible crash test ratings from NHTSA and IIHS, neither of which includes an evaluation that simulates this particular situation.
According to the Mountain Reporter, all of the occupants were able to get out of the vehicle, which was removed by a recovery company that is expert in dealing with these types of incidents in the challenging area.
A California Highway Patrol spokesperson confirmed to Fox News Autos that the accident was chalked up to excessive speed on the twisty stretch of the highway that runs through an area known as "the arctic circle" and that Tesla's Autopilot and Full Self-Driving systems were not involved.
https://www.yahoo.com/news/4-survive-tesla-model-3-181745049.html
GO TESLA, INC
"PEACE"
$$$$$$ $$$$$$
AMADEINAMERICA,INTERNATIONAL,ENERGY,TECHNOLOGYANDCARCOMPANY
Tesla just beat out Ford as the most American-made car for the first time ever
Tesla's Model 3 sedan topped Ford's Mustang in the Cars.com American-Made Index this year.
It's the first time in 16 years that Tesla has topped the list.
The American-Made Index ranks American cars by how much of the car and its parts are made in the US.
In a ranking of dozens of American cars, Tesla took the top spot over rivals from American giants like Ford and Jeep - but not for the reasons you might think.
The Cars.com American-Made Index, now in its 16th year, ranks dozens of American-made cars to determine which is the most "made in America" of all. It takes five primary factors into account: final assembly location, origin of parts, origin of engines, origin of transmissions, and manufacturing workforce.
To that end, Tesla's Fremont, California-made Model 3 sedan took the top spot - the first time ever for Tesla.
Ford's Mustang, made in Flat Rock, Michigan, took the second spot, while Tesla's Model Y SUV rounded out the third spot.
Ford and Tesla have come into increasingly close competition lately, with Ford's wildly successful Mustang Mach-E directly taking on Tesla in electric car sales. Ford's first all-electric Mustang made a big enough splash when it launched earlier this year that it immediately cut Tesla's market share in the electric car market by over 10%.
Despite the competition, Tesla CEO Elon Musk and Ford CEO Jim Farley appear to share a mutual appreciation of each other.
"Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000's of car startups. Prototypes are easy, production is hard & being cash flow positive is excruciating," Musk tweeted in March. "Respect," Farley said in response.
https://www.yahoo.com/news/tesla-just-beat-ford-most-143210647.html?.tsrc=fp_deeplink
GO TESLA, INC
"PEACE"
$$$$$$ $$$$$$
AMADEINAMERICA,INTERNATIONAL,ENERGY,TECHNOLOGYANDCARCOMPANY
Lordstown Motors looks to rally support at factory event
Lordstown Motors (RIDE +1.6%) is generating some positive response after giving talks and presentations this week as part of its Lordstown Week events.
Morgan Stanley thinks the automaker is working to gain back from confidence from investors. Analyst Adam Jonas updates that key themes stressed by the Lordstown team include the value of the plant, the flexibility of the company's assets and how the company is on track for a limited start of production in September. Jonas also noted just how "huge" the Lordstown plant is and sees optionality for expansion. A test drive of the Endurance impressed, with the military style prototype handling all types of terrain and performing well with higher speed lane changes.
Morgan Stanley's summary: "While we largely note constructive takeaways from the event, we still express the same concerns as before regarding liquidity, path to scale and especially the commercialization of the in-hub motors. With the company still searching for additional capital, coupled with our fundamental concerns, we see a wide range of volatile outcomes and remain without a rating or price target on RIDE."
Shares of Lordstown Motors are down 48% over the last six months.
Lordstown Motors was on Seeking Alpha's Catalyst Watch this week with Lordstown Week expected to give the stock a boost.
https://seekingalpha.com/news/3708877-lordstown-motors-looks-to-rally-support-at-factory-event
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Lordstown sticking to production timeline but ‘has a long road ahead,’ analyst says
Lordstown Motors Corp. has stuck to its timeline to have its first electric pickup trucks rolling off the factory floor later this year, but the company “has a long road ahead” in terms of competition and communicating a further action plan.
That’s from Joseph Spak at RBC Capital, who attended a company event shortly after the resignation of the electric-truck maker’s top executives last week. Lordstown Motors’ RIDE, +2.38% founder and Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez have resigned, with interim executives appointed.
Spak said that recently appointed Executive Chairwoman Angela Strand reiterated the year-end target, but did update the company’s strategic plan. The company is likely to leave that update for later in the summer, the analyst said in a note late Tuesday.
“We think the new plan will emphasize new revenue streams (i.e. selling hub motors/battery packs/other vehicle types) as the theme of flexibility (plant/platform) was prevalent through our visit,” he said. “Strand communicated the decades of auto experience at (Lordstown Motors) and an increased focus on transparency, the latter being imperative towards rebuilding Street credibility.”
Spak kept his rating on the company’s shares at the equivalent of sell with a $5 price target, implying a 52% downside from Tuesday’s prices.
In addition to the resignations, Lordstown last week sought to clarify that its order book, while an “indication of demand” for the Endurance, was not binding.
Lordstown also has added a “going concern” warning to a recent filing, and recently released the result of an internal investigation about allegations by short seller Hindenburg Research, which in March published a scathing report on Lordstown and accused the company of inflating its demand and production capabilities.
On the plus side, Spak said, Lordstown Motors owns a “massive,” albeit mostly empty, plant.
“The facility is an asset for (Lordstown Motors),” especially since the company got the plant for around $20 million. The factory and equipment “could become important if used as collateral for a loan,” the analyst said.
Lordstown Motors went public in October through a reverse merger with a blank-check company.
Its Ohio plant belonged to General Motors Co., making compact cars for the legacy auto maker, and was slated to close as part of GM’s focus on more popular and profitable trucks and SUVs. It was then sold to Lordstown Motors.
Shares of Lordstown have lost nearly 49% this year, and are holding on to a 1.7% gain in the past 12 months. That compares with advances of around 13% and 36% for the S&P 500 index SPX, +0.51% in the same periods.
https://www.marketwatch.com/story/lordstown-sticking-to-production-timeline-but-has-a-long-road-ahead-analyst-says-11624399181?siteid=yhoof2
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Lordstown Motors: The potential is obvious, but so are the obstacles
LORDSTOWN, Ohio — A few things quickly became apparent as we were shuffled through a tour of Lordstown Motors' plant in Northeast Ohio near the border with Pennsylvania. First, the hopeful electric truck maker got a steal of a deal when it purchased its 6.2-million-square-foot factory from General Motors for a reported $20 million. Second, Lordstown Motors hired a gaggle of talented and capable engineers to design its first product, the Endurance electric pickup truck. And third, it's going to take a herculean effort and a lot of money to get from where the company is today with its assembly plant and pickup truck to where it wants to get before the end of 2021.
