All articles tagged with #lordstown
General Motors is planning to lay off over 1,300 employees starting January 5, including many at the Ultium Cells battery plant in Lordstown, due to production adjustments following slower EV sales, with some layoffs being temporary while the company upgrades the facility.
Foxconn announced it will sell its Lordstown manufacturing facility for $88 million but will continue to occupy and operate the plant, aiming to enhance operational flexibility and future growth, with plans to reinvest proceeds into its U.S. business segments.
Analyst Gary Black warns that Lucid Group, along with other electric vehicle (EV) startups, could face bankruptcy risks due to challenges in selling their vehicles. Lucid delivered 1,406 units in Q1 and aims to deliver 10,000 units in 2023, but concerns remain about its long-term viability. Black also predicts that Nikola and Workhorse Group may file for bankruptcy protection this year. Workhorse has faced production and liquidity challenges, while Nikola has shifted its focus to fuel-cell energy trucks. Elon Musk previously warned about the risks faced by automotive companies that fail to streamline operations and cut costs.
The Dow Jones opened higher today, with Walgreens, Lordstown, and Eli Lily among the top movers.
Several stocks are moving in the stock market, including Lordstown, Tesla, Walgreens, Unity, and Snowflake. Lordstown shares are up after announcing a new partnership, while Tesla shares are down after a report of a fatal crash involving one of its vehicles. Walgreens shares are up after reporting better-than-expected earnings, while Unity and Snowflake shares are down after receiving downgrades from analysts.
Lordstown Motors, an electric vehicle startup that was once seen as a savior for the town of Lordstown, Ohio, has filed for bankruptcy. The company had been struggling to raise funds and faced production delays for its electric pickup truck. The bankruptcy filing comes just months after Lordstown Motors went public through a SPAC merger.
Lordstown expects production of its Endurance electric truck to "cease in the near future" due to limited funding, according to a recent SEC filing. Taiwanese manufacturing giant Foxconn, which had stepped in with funding rounds to revamp the program, is reportedly looking to back out of the deal. Lordstown's stock price has fallen below the $1.00 minimum for 30 consecutive trading days, and the company warns it may need to "curtail or cease operations" or file for bankruptcy without a source of funding.
Lordstown, the EV start-up, may face bankruptcy after Foxconn signaled an end to their investment agreement. Lordstown has faced financial hardships in bringing its first electric model, the Endurance pickup, to the market since its founding in 2018. Foxconn has been there to back the EV start-up financially, with several investment rounds to revamp the program. However, with the Foxconn deal falling through, Lordstown says bankruptcy is a possibility. The company is looking for a resolution with ongoing discussions with Foxconn, but if Lordstown can’t come to terms, it will be an uphill battle getting the Endurance pickup to market.
Tesla reported mixed Q1 results with concerns over profit gross margin, but CEO Elon Musk said the company could sell its cars at no profit in the short term and make up for it in the long term with its full self-driving software. Rivian's R1T and R1S vehicles will receive a $3,750 tax credit after submitting revised documentation, while Volkswagen's ID.4 EVs will be eligible for a $7,500 federal tax credit. Lordstown Motors resumed production and deliveries of its Endurance pickup truck and is evaluating a reverse stock split to meet the minimum bid price requirement. Toyota outlined a three-step strategy to boost productivity and profitability through 2030 via its lineup of EVs, while Fisker's Ocean SUV won the Red Dot Design Award for Best Electric Vehicle.