Tag Archives: Lordstown

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Lordstown Motors (RIDE) Q2 2022 earnings and production

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Workers install door hinges to the body shell of a prototype Endurance electric pickup truck on June 21, 2021 at Lordstown Motors assembly plant in Ohio.

Michael Wayland | CNBC

Embattled electric truck startup Lordstown Motors on Thursday reaffirmed plans to begin commercial production of its first vehicle this quarter and roll out the first customer deliveries by the end of the year.

Lordstown CEO Edward Hightower said production of the Endurance pickup will be slow and largely reliant on capital availability. He said the company only expects to produce about 500 vehicles through early 2023 — an extremely slow production ramp-up by industry standards.

CFO Adam Kroll said the company will need to raise “substantially more capital” to produce the initial 500 Endurance electric pickups, though the company projects it will need less money than previously thought.

Lordstown’s stock jumped as much as 27% during trading Thursday morning to $3.73 a share. The stock is down about 15% this year and off 58% from its 52-week high of $8.93 a share. The company’s market cap is roughly $740 million.

The company said it will need to raise between $50 million and $75 million this year, down from previous expectations of $150 million. Lordstown will need additional capital in 2023, Kroll said.

Lordstown, alongside its second-quarter results, said its cash balance of $236 million at the end of the first half of the year was above internal expectations and extends the cash-strapped company’s runway — but isn’t enough to fund production.

The company reported its first quarterly operating profit of $61.3 million for the period ended June 30, despite not delivering any vehicles, on gains related to the sale of its Ohio factory to contract manufacturer Foxconn. The profit included a $101.7 million gain from the sale as well as an $18.4 million reimbursement of operating expenses from Foxconn.

Lordstown and Foxconn announced in November plans for the Taiwan-based company to purchase the facility and an agreement for the company to manufacturer the struggling startup’s Endurance pickup. The deal was announced as Lordstown was in need of cash, delaying production of its pickup and engulfed in controversy after the resignation of its CEO and founder Steve Burns earlier in the year.

Lordstown, which went public in October 2020, was among a group of electric vehicle startups to go public through special purpose acquisition companies, or SPACs, since the beginning of the decade. The deals were initially hailed by Wall Street and investors but controversies, product delays, lack of financing and executive shakeups have sent shares of most of the companies plummeting.

Lordstown was initially expected to be among the first, if not the first, company to release an electric pickup truck, with initial estimates as early as 2020. However, General Motors, Rivian Automotive and Ford Motor have all beat the company to market following internal problems and delays with the Endurance.

Ford’s electric F-150 is squarely positioned to compete against the Endurance for the commercial pickup truck market. Ford’s electric F-150 pickup starts at about $23,000 less than the Endurance, plus, it carries a first-mover advantage and the backing of a well-funded company.

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GM sells its stake in embattled EV start-up Lordstown Motors

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The Lordstown Motors factory is where GM once operated, in Lordstown, Ohio, on October 16, 2020.

Megan Jelinger | AFP | Getty Images

General Motors sold its stake in Lordstown Motors during the fourth quarter following an undisclosed lock-up period, the Detroit automaker confirmed Tuesday.

GM owned 7.5 million shares of common stock in Lordstown as part of a SPAC deal that took the Ohio-based automaker public in October 2020. The shares had an initial equity value of $75 million. They were given in exchange for in-kind contributions and $25 million in cash GM’s stake was less than 5%.

The disclosure comes after Lordstown on Monday announced underwhelming plans to produce and sell up to only 3,000 vehicles through next year, including 500 in 2022. Both are far below the amount former management sold investors on in the runup to the public listing. 

GM spokesperson Jim Cain declined to disclose exact timing of the open market sales or the net proceeds, saying the total wasn’t material.

The share sale was somewhat expected. GM’s involvement in the company was a goodwill gesture to assist in getting the Lordstown Assembly plant back up and running following the automaker ending production there in 2019.