The Endurance trucks that Lordstown had on display for a brief ridealong were still in a beta stage. The bodywork was stamped and welded up in its factory, and their motors and batteries were assembled onsite. But they are very much still a work in progress. The trucks' interiors were assembled from molded bits and pieces but were clearly not production-quality items. There was no interior weatherstripping, and the truck I rode in had its headrest installed backwards. The guts — including 6,048 individual battery cells and all four hub motors — are said to be pretty much finalized.
A brief ride in an Endurance beta truck proved that, massive unsprung mass aside, there are indeed merits to the hub-mounted motor arrangement. The truck's center of gravity is extremely low; lower even than many competing electric vehicles that have motors or transaxles mounted above the level of the axles. This arrangement means there is less body roll during hard cornering. Because each wheel has its own motor, engineers can dial in whatever torque vectoring algorithms they want. Unfortunately, we weren't tossed the keys for our own stint behind the wheel, but we did experience a couple of 0-45-mile-per-hour acceleration runs, a slalom, a 45-mph lane change and a tight-turn course designed to show another benefit of the hub motors: an excellent turning radius.
The Endurance truck feels quick, though we didn't get a straight answer as to whether or not they were running at full power and with final software. The massive parking lot where the demonstration took place was heavily pockmarked and full of bumps and lumps, but the truck glided along just fine. The truck we rode in had 20-inch rims with 275/R60 tires, but again we couldn't verify if those were production-spec.
A stroll through the painting and finishing area of the plant revealed some context on markets where Lordstown hopes to play. Forest Service Green, Municipal Yellow and a very police-appropriate blue were all front and center. Of course, white, black, shades of gray and one bright red were also accounted for and likely to be specced by regular consumers, but there certainly seems to be an emphasis on fleet sales.
Executive Chairwoman Angela Strand, appointed after Steve Burns resigned as Chief Executive Officer following the revelation that "periodic disclosures regarding preorders" were in some cases "inaccurate," told us that Lordstown "will be first to market with a full-size all-electric pickup truck." Executives and engineers at the company we spoke with seem to legitimately believe that their goals to have at least small-scale Endurance production underway before the end of the year, but a lot of work remains to reach that lofty goal. For instance, a brand-new electric motor production line has yet to be installed — best we could tell, motors are currently assembled mostly by hand — and some equipment isn't even yet onsite. The panels we witnessed being stamped were loaded into a massive press by hand, not by robot. And the final mating process of the body and chassis is not yet fully automated.
Besides finishing the factory preparation and advancing out of beta and into preproduction and final production, there are looming questions about the company's current financial position. There's also the matter of preorders, or rather how firm those orders may or may not be. According to Lordstown in a filing with the Securities and Exchange Commission, "Although these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments."
Company officials were not willing to add anything more to the official statements that have already been made regarding its financial status or the number of preorders for the Endurance. They would only say that they are "evaluating multiple potential sources of funding" in addition to evaluating strategic partners and "continuing our due diligence" in pursuit of a loan from the U.S. Department of Energy.
Another intriguing potential future product was revealed on a mud-filled grassy area on the far end of the factory grounds. A military prototype with six seats and a full roll cage painted in a familiar shade of Army green was already covered in mud by the time we strapped ourselves in the front passenger seat. Driver Matt Blanchard, who also piloted Lordstown's Baja prototype that was entered in the San Felipe 250 off-road race but failed to finish, said the basic chassis, battery pack and hub motors were all taken from the Endurance truck. Its suspension was modified for greater travel and strength. We sat back and got soaked as the prototype soared over jumps, bounded and power-slid across muddy embankments and even dove headfirst into 30 inches of water, coming out filthy but otherwise unscathed.
What does all of this mean for the future of Lordstown Motors? We honestly don't know. But we can say that our brief interaction with the Endurance pickup suggests it could be a viable electric truck, albeit after quite a bit more work is done. One way or the other, we're happy to be buckled up and along for the ride, even if it's a bit bumpy.
https://www.yahoo.com/autos/lordstown-motors-potential-obvious-obstacles-193000864.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Fisker, QuantumScape, and 13 Other EV and AV Stocks Getting Added to the Russell 3000
June marks the Russell indexes’ annual rebalancing season, when companies get added and deleted from the widely followed benchmarks. The addition of several electric-vehicle and autonomous-driving stocks to the Russell 3000 this month illustrates the continued transformation of the auto sector and the growing importance of EV technology.
–– ADVERTISEMENT ––
Among the 15 EV- and AV-related stocks being added are more well-known EV startups, such as electric truck maker Lordstown Motors (ticker: RIDE) and Fisker (FSR), whose first product is an SUV dubbed Ocean. There are companies that will supply EV makers, such as battery technology company QuantumScape (QS), as well as companies involved in EV infrastructure, such as charging company Beam Global (BEEM).
The Russell 3000 ranks companies by size. Measurements happen in May, and changes are communicated in June. This year’s additions and deletions will occur on June 25.
Getting added to any widely followed index can benefit a stock, including in terms of performance and exposure to a broader base of investors. Most of the EV and AV stocks being added to the Russell 3000 later this month could use the boost: The group of 15 stocks is down 24% year to date on average, trailing far behind comparable gains of the S&P 500 and Dow Jones Industrial Average.
The bevy of EV and self-driving stocks moving up the Russell rankings is another sign that the future of the auto business is in vehicle electrification and higher levels of driver-assistance technology.
Newsletter Sign-up
Review & Preview
Every weekday evening we highlight the consequential market news of the day and explain what's likely to matter tomorrow.
SUBSCRIBE
The other EV stocks going in include maker of smaller EVs Arcimoto (FUV); commercial EV makers XL Fleet (XL) and Hyliion (HYLN); as well as companies supporting and supplying the EV industry, including Ideanomics (IDEX) and Romeo Power (RMO).
The two other EV charging stocks being added to the Russell 3000 are Blink Charging (BLNK) and ChargePoint (CHPT).
Lidar, short for laser-based radar, is a key enabling technology for self-driving vehicles. Four Lidar stocks are going into the Russell 3000: Aeva Technologies (AEVA), Luminar Technologies (LAZR), Ouster (OUST), and Velodyne Lidar (VLDR).
Index inclusion can be good for stocks in a few ways. First, it’s a sign a company has hit a size milestone. In this case, the Russell 3000 includes the largest 3,000 or so stocks in the U.S. Market capitalizations in the Russell 3000 range from less than $200 million to more than $2 trillion. Apple ‘s (AAPL) market cap sits at about $2.1 trillion.
Index inclusion also means fund managers tracking the index, or benchmarking performance against the Russell 3000, will hold shares. More investors buying, selling, and holding any stock is good for liquidity and, potentially, good for valuation multiples.
When there is more demand for anything, even stocks, prices tend to rise.
And inclusion in a Russell index also means stocks are eligible for other Russell Indexes such as growth and value sub indexes.
Companies like to be included—it’s a good bit of news for employees and investors. Take Arcimoto: “Our inclusion on the Russell 2000 and 3000 Indexes is a testament to the extraordinary efforts of the Arcimoto team in the advancement of the Company’s mission,” said CEO Mark Frohnmayer in a June 8 news release, adding “2021 is the year Arcimoto will lay the groundwork for its next decade of growth.”
More growth for any of these stocks could lead to their addition to other indexes down the road.
https://www.barrons.com/articles/ev-av-stocks-russell-3000-51623449507?siteid=yhoof2
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Lordstown Motors evaluates strategic partners in funding search
LORDSTOWN, Ohio (Reuters) -Electric vehicle startup Lordstown Motors Corp is "evaluating strategic partners" as part of its search for funding needed to stay in operation, the company's executive chair, Angela Strand, said on Monday.
Lordstown Motors earlier this month warned it may not be able to continue as a "going concern" if it cannot raise more money to retool its factory in Lordstown, Ohio, for high-volume production.
The company's shares were down 5% in late afternoon on Monday and were down 49% for the year to date.
Strand is leading the company while the board searches for a replacement for former Chief Executive Officer Steve Burns, who left the company earlier this month. She provided no details on the evaluation of strategic partners.
Since the "going concern" warning, the company has tried to allay worries by saying it was in talks with multiple parties to raise funds. Strand said Monday the company is also "continuing our due diligence" in pursuit of a loan from the U.S. Department of Energy. Burns said in 2020 the company was seeking a $200 million loan from the Energy Department's Advanced Technology Vehicles Manufacturing loan program.
Before his exit, Burns said on a conference call that Lordstown needed more capital and that production of the Endurance truck this year would be half of the 2,200 vehicles previously expected.
Lordstown Motors executives opened the assembly plant, a former General Motors Co car factory, to investors and reporters on Monday.
Lordstown, which went public last year through a reverse merger with a special-purpose acquisition company (SPAC), has struggled with the launch of its Endurance pickup truck and with questions about governance.
Several EV startups over the past year have gone public via mergers with SPACs, bypassing the rigorous scrutiny of a traditional initial public offering process.
In March, Lordstown's shares slumped after investment research firm Hindenburg Research disclosed it had taken a short position on the stock, saying the company had misled consumers and investors about its preorders for the Endurance truck that Lordstown initially said were worth $1.4 billion.
The Ohio company subsequently said the orders were not binding and on June 8, when it warned it was running out of cash, disclosed in a regulatory filing it had no binding orders or commitments from customers.
A week ago, just days after Lordstown said it may not have enough money to stay in business over the next year, CEO Burns - who was also the company's founder and largest shareholder - resigned, as did the chief financial officer. Lordstown also acknowledged it had overstated the quality of preorders.
The following day, Lordstown President Rich Schmidt said the automaker had binding orders, but the company subsequently backtracked from that comment.
The U.S. Securities and Exchange Commission has asked the company for information related to the truck preorders.
The Wall Street Journal reported Monday that senior Lordstown Motors executives had sold shares valued at $8 million in February before the company reported worse-than-expected results. Filings with the SEC showed the transactions, including the sale by Schmidt of shares worth $5.4 million on Feb 2 and 3
A special committee of Lordstown's board said in a report June 14 that share sales by certain directors and executives "were made for reasons unrelated to the performance of the company or viability of the Endurance."
https://finance.yahoo.com/news/lordstown-motors-evaluates-strategic-partners-192433001.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
This will be good for domestic or European allies use around bases, in the more civilized areas.
But a "V Blast" bottom is what's needed for war Zone use(s)...Otherwise it want stand.
Great to see them attempt to step into the space though.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Biden wants millions of electric vehicles on the roads. Can the power grid handle it?
Paul A. Eisenstein
Fri, June 18, 2021, 11:11 AM
Four months after an unexpected ice storm caused much of the Texas power grid to crash, state regulators warned this week that a June heat wave is causing a “high number of forced generation outages.”
The twin Texas crises have put the spotlight not only on the Lone Star State but on the entire U.S. electric grid. And that, in turn, comes at a time when the energy infrastructure faces growing demand from the electric vehicles expected to roll out by the millions over the course of the coming decade.
The U.S. reached “the tipping point” this year, said Mary Barra, chairman and CEO of General Motors. Demand for battery-electric vehicles is growing at a record pace, spurred in part by the debut of an assortment of new models. But not everyone is convinced she’s right. Studies find consumers are still reluctant to buy electric cars due to high costs, lack of a nationwide charging network — and growing concerns about the energy grid.
Those are all issues that President Joe Biden aims to address, among other ways, through the proposed infrastructure bill that would set aside $170 billion to directly back the shift to battery-electric vehicles. About 10 percent of that funding is earmarked for a coast-to-coast charging system to rival today’s ubiquitous network of gasoline stations.
“We need to jam on the accelerator here,” Energy Secretary Jennifer Granholm said during a recent online seminar outlining the administration’s desire to promote battery electric vehicles — with an emphasis on designing, engineering and producing them domestically.
“We’re going to double down on our R&D in the technologies that will make EVs easier to manufacture, easier to deploy, easier for the American people to access,” the former Michigan governor said.
There are a number of reasons behind the administration’s push for battery-car technology. There’s the need to reduce CO2 emissions in order to meet global warming targets. There’s a desire to reduce America’s dependence upon petroleum imports, and there’s also a growing concern that China will wind up dominating the EV segment — something that raises defense, as well as economic, concerns.
China is not only the world’s largest electric vehicle market but also has the largest network of lithium-ion battery plants, 93 compared to just four in the U.S., according to Benchmark Mineral Intelligence. The data service forecasts that China will have 140 of these “gigafactories” in place by 2030, compared to as few as 10 in the U.S.
In a new National Blueprint for Lithium Batteries, the Department of Energy has laid out a variety of steps to promote more U.S. production. That starts with greater access to raw materials. Internally, the administration has been debating whether to promote greater domestic mining or ally with friendly trade partners, such as Canada and Australia, to build up stocks of critical raw materials like lithium, cobalt and nickel.
Then there’s the carrot-and-stick of incentives. The administration is expected to offer direct financial incentives to prop up the business case for building both battery and assembly plants in the U.S. A proposed Senate bill would increase today’s $7,500 tax credits on electric vehicles to as much as $12,500 — but there’s a catch. The higher figure would, in part, be reserved for vehicles that are domestically produced.
There are signs that manufacturers are listening. General Motors will open its first U.S. battery plant in Lordstown, Ohio, later this year. It recently announced one in Spring Hill, Tennessee; and on Wednesday GM also said it will add two more plants as it upgrades its electrification plans, increasing its investment to $35 billion through 2035.
Ford CEO Jim Farley last month indicated the second-largest domestic automaker is likely to commit to battery production, as well.
Tesla’s Gigafactory in Reno, Nevada, is today one of the world’s largest sources of lithium-ion batteries and will add capacity alongside the assembly plant it is erecting in Texas, with CEO Elon Musk indicating other production operations will follow.