“Our objective in investing was to allow them to complete the purchase of the plant and restart production,” Cain said.

Lordstown recently started producing preproduction models of its first vehicle, an all-electric pickup truck called the Endurance, at the plant. It plans to begin customer deliveries during the third quarter of this year.

In the fourth quarter, Lordstown announced a deal with iPhone maker Foxconn to purchase the plant for $230 million. The deal includes Foxconn, which is formally known as Hon Hai Technology Group, handling production of the Endurance pickup truck.

The deal is still being finalized, Lordstown executives said Monday. They’re also in negotiations for the two companies to co-develop vehicles in the future. Lordstown CEO Dan Ninivaggi characterized the deal as a critical component to the company’s future success.

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Business

Merck, Lordstown Motors, Coty, Zoom and others

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Check out the companies making headlines before the bell:

Merck (MRK) – Merck shares surged 7.5% in the premarket after it announced that its experimental Covid-19 pill cut the risk of death and hospitalization by 50% in a late-stage study. Merck plans to file for emergency use authorization as soon as possible.

Lordstown Motors (RIDE) – Lordstown struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $230 million, with Foxconn taking over the manufacturing of Lordstown’s full-sized electric pickup truck. It was reported earlier this week that a deal between the two sides was near. Lordstown rallied 6.3% in premarket trading.

Coty (COTY) – The cosmetics company’s stock gained 2% in the premarket as it announced a deal to sell another 9% stake in its Wella beauty business to private equity firm KKR (KKR). In return, KKR will redeem about half its remaining convertible preferred shares in Wella, reducing Coty’s stake to about 30.6%. Coty had sold a 60% stake in Wella to KKR last December.

Zoom Video Communications (ZM) – Zoom and Five9 (FIVN) have terminated a nearly $15 billion deal by mutual consent. Zoom had struck a deal to buy the contact center operator, but it was rejected by Five9 shareholders. The two sides will continue a partnership that had been in place prior to the proposed transaction. Zoom jumped 4% in the premarket while Five9 slid 1.4%.

Walt Disney (DIS) – Disney and Scarlett Johansson have settled a lawsuit involving the “Black Widow” movie. Johansson had sued Disney over the release of the movie on the Disney+ streaming service at the same time it was debuting in theaters. Terms of the settlement weren’t disclosed.

Wells Fargo (WFC) – Wells Fargo will have to face a shareholder fraud lawsuit involving its attempt to rebound from years of scandals. A judge rejected the bank’s moved to have the suit dismissed, saying it was plausible that statements by various Wells Fargo officials about the recovery were false or misleading.

Exxon Mobil (XOM) – Exxon Mobil said in an SEC filing that higher oil and gas prices could boost third-quarter earnings by as much as $1.5 billion. Exxon profits have been improving amid the rising prices as well as cost cuts by the energy giant.

Nio (NIO) – Nio reported deliveries of 10,628 vehicles in September, a 126% increase over a year ago for the China-based electric vehicle maker. Nio added 1.8% in the premarket.

International Flavors (IFF) – The maker of food flavoring and cosmetic ingredients said Chairman and Chief Executive Officer Andreas Fibig plans to retire, although he’ll remain at the helm of the company until a successor is found. Shares added 2.5% in premarket action.

Jefferies Financial Group (JEF) – Jefferies reported a quarterly profit of $1.50 per share, beating the 99-cent consensus estimate, with the financial services company’s revenue also topping Wall Street forecasts. Jefferies saw its results boosted by a strong performance in its investment banking business. Jefferies gained 1.4% in the premarket.

MGM Resorts (MGM) – Susquehanna Financial downgraded MGM to “negative” from “neutral,” saying the DraftKings (DKNG) bid for British gambling company Entain weakens MGM’s prospects in the digital gaming and betting market.

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Business

Lordstown Nears Deal to Sell Ohio Plant to Taiwan’s Foxconn

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(Bloomberg) — Lordstown Motors Corp., the electric-truck maker running low on cash, is near an agreement to sell its highly politicized Ohio factory to Taiwan’s Foxconn Technology Group, people familiar with the matter said.

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The companies are set to announce the pact as soon as this week, said the people, who asked not to be named as the plan isn’t yet public. They didn’t disclose the value of the transaction. Lordstown Motors struck a deal with General Motors Co. in late 2019 to buy the plant the automaker opened in 1966.

The sale will bring in much-needed funds and potentially help Lordstown Motors realize the benefits of large-scale manufacturing faster by building multiple models in the same facility along with Foxconn. For the biggest assembler of Apple Inc.’s iPhone, the plant would establish the company’s auto manufacturing footprint in the U.S. as it pushes into electric vehicles.

A Lordstown Motors spokesperson declined to comment. Foxconn representatives didn’t immediately respond to requests for comment. Lordstown Motors shares rose as much as 8.4% to $7.98 before the start of regular trading Thursday. The company has lost almost three-quarters of its market value over the last year.

Lordstown Motors has been under investigations by the U.S. Securities and Exchange Commission and the Justice Department after an internal probe concluded that prior management made inaccurate statements about pre-orders for the Endurance. The company is pushing to start deliveries of the pickup next year.

Political Symbol

Even if the Endurance is well-received by customers, Lordstown Motors won’t fully utilize its Ohio factory anytime soon. Selling the facility and operating in parallel with Foxconn could help the company better leverage the facility where GM employed 10,000 people at its peak.

GM’s decision in 2018 to close the plant was a blow to then-President Donald Trump, who a year earlier discouraged rally-goers from selling their homes because of all the jobs he vowed to bring back. Democrats seized on the development as a symbol of unfulfilled promises Trump made to voters in a key battleground state.

Lordstown Motors has had to re-establish its footing after ousting Steve Burns, its founder and chief executive officer, in June over misstatements he made about Endurance orders. The company has repeatedly warned that its status as a going concern is in doubt less than a year after merging with a special purpose acquisition company, or SPAC, to go public.

Job One

Burns’s successor, CEO Dan Ninivaggi, said in an interview last month that he was looking for partners to help the company take full advantage of a plant that was once the Mahoning Valley’s biggest industrial employer.

“The key to unlocking financial potential is maximizing the value of the Lordstown facility,” Ninivaggi said at the time. “We are exploring a number of alternatives. It could take a number of different forms. That is job one for me.”

Foxconn is hoping to replicate its smartphone success by building clients’ electric vehicles from the chassis on up. It’s rapidly expanding the EV business at a time that major tech companies from Apple to Xiaomi Corp. are investing heavily in technologies for next-generation mobility.

Auto Ambitions

Over the past year, Foxconn has launched a open EV platform, inked a manufacturing deal with Fisker Inc. and formed a partnership with Thailand’s state-owned conglomerate PTT Pcl.

Earlier this year, Chairman Young Liu of Foxconn’s flagship unit Hon Hai Precision Industry Co. said the company was considering creating an EV manufacturing facility in Wisconsin as its first U.S. automotive outpost. With Foxconn bulking up its automotive muscle, it’s seen as a contender in the race to make EVs for Apple.

Read more: IPhone Assembler Foxconn Sets Up Auto Arm as Apple Car Looms

Foxconn has had a controversial history of bringing its manufacturing capabilities to the U.S. The Taiwanese company originally committed to investing $10 billion in a Wisconsin facility in exchange for billions of dollars in possible subsidies, a project championed by then-President Trump. That vision was never realized, and Liu said earlier this year he’s trying to figure out what to make at the location.

(Updates with shares trading in fourth paragraph.)

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Business

Lordstown Motors Stock Is Soaring Because It Has a New CEO

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Text size

Lordstown will begin production of its Endurance electric truck later this year.


Matthew Hatcher/Bloomberg

Electric truck start-up

Lordstown Motors

has a new CEO. Investors reacted with relief.