Production of electrified vehicles could also see a big growth spurt as a response to U.S. incentives. GM now plans to produce BEVs at two Michigan plants and another in Tennessee — though it also will produce some models in Mexico and Canada. Ford, Volkswagen, Nissan and Volvo are among the automakers who either are or will produce plug-based models in the U.S.
While the White House has focused much of its attention directly on electric vehicles and the battery manufacturing process, there is another area that will need attention in any final infrastructure bill, experts emphasize.
“We have to recognize that the (electric) infrastructure in parts of this country has fallen behind that in many other parts of the world,” said Scott Hinson, chief technology officer at Pecan Street, an Austin, Texas-based energy research project.
While the problem is "fixable,” Hinson said, he noted that the U.S. has a tendency not to "work on things until they’re a big problem.”
Power companies have struggled to deal with a number of challenges, from tightening their cybersecurity in the face of ransomware attacks such as the Colonial Pipeline shutdown last month, to disrupting power in order to prevent downed wires from setting wildfires in California. That state also faced rolling blackouts a few years back due to energy shortages.
A 2019 study by the U.S. Department of Energy estimated that increased demand for electricity — much of that for electric vehicles — could see a 38 percent increase in energy demand by 2050.
While there seems little doubt that electric vehicles will increase the nation’s grid load, “the transition…will be slow,” said Pat Romano, CEO of ChargePoint, one of the nation’s largest charging companies. Around 80 percent of EV owners charge their vehicles at night, and mostly from home, taking advantage of a general surplus of off-peak generating capacity.
But, even in off-hours, the already creaky grid is likely to become still more stressed, requiring plenty of upgrades, on top of new generating capacity — whether fossil-fueled or renewable.
https://www.yahoo.com/news/biden-wants-millions-electric-vehicles-161125921.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Lordstown Promises Endurance EV Pickup Will Start Production in September
Sebastian Blanco
Fri, June 18, 2021, 9:00 AM
Despite all of its recent controversies, Lordstown confirmed this week that it will start building its first vehicle this September in Ohio.
One of those controversies led to the resignation of founder and CEO Steve Burns, who the New York Times said left because he made inaccurate statements about pre-orders for the truck.
Lordstown Motors' president laid out the progress the company had made in preparing for production, including reconditioning stamping presses, paint spray testing and getting the battery and hub motor lines up and running.
It's been a rough few weeks for Lordstown Motors, but the new leaders at the company are not backing down from their claim that the Endurance electric pickup truck will start production in September 2021.
This week, Lordstown announced that founder and CEO Steve Burns had resigned. In a company statement, Lordstown thanked Burns for his "passion and commitment to the company," but did not explain why he left the company. The New York Times reported that an internal investigation led by Lordstown's board of directors found "issues regarding the accuracy of certain statements regarding the company's pre-orders."
We were not able to reach Burns for comment about his departure, but whatever the actual reason, the company turned to an in-house executive as his replacement. Lordstown Motors' lead independent director, Angela Strand, was appointed executive chairwoman and will manage Lordstown's transition until a new, permanent CEO is found. Lordstown's chief financial officer, Julio Rodriguez, also resigned this week and was replaced by interim CFO Becky Roof.
Speaking at a virtual Automotive Press Association (APA) event Tuesday, Strand said the company remains on track to begin building vehicles this fall with plans to deliver them to customers in the first quarter of 2022.
"What's not changing is our plan to start limited production in late September. It's a new day at Lordstown and there are no disruptions, and there will be no disruptions, to our day-to-day operations," she said.
Lordstown Motors president Rich Schmidt echoed Strand's commitment during the APA event, explaining how the startup automaker's work converting an old General Motors plant in Lordstown, Ohio (hence the name) into a facility that can build a variety of electric vehicles started in November 2019 and continues today.
Many of the production areas are ready today to produce vehicles, at a low volume, Schmidt said. He added that the body shop that had been used to make the company's beta prototypes has been retooled to prepare for production and that the paint shop started spray programming last week. Lordstown is also currently commissioning its battery and hub motor lines, each of which measures around 400,000 square feet, Schmidt said. The hub motor line should be operational in July. Lordstown is also currently reconditioning the stamping presses and, overall, the retooling process is about 85 percent complete, he said.
Photo credit: Lordstown
Photo credit: Lordstown
Lordstown also responded this week to a report from investment research firm Hindenburg Research that claimed it was "unrealistic" to expect Lordstown to start production of the Endurance this fall. Lordstown issued a statement from a Special Committee of its Board of Directors that called the report, "in significant respects, false and misleading." In particular, the company announcement said, "its challenges to the viability of Lordstown Motors' technology and timeline to start of production are not accurate," but Lordstown did admit that Hindenburg did "identify issues regarding the accuracy of certain statements regarding the Company's pre-orders."
In the APA event, Schmidt wouldn't say how many orders Lordstown currently has for the Endurance, other than to restate that, "we have enough orders for production for 2021 and 2022. Those are firm orders that we have for those two years."
Next week, Lordstown is hosting "Lordstown Week," a media event that should reinforce the message that the company is making progress on getting the Endurance into customer hands.
https://www.yahoo.com/autos/lordstown-promises-endurance-ev-pickup-140000045.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Could some portion of these money's be head to LMC?.....
GM says it will now spend $35 billion on electric and autonomous cars
General Motors (GM) plans to hit the accelerator on its electric and autonomous vehicle ambitions.
The automaker said Wednesday it will increase its investments in electric and autonomous vehicles by 75% to $35 billion. GM's total investment includes the years 2020 to 2025. The company previously outlined a $27 billion target back in November 2020.
“We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,” GM Chair and CEO Mary Barra said in a statement. “GM is targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”
Some of the first big releases under this EV spending will be GM's all electric Hummer and the Cadillac Lyriq.
The news comes as GM has been losing the PR battle on EVs to rival Ford lately.
Ford said in May it will spend $30 billion on electric vehicle development — including battery development — by 2025. Previously, the auto giant said it would spend $22 billion on its EV ambitions by 2023.
The company anticipates that 40% of its global vehicle volume will be fully electric by 2030 fueled by new models of the electric Mustang Mach-E and F-150.
https://finance.yahoo.com/news/gm-says-it-will-now-spend-35-billion-on-electric-and-autonomous-cars-130043491.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
GM Deepens EV Bet Again, Boosts Spending 30% to $35 Billion
https://finance.yahoo.com/news/gm-deepens-ev-bet-again-135418624.html
Lordstown Motors Jumps on Forecast for 11 Months of Cash on Hand
(Bloomberg) -- Lordstown Motors Corp. jumped after saying it has enough money to make its battery-powered trucks through May of next year, paring a record decline the previous day following the departure of two top executives.
The automaker is actively raising additional funds and has reconfirmed orders for its debut vehicle, President Rich Schmidt said Tuesday at an Automotive Press Association event in Detroit.
The shares rose as much as 15% before trading up 11% to $10.29 as of 3:39 p.m. in New York. That clawed back part of a 19% plunge on Monday.
In a short address at the start of the webcast, newly-appointed Executive Chair Angela Strand -- formerly Lordstown’s lead independent director -- said the company was focused on being transparent with investors and bringing its technology to market.
The startups’s two top executives -- Chief Executive Officer Steve Burns and Chief Financial Officer Julio Rodriguez -- resigned after the board found evidence of inaccurate statements. Lordstown warned last week it might not have enough cash to fund development of its first truck or even survive the next 12 months if it can’t raise more capital.
The company now expects to build between 15,000 and 20,000 electric vehicles with cash on hand through May of next year after production starts up in September, Schmidt said. “We still have well over $400 million in the bank and so we don’t have an issue per se on funding.”
Lordstown disclosed Monday it had made misstatements about its vehicle preorders after a short seller alleged in March that many were “fictitious.” The Securities and Exchange Commission has began an investigation.
Former CEO Burns said last month in a call with analysts that Lordstown had 100,000 preorders for its Endurance truck model and had begun accepting “vehicle purchase agreements” for an additional 23,000 vehicles.
Schmidt declined to comment on the SEC probe but said the company has enough binding orders to justify full production capacity both this year and next.
Lordstown’s pickup will cost around $55,000, he said, which is about $2,500 more than originally planned -- a price increase he attributed to supply chain pressures related to the global pandemic. The electric version of Ford Motor Co.’s best-selling F-150 truck, by comparison, will start at $40,000 when it hits showrooms next year.
The company, which bought a shuttered General Motors Co. plant near Youngstown, Ohio, is one of several EV startups that have gone public through mergers with so-called special purpose acquisition companies, or SPACs, without any revenue or commercially viable products. It combined with DiamondPeak Holdings in an October deal that netted Lordstown $675 million.
Any additional funds raised by the company will be to scale production to higher volumes, pay for additional tooling at its factory and to reduce the company’s materials costs, Schmidt said.
https://finance.yahoo.com/news/lordstown-jumps-production-funds-reconfirmed-174336717.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Lordstown Jumps As EV Startup Tries To Reassure On Orders, Capital
Lordstown Motors (RIDE) tried Tuesday to reassure the market that the startup is able to produce electric trucks after top executives stepped down amid damaging findings from an investigation. RIDE stock jumped.
At an Automotive Press Association event, President Rich Schmidt said Lordstown is reconfirming orders and raising more capital, adding that the company has enough money to cover production through May 2022.
Lordstown is also focusing on the Endurance truck and no longer developing vehicles for the RV market, Schmidt said.
On Monday, CEO Steve Burns and CFO Julio Rodriguez resigned, while an investigation substantiated a key claim from a short seller.
The company said the management shakeup comes as Lordstown transitions "from the R&D and early production phase to the commercial production phase of its business."
Independent director Angela Strand will oversee the firm's transition until a permanent CEO takes over. Becky Roof will serve as interim CFO.
But the future of Lordstown is in jeopardy.
In a quarterly Securities and Exchange Commission filing last week, Lordstown warned there was "substantial doubt" about its ability to stay in business. It currently has $587 million on hand but said that wasn't enough to start commercial production of its Endurance electric trucks.
"These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year," the company said in the filing.
Then Lordstown said last Wednesday the company is in talks to secure financing. Still, while there is "adequate capital to continue operations, meet supplier obligations and begin limited production," Lordstown will need more funds, according to Reuters.
"We are debt free, have significant tangible assets and multiple viable avenues to raise capital including asset-backed financing, equity, equity-related or debt financing, loans, as well as potential strategic investments over the longer term," the company said. "We are already in active conversations with multiple parties to do so."
Analysts at Morgan Stanley, which discontinued coverage of RIDE stock last week due to its volatility, said Monday that the management change is a step forward.
"We felt it was untenable for the company to secure necessary new capital with a management team widely seen as potentially not leading the company into the next era of its development," according to a note.
They also warned of additional selling pressure, noting that Burns is the single largest holder of RIDE stock, with 46.35 million shares for a 26.25% stake.
Why This IBD Tool Simplifies The Search For Top Stocks
RIDE Stock
Shares rallied 10% to 10.21 on the stock market today after diving 18.8% Monday. RIDE stock has weak fundamentals including a Composite Rating of just 2 out of 99. Among other startups building electric trucks, Workhorse (WKHS) fell 6%, and Canoo (GOEV) surged 16%.
Lordstown struggled to find customers. And in March short seller Hindenburg Research alleged that it misled investors with "largely fictitious" orders.
A special committee reported Monday that the Hindenburg Research report was in "significant respects, false and misleading. In particular, its challenges to the viability of Lordstown Motors' technology and timeline to start of production are not accurate."
But the committee found that Lordstown Motors "made periodic disclosures regarding pre-orders which were, in certain respects, inaccurate."
In particular, the probe said that while management claimed pre-orders were from commercial fleets, there were from fleet management companies or other end users as well as "influencers" or other potential strategic partners who "did not intend to purchase Endurance trucks directly."
RIDE stock went public last October via a SPAC reverse merger, and its truck is seen competing against electric trucks from more established players like Tesla (TSLA) and Ford (F).
Later this month, Lordstown's plans an event that runs June 21-25. Investors, analysts, customers and partners will meet with management and tour production facilities.
https://www.investors.com/news/ride-stock-top-lordstown-executives-probe-finds-inaccurate-data/?src=A00220
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
GOT IT!......
UPDATE 1-Lordstown has 'binding orders' for first two years of production -president
DETROIT, June 15 (Reuters) - Lordstown Motors Corp's president said on Tuesday the electric vehicle startup has "firm" and "binding" orders for the first two years of production of its pickup truck, a week after saying it had no binding orders for the vehicle, sending shares up 10%.
"Currently we have enough orders for production for '21 and '22," President Rich Schmidt said at an Automotive Press Association event in Detroit. "Those are firm orders we have for those two years."
"I don't know the exact facts of the legal aspect of that, but they are basically binding orders that are committed here in the last two weeks, reconfirmed orders," he added, when asked if they were binding orders. "They're pretty solid, and I think that's on the light side or conservative side."
In March, Lordstown's shares slumped after Hindenburg Research disclosed it had taken a short position on the stock, saying the company had misled consumers and investors about its pre-orders that it initially said were worth $1.4 billion.
The Ohio company subsequently said the orders were not binding and on June 8, when it warned it was running out of cash, disclosed in a regulatory filing it had no binding orders or commitments from customers.
On Monday, Lordstown announced that Chief Executive Steve Burns and its chief financial officer had resigned and acknowledged it overstated the quality of pre-orders in the trucks. The U.S. Securities and Exchange Commission (SEC) has asked the company for information related to the truck pre-orders. (Reporting by Ben Klayman and Joseph White in Detroit; Editing by Franklin Paul and Jonathan Oatis)
https://finance.yahoo.com/news/1-lordstown-binding-orders-first-174924779.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Well over $160,000,000 in 1 hour........BIG BANK IN THE TANK!!!