The company named Daniel Ninivaggi as its new CEO Thursday morning, effective immediately. Lordstown (ticker: RIDE) shares are up 25% to $6.88 in early trading. The

S&P 500

is down 0.1%. The

Dow Jones Industrial Average

is up 0.2%.

Ninivaggi takes over from board chair Angela Strand, who ran the company after the departure of Steve Burns in June. Burns left shortly after the company received a “going concern” warning from its auditor. That warning, essentially, means the company might not have the capital required to keep operating without a significant change.

The company is also being investigated by the Securities and Exchange Commission and the Justice Department regarding the handling of its SPAC merger and recording of vehicle pre-orders. Vehicle pre-orders were an issue raised in a negative research report by a short seller in March.

Lordstown stock hit a 52-week low on Aug. 19. Shares have rallied off the bottom and, including Thursday’s gains, are up about 44% from a nadir of $4.77 a share. Still, shares are off about 80% from their 52-week high of almost $32.

Ninivaggi is the former CEO of

Icahn Enterprises

(IEP) and has served in a “variety of senior leadership positions in the automotive and transportation industries,” according to the company. His previous automotive jobs include stints at parts suppliers

Lear

(LEA) and Federal-Mogul. He also serves on the board of

Garrett Motion

(GTX), the turbocharger business spun out of

Honeywell International

(HON).

“I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck…has the opportunity to capture a meaningful share of the market,” said Ninivaggi. The Endurance, Lordstown’s first product, is due to start production in the coming months. “I look forward to working with the talented Lordstown management team, our suppliers and other partners to bring the Endurance to market and maximize the value of our assets.”

Ninivaggi will have a tough job. Wall Street has soured on Lordstown stock. Only one out of eight analysts, or 13%, rates shares Buy. The average Buy-rating ratio for small-capitalization stocks is about 60%. What’s more, 50% rate shares Sell. The average price target of the sell-rated analysts is about $1.55 a share.

Write to Al Root at allen.root@dowjones.com

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Business

RIDE Stock Up As Lordstown Backs Production View, Sees Deliveries In Q1; Arrival’s Earnings Due Thursday

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Lordstown Motors (RIDE) said Wednesday it still sees production of its electric truck starting next month with initial deliveries coming in Q1. Rival electric-vehicle maker Arrival (ARVL) will report early Thursday. RIDE stock rose late.




X



Lordstown Earnings

The company continues to limited vehicle production starting in late September, backing guidance given in May. Lordstown also sees completing vehicle validation and regulatory approvals in December and January.

“This will be followed by deployments with selected early customers in Q1 in advance of commercial deliveries in early Q2, with the ramp steepening the second half of next year,” Executive Chairwoman Angela Strand.

Management also said its plant is production ready with retooling of stamping, assembly, body, and paint shops completed.

In addition, a battery line is fully commissioned, with the first electric hub motor line site commissioned and being installed now.

“We are also evaluating potential strategic partners, with multiple industry participants recognizing the tremendous advantages available to them from utilizing our well situated, 6.2 million square foot manufacturing plant and 650 acre campus,” said Strand.

Per-share losses widened to 61 cents from 11 cents a year ago. Analysts polled by FactSet expected a loss of 49 cents a share. Revenue was zero.

In a move that casts doubt on Lordstown’s future, early investor Workhorse Group (WKHS) said on Aug. 10 that it had sold most of its stake in Lordstown. Workhorse has sold 11.9 million shares since July 1, reducing its 10% stake in the Ohio-based company by two-thirds.

However, in a July 26 SEC filing, Lordstown said it had secured a deal in which hedge fund YA II would buy up to $400 million in equity of the company. 

On Wednesday, the company raised its 2021 capital spending view to $375 million-$400 million, largely related to prepayments for hard tool purchases, from a prior view of $250 million-$275 million. It also sees liquidity at the end of Q3 of $225 million-$275 million, not including any funds from a capital raise vs. a prior year-end liquidity view of $50 million-$75 million.

After the last earnings call, Lordstown said it was pushing back the start of production of its electric pickup Endurance to late September. Management also said production would be limited and at best be 50% of prior its expectations.

Since then, many top managers have left the embattled company. And Lordstown on June 8 told investors that it didn’t have enough cash on hand to start commercial production and sales of the Endurance and signaled it might go out of business if it didn’t secure more funding. However, a week later, the company said it had enough money to begin production and expected to build between 15,000 and 20,000 trucks through May of 2022.

In May, short seller Hindenburg Research claimed Lordstown misled investors with false order numbers, among other things, to raise capital for its Endurance electric pickup. The Hindenburg report also said the pickup was years away from production.

Dow Hits High, Vaccine Makers Dive As White House Sees Covid Hope

Arrival Earnings

Analysts expect British-American light commercial EV maker Arrival to post a loss of 5 cents a share on zero revenue.

Arrival says it has four EVs in development: a bus, a van, a large van and a small vehicle platform. Start of production of the bus is planned for the last quarter of 2021.

Arrival claims that its electric vehicles are the first EVs that cost the same as gas- and diesel-powered equivalents. The company says it has created an electric-vehicle platform that can be scaled to make many variants in multiple vehicle categories.

The company announced in May that it is partnering with Uber (UBER) to develop the Arrival Car, with production expected in Q3 2023.

Lordstown, Arrival Stock

RIDE stock rallied 3.2% late after closing down 4.3% at 5.58 on the stock market today. Shares are well off their 52-week high 31.80, achieved in September 2020. RIDE stock is trading well below its 50-day line, according to MarketSmith chart analysis.

Lordstown’s relative strength line is sliding and at all-time lows.

Meanwhile, ARVL stock sank 6.2% to 12.80. ARVL stock has lost two-thirds of its value since hitting a high of 37.18 intraday on Dec. 7, 2020. Arrival’s relative strength line is ticking up after notching all-time lows.

WKHS dropped 4.5% and UBER was down 2.5%.

Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.

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Business

Lordstown Motors says hedge fund may buy up to $400 mln of its stock

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A Lordstown Motors pre-production all electric pickup truck, the Endurance, is seen after being merged with a chassis at the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook

July 26 (Reuters) – Lordstown Motors Corp (RIDE.O) said on Monday hedge fund YA II PN Ltd has committed to purchase up to $400 million of the company’s shares, over a three year period, coming at a crucial time when the electric-truck maker faces heightened regulatory scrutiny related to its SPAC merger and vehicle pre-orders.

Under the deal, YA can receive nearly 35 million Lordstown shares upon execution of the agreement, subject to the approval of Lordstown shareholders, as well as a small discount on the shares whenever purchased, according to a regulatory filing.

Lordstown’s shares rose 3.9% to $7.77 and are on track to snap a three-day streak of losses.

Some industry observers called it a good deal for Lordstown.

“Existing shareholders are not taking $400 million worth of dilution. It’s like a standby commitment on the part of YA to buy stock when Lordstown says it needs more money,” said Erik Gordon, professor at the University of Michigan’s Ross School of Business.

“I was surprised. It’s more like the knight in shining armor than the vulture at the carcass.”

The agreement comes a month after Lordstown warned it may not be able to continue as a “going concern.” The company had since attempted to allay fears by saying it was in talks with multiple parties to raise funds.

The investor, YA II PN Ltd, is a fund managed by Mountainside, New Jersey-based investment manager Yorkville Advisors Global LP.

Yorkville has investments in more than 700 companies in over 20 countries, according to its website. Its current active sectors include healthcare, metals and mining, energy, technology, and cannabis. Some of its investments include cannabis deals network Leafbuyer.com, copper ores company Copperstone Resources and biotechnology company CytoTools.

Yorkville Advisors Global did not immediately respond to a Reuters’ request for comment.