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
WOW!......Over 8 mil shares $80,000,000 in less than 10min.
That's no small time buyer...or seller either....or may some positive news has leaked?
RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Scam!?....Haha,,,OKAY whatever floats your boat.....SCAM!!!
They've got a produce, touchable, derivable, you can see it.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Don't think the will eliminate the "Hub" for something other. Not I.............Added and holding. As one should do what-ever best for their piece of mind and comfort level.
Lordstown boss quits after electric car maker's cash crunch warning
A bulky silver pick-up truck with curved contours and no front grille sits imposingly in front of a giant American flag and the lightning bolt logo of Lordstown Motors - Tony Dejak/AP
A bulky silver pick-up truck with curved contours and no front grille sits imposingly in front of a giant American flag and the lightning bolt logo of Lordstown Motors - Tony Dejak/AP
An electric vehicle maker backed by General Motors has lost its chief executive after admitting that it did not have enough cash to stay in business.
Shares in Lordstown Motors plunged by a fifth on Monday after Steve Burns and Julio Rodriguez, the chief financial officer, both resigned.
The company warned regulators last week that it no longer had the funds to reach full commercial production of its electric pick-up-truck, the Endurance, and might not survive the next year as a "going concern".
An internal report released on Monday also admitted that it had made inaccurate statements about its number of pre-orders, some of which were too "vague or infirm" to be included in its numbers.
Lordstown will now be led by board member Angela Strand while it seeks a new chief executive. Veteran troubleshooter Becky Roof, who was previously brought in to restructure Eastman Kodak, will be interim finance chief.
The company has contracted Ms Roof's rescue firm AlixPartners to restructure its operations, cut spending and resolve a US regulatory probe over its pre-orders. It lists her salary as $1,200 (£850) an hour.
An American flag hangs at half mast in front of the Lordstown Motors factory in Ohio, a giant boxy beige building hung with a huge banner that reads "RIDES WITH LORDSTWN" - Dustin Franz/Bloomberg
An American flag hangs at half mast in front of the Lordstown Motors factory in Ohio, a giant boxy beige building hung with a huge banner that reads "RIDES WITH LORDSTWN" - Dustin Franz/Bloomberg
David Hamamoto, another board member, thanked Mr Burns for his "passion and commitment" and said the company was planning to begin producing the Endurance in limited numbers in late September.
"As we transition to the commercial stage of our business, we have to put in place a seasoned management team with deep experience leading ... we have complete confidence in Angela and Becky, and our expanded leadership team, to effectively guide the company during this interim period."
Mr Burns will pocket $750,000 to depart quietly, according to paperwork filed with US regulators. Mr Rodriguez will get $200,000 excluding share options.
The change is a blow to Lordstown's backers, which include General Motors and former US President Donald Trump. It went public via a "blank cheque" company last August and was once worth more than $5bn (£3.4bn).
In March, the company revealed it was being investigated by US officials over claims by the short-selling firm Hindenburg Research that it had fabricated pre-order numbers. Lordstown said that it has always made clear that its stated pre-orders are non-binding.
https://finance.yahoo.com/news/lordstown-boss-quits-electric-car-170306460.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Agreed..............
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Although, seeing a CEO & CFO resign, forced or not, in the mist of a growing need to ramp-up, produce and deliver a product is concerning. Sometimes it's the best for company and all concerned, going forward.
Lordstown Motors: Here's the next shoe to probably drop on battered investors
https://finance.yahoo.com/news/lordstown-motors-heres-the-next-shoe-to-probably-drop-on-battered-investors-173421893.html
The end result will be the determining factor as to how this move propelled or anchored "RIDE"....WE WILL SEE!
Added and still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
GO SAIC
"PEACE"
Lordstown Motors Erases Loss on Talks About Capital Raise
(Bloomberg) -- Lordstown Motors Corp. shares swung widely between losses and gains on Wednesday after the electric-vehicle startup said it was in talks with multiple parties to raise capital, a day after warning about a cash crisis.
After dropping as much as 21% earlier in the day, the stock surged 15% on the news of the discussions. It closed nearly flat at $11.23.
The company said in an emailed statement it was “already in active conversations with multiple parties” to raise capital. During its first-quarter results last month, Lordstown said it had started talks for securing funds.
The shares doubled last year as investors dazzled by Tesla Inc.’s gains sought the next winner in the EV space, benefiting companies like Lordstown, which commanded a $5 billion market valuation just four months ago. That value plunged to about $2 billion as of Wednesday, as a newfound fandom among retail traders was eclipsed by its going-concern warning.
“This is a valuable lesson for investors,” Bespoke Investment Group said in a note. While betting on such early stage companies can hold the potential for high payoffs, “investors need to be aware that their positions could be effectively vaporware.”
The recent months have been troubling for high-flying EV startups, many of which went public by merging with so-called blank-check companies. Lordstown, which has been preparing to bring its debut truck to market, said in March there was a U.S. Securities and Exchange Commission probe into its operations. Others like Nikola Corp. and Velodyne Lidar Inc. saw their founders exiting the businesses.
Lordstown shares fell as low as $8.88 earlier on Wednesday, below the debut level of the blank-check company it merged with in April 2019. Though the shares traded even lower in May, they had gotten a new lease on life in recent weeks as meme stock-focused retail traders bid them up.
“If the company is unable to raise additional capital, based on our current estimates, we believe the net cash exiting 2021 would be about $60 million,” Goldman Sachs analyst Mark Delaney wrote in a note. The going concern warning from auditors also has the potential to make it more difficult for Lordstown to get payment terms with suppliers, he said.
https://finance.yahoo.com/news/lordstown-motors-cash-crisis-eclipses-141736150.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Agreed...........
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Burgers and a charge? Tesla files trademark application for restaurant concept
Dinner and a charge for that electric vehicle may be in the not-so-distant future for Tesla owners.
That is if a set of trademarks applications — and lots of prior hints by chief Elon Musk — have any meat on them. The company last week filed for trademarks involving its name to the U.S. Patent and Trademark Office covering the “categories of restaurant services, pop-up restaurant services, self-service restaurant services, take-out restaurant services.”
Tesla applied for three separate trademarks — for the name Tesla, the “T” logo and finally the unique styling of the company’s name. News of the patent first surfaced earlier this week on electric-vehicle news site Electrek.
The influential Musk has spoken of his desire to offer some nostalgic dining in the past. In January 2018, he tweeted about putting “an old school drive-in, roller skates & rock restaurant” at Superchargers in Los Angeles, and shared more ideas in subsequent tweets.
Electrek reported in March 2018 that Tesla had indeed applied for permits for a restaurant and charging station in Santa Monica. The plan didn’t appear to go anywhere for a few years, but then in April of this year, Musk insisted it was still on the cards, in a tweet responding to a complaint about long lines at charging stations.
How long will fans have to wait for Musk’s diner dreamchild? Josiah Citrin, the founder of Citrin Hospitality told Bloomberg that even if Tesla gets those trademark patents, the right permits take months, with Santa Monica no exception. A Tesla spokesperson couldn’t immediately be reached for comment.
Best eat something in the meantime.
Read full story
https://www.marketwatch.com/story/burgers-and-a-charge-tesla-files-trademark-application-for-restaurant-concept-11622730467?siteid=yhoof2
GO TESLA, INC
"PEACE"
$$$$$$ $$$$$$
AMADEINAMERICA,INTERNATIONAL,ENERGY,TECHNOLOGYANDCARCOMPANY
Why Lordstown Motors and XL Fleet Shares Jumped, but Nikola Stock Dropped Today
Stocks in the clean energy sector have been surging recently.
What happened
Shares of clean energy companies, including electric vehicle names, have been surging the past month. The moves reversed an extended downtrend as the sector went out of favor with investors earlier this year. Today, shares of Lordstown Motors (NASDAQ:RIDE) jumped almost 20% before paring those gains to 6.7% as of 12:40 p.m. EDT. XL Fleet (NYSE:XL) is another name down sharply this year. But today it jumped 10% before settling to a gain of 5.8%. Shares of Nikola (NASDAQ:NKLA), however, completely lost early gains and were down 3.6%.
So what
Today's market moves come on the heels of a month where XL stock gained 18%, Lordstown 33%, and Nikola 52%. The outsize gains in Nikola's stock likely help explain its lagging performance today.
Lordstown Motors Endurance pickup truck.
The overall trend boosting electric vehicle shares recently came after stocks in the sector had taken a hit as speculative investors cooled on the companies that were either pre-revenue or missed sales expectations. Even with the previously mentioned gains in the past month, Nikola is only up 15% year to date, while Lordstown and XL Fleet are down 34% and 66%, respectively.
Now what
There were, of course, fundamental reasons why the shares dropped from the high valuations assigned by investors last year. Both Nikola and Lordstown were challenged by the same short-seller that brought exaggerations and potentially false claims to light. Nikola has gained back some investor confidence after it updated investors that its Arizona facility, initial plans for hydrogen infrastructure, and vehicle prototype testing were on track in its first-quarter 2021 financial report.
Lordstown took a hit after its first-quarter release in late May when it told investors that even though production is still expected to begin on schedule in the fourth quarter of 2021, the company has lowered production level expectations to half of what it previously announced. Lordstown also acknowledged it will need to raise more capital to continue with its start-up plans.
In its first-quarter results also released in May, XL Fleet disappointed investors with sales below expectations, and said it doesn't expect supply chain issues to be resolved until the second half of the year.
All of these companies have a long way to go to prove to investors they can succeed, and even thrive, in a potentially huge electric vehicle market. After a dose of reality with first-quarter financial updates, and lower stock prices than a year ago, some investors are again willing to add these back to speculative portions of their portfolios.
https://www.fool.com/investing/2021/06/03/why-lordstown-motors-and-xl-fleet-stocks-jumped-bu/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Again, many agree.......And as we all know, hindsight is always 20/20.
But, tomorrow is just a day away.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Agreed....And the last words on the crash test, where of good results.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
GO RIDE......Positive market Sentiment, in lew of the up-and-coming open house (Investors Week) and their EV truck(s) demonstration(s).
Also a bit of short(s) squeezing as / and new position are being taken.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Go RIDE....As the back chatter continues with negative forecast and undertones.
Good Entry Point for Lordstown Motors? Not Just Yet, Says Analyst
Everybody knows, electric vehicles are the future. Like many governments across the globe, the environmentally conscious Biden administration has made new energy mandates a core part of its modus operandi. This is evident by the $74 billion Biden has said he intends to commit toward the nascent EV segment.
The auto industry is pivoting toward the anticipated adoption, with legacy auto makers aware of the need to keep up with upstarts looking to make their mark in this potentially lucrative new market.
One such company hoping to ride this wave is Lordstown Motors (RIDE), which focuses on the commercial and government fleet market. The company has stated it wants to be the first to bring an electric full-size pickup to the US market later this year. Lordstown’s value proposition is based on reduced total costs of ownership compared to traditional alternatives, especially when taking Federal EV tax credits into consideration.
That’s all well and good, but Lordstown’s ambitious plan has run into several headwinds over the past few months, and now looks like it will be increasingly hard to execute. A fact which hasn’t gone unnoticed by Deutsche Bank’s Emmanuel Rosner.
“While the market opportunity is large and Lordstown’s truck received decent initial interest from potential fleet customers, we see considerable uncertainty ahead,” the analyst said. “In the near-term, the company has encountered large operational and supply chain challenges and material cost overruns in its aggressive ramp up towards production, and is now in urgent need of capital.”
For the reasons above, Lordstown significantly lowered its production estimates for the year, and at the same time, increased the forecast for operating expenses.
But Rosner thinks that even if it does manage to source the much-needed capital, it will still face stiff competition from the big boys, such as Ford’s new F-150 Lightning, which could boast a “lower price point, more attractive TCO (total cost of ownership), and superior service network.”
And say the demand is there after all, given the elevated costs and higher-than-anticipated capital expenditures, the business may stay unprofitable “for longer than initially contemplated.”
Taking all this into account, Rosner rates RIDE a Hold along with an $8 price target. The implication for investors? A 23% drop from current levels. (To watch Rosner’s track record, click here)
Overall, Wall Street appears to agree with Rosner that caution is required here. The analyst consensus on this stock is a Hold, based on 7 ratings that include 1 Buy, 4 Holds, and 2 Sells. The general view is that the shares are overvalued; going by the $9.57 average price target, the stock will shed 8% from current levels.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
https://finance.yahoo.com/news/good-entry-point-lordstown-motors-203225580.html
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
No not as yet....Planning on one possible worse scenario, allows for positive sentiment when anything other than comes into being as real.
"Did they announce dilution? I know they’re talking about the EV loan program and of course dilution has to be on the table as a funding source so it’s not going to be a surprise if they do - but I haven’t seen it announced so not sure if I missed it?" 'KMC-1'
RIDE...with an approx. 166m shares Outstanding / 111m Floating sits at only 1/5 of the count of shares available to trade, as compared to some of the growing EV manufactures in the market.
https://finviz.com/quote.ashx?t=RIDE&ty=c&ta=1&p=d
TSLA = approx. 963m shares Outstanding / 774m Floating
https://finviz.com/quote.ashx?t=TSLA&ty=c&ta=1&p=d
NIO = approx. 1.55B shares Outstanding / 618m Floating
https://finviz.com/quote.ashx?t=NIO&ty=c&ta=1&p=d
FSR = approx. 294m shares Outstanding / 158m Floating
https://finviz.com/quote.ashx?t=FSR&ty=c&ta=1&p=d
NKLA = approx. 392m shares Outstanding / 172m Floating
https://finviz.com/quote.ashx?t=NKLA&ty=c&ta=1&p=d
Only Workhorse Group Inc has less....
WKHS = approx. 123m shares Outstanding / 113m Floating
https://finviz.com/quote.ashx?t=WKHS&ty=c&ta=1&p=d
While GM (General Motors) & F (Ford)...Major Players have;
GM = approx. 145B shares Outstanding / 138B Floating
https://finviz.com/quote.ashx?t=GM&ty=c&ta=1&p=d
F = approx. 4B shares Outstanding / 3.8B Floating
https://finviz.com/quote.ashx?t=F&ty=c&ta=1&p=d
WOW Ford a whooping 4 billion!!!
So many say relax...Any new issuance of shares, while surly more diluted, will be well within and below the share count of most others in this sector. And going forward will most certainly yield a suitable share price equating the value of the company as a whole, when product(s) from the company start and hit the market.
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Why Nikola, Workhorse Group, and Lordstown Motors Stocks Jumped Today
These electric-vehicle makers have been out of favor with investors for several reasons, but some still believe there is cause for optimism.
What happened
Many start-up companies in the electric vehicle (EV) sector have encountered headwinds for their business plans -- and with investors -- in recent months. Today, however, investors in Nikola (NASDAQ:NKLA), Workhorse Group (NASDAQ:WKHS), and Lordstown Motors (NASDAQ:RIDE) are finding reasons to buy. As of 1:25 p.m. EDT on Wednesday, shares of the aspiring EV makers rose as follows:
Nikola up 5.8%
Workhorse Group up 11.1%
Lordstown Motors up 5.8%
So what
There is no company-specific news today moving shares higher. But these companies have more in common than just being EV companies with business plans and no products ready for sale.
Nikola and Lordstown have both been the subject of short-seller reports from Hindenburg Research questioning their legitimacy. And Workhorse Group was all but given up for dead after the United States Postal Service (USPS) announced in February the company wouldn't receive a 10-year, multibillion-dollar contract to modernize its fleet to new-generation, energy-efficient delivery trucks. But after months of declines in the stocks, investors today seem to be focusing on the potential bright side of the businesses.
Now what
Lordstown and Workhorse shares are both down more than 50% year to date. After the aforementioned USPS contract news, Workhorse shares plunged about 50% in a single day.
Lordstown investors have had more recent bad news. Earlier this week, in its first financial update since the short-seller report came out, the company didn't exactly generate investor confidence. In one positive comment, the company did confirm that it still plans production of its Endurance pickup truck by the end of September. But it also said volume would be "at best" 50% of previous estimates. In addition, the company said it is seeking to raise additional capital to fund its start-up plans. Shares have rebounded since that report on Monday, but the stock is still down 18% in the past week.
Nikola gave investors a bit more reason for optimism in its first-quarter 2021 results, reported on May 7. The company basically confirmed progress on several fronts. It said construction of its Arizona factory is on track, and Nikola reiterated that it plans to ship the first Nikola Tre battery electric vehicles (BEVs) to customers during the fourth quarter of 2021.
A lot of bad news and pessimism have already impacted these stocks' prices. These are all speculative investments, but some investors seem to think now might be a good point to make that bet. There will be much volatility in these names as the companies attempt to successfully ramp up their businesses. Today's moves happen to be to the upside.
https://www.fool.com/investing/2021/05/26/timesensitivewhy-nikola-workhorse-group-and-lordst/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Is Lordstown Motors Stock a Buy Right Now? This Is What You Need to Know
2021 is proving to be a bumpy ride for Lordstown Motors (RIDE). In a difficult as-it-is environment for all manner of new energy vehicle players, the company is also under SEC investigation following a short seller’s accusations of fraud. The shares have declined by 55% since the turn of the year, and the latest developments have only accelerated the rout.
Lordstown reported Q1 earnings on Monday, and being a pre-revenue company, investors were keen to hear good news regarding the development of its flagship electric truck – the Endurance.
Well, there were some positives to note. Beta testing is nearing completion with 48 of the 57 Betas on the road. The Endurance has also made it through initial crash testing, July should see pre-production kick off and full production is still slated to begin in September.
However, these positives were drowned out by the company stating that due to a lack of capital, it now expects to produce at best only 1,000 vehicles this year instead of the previous target of 2,200 vehicles.
Although management did add that should they secure more funding, they could still meet the previous target.
At the low end, BTIG’s Gregory Lewis thinks Lordstown would require $130 million to be able to pull the feat off.
The lack of capital is due to an upward adjustment for 2021 OPEX (operating expenses). The company now expects to spend ~$340 million, $115 million above previous estimates. While Lewis thinks there’s a reasonable explanation for the increase, it is also “another likely source of stock weakness.”
“The OPEX raise was largely driven by increased insourcing (frame tooling, a second battery line, and increased hub motor capacity), which, though we believe it was a smart long-term move, requires upfront capital,” the analyst said. “Due to this increased CAPEX, management noted their plans to raise more capital (we are thinking $200-$500M in debt capital), as they expect 2021 year-end cash liquidity of $50-$75M (ex-incremental capital).”
Accordingly, Lewis slashed his RIDE price target by half, from $40 to $20. Nevertheless, the shares’ sharp drop means there’s 121% upside from current levels. Lewis’ rating stays a Buy. (To watch Lewis’ track record, click here)
Amongst Wall Street’s cadre of analysts, Lewis is on his own. With 3 additional Holds and 2 Sells, the stock has a Hold consensus rating. As new Wall Street price target revisions have come in, at $9.83, the average price target now implies one-year returns of ~8%. (See RIDE stock analysis on TipRanks)
https://www.tipranks.com/news/article/is-lordstown-motors-stock-a-buy-right-now-this-is-what-you-need-to-know
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Ahhh Yessss......I re-mem-ber it well....
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Ahhh Yessss......I re-mem-ber it well....
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Advanced Technology Vehicles Manufacturing Loan Program
Advanced Technology Vehicles Manufacturing (ATVM) Loan Program is a $25 billion direct loan program funded by Congress in fall 2008 to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S. meet higher mileage requirements and lessen U.S. dependence on foreign oil. Of the 108 requests made, 5 were approved to receive $8.4 billion, with the majority of that amount under repayment.
https://en.wikipedia.org/wiki/Advanced_Technology_Vehicles_Manufacturing_Loan_Program
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.
Morgan Stanley always move towards a bearish outlook, when jockeying to head as lead on a possible share offering from a company.
It's a strategy.....Seen it play out with TSLA for years, back during Elon's TSLA more struggling years.
WE WILL SEE!
Still letting it all RIDE....
"PEACE"
Real company, Real product, Real sales, Real jobs.