(This story corrects typo in headline to say “up to”)

Reporting by Eva Mathews and Ankit Ajmera in Bengaluru and Ben Klayman in Detroit; Editing by Shailesh Kuber and Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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Business

Lordstown Motors shares fall as much as 12% after confirming SEC inquiry

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Shares of electric vehicle start-up Lordstown Motors tumbled by as much as 12% during intraday trading Thursday morning after the company confirmed the U.S. Securities and Exchange Commission has requested information regarding claims by a short-seller that it misled investors.

Hindenburg Research accused Lordstown in a report last week of using “fake” orders to raise capital for its first product, an all-electric pickup truck called the Endurance. The short-seller claimed the pickup was years away from production, however Lordstown maintains it’s on track to start producing the vehicle in September.

Lordstown CEO Steve Burns declined to comment on the SEC inquiry Thursday morning to CNBC. He told investors during the company’s first earnings call as a public company Wednesday that it was “cooperating” with federal officials.

Burns said the company’s highly-touted pre-orders of more than 100,000 pickups — a main target of the Hindenburg report — were simply meant to gauge customer interest, not to confirm future sales. The company previously categorized the pre-orders as “non-binding production reservations” as well, but Burns also has referred to them as “very serious orders.”

“We’ve always been very clear, right? These are just what they’re intended to be. These are non-binding, letters of intent. They’re called pre-orders out in the real world,” he said Thursday on CNBC’s “Squawk Box.” He later added, “I don’t think anyone thought that we had actual orders, right? That’s just not the nature of this business.”

Shares of Lordstown have tumbled by about 24% since Hindenburg released the report Friday. The stock was down by about 10% during intraday trading Thursday morning. The company’s market cap is $2.3 billion.

The company on Wednesday also increased its guidance on capital and operational expenses for this year, largely citing decisions to accelerate the development of its second product (a van) and do more in house production.

Lordstown went public through a special purpose acquisition company, or SPAC, in October. It is among a growing group of electric vehicle start-ups going public through deals with SPACs, which have become a popular way of raising money on Wall Street because they have a more streamlined regulatory process than traditional initial public offerings.

Hindenburg’s report on Lordstown comes about six months after it released a scathing report regarding another EV-SPAC start-up Nikola. That report also led to federal inquires as well as the resignation of the company’s founder and chairman, Trevor Milton.

Short selling is when investors, mostly professional hedge fund managers, borrow shares of a stock from a broker and sell them in the hope of buying them back cheaper. If the stock drops, the investors make a profit off the difference when they return the shares to the broker.

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Business

RIDE Stock Down As Lordstown Speeds Van Development, Readies Electric Truck Prototype| Investor’s Business Daily

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Lordstown Motors (RIDE) reported widening losses Wednesday as well as progress on an electric pickup truck and a new van, after a short seller accused it of misleading investors. RIDE stock fell.




X



Lordstown Earnings Report

Per-share losses widened to 23 cents in Q4 from 10 cents a year ago on zero revenue, while operating costs and expenses shot up to $38.6 million from $7.1 million. No reliable Q4 estimates are available for the pre-revenue company. For all of 2020, per-share losses ballooned to $1.04 from 15 cents a year earlier.

Lordstown said its Endurance full-size pickup will start production in September, with the first beta vehicles to be ready by the end of March for testing.

Management also said it’s accelerating the development of a second vehicle, a van, and will start production in the second half of 2022, with an unveiling of a demonstration vehicle this summer.

Lordstown sees 2021 capital expenditures of $250 million-$275 million. That includes money to build factory capacity to be able to produce 60,000 vehicles per year due to “greater Endurance interest than originally expected,” development of the new van, as well as additional tools and higher supply chain costs related to Covid-19.

Lordstown has estimated a $65 billion fleet pickup market and says the Endurance offers 25% lower cost of ownership vs. a traditional gas or diesel truck. In investor presentations, Lordstown touted 100,000 preorders for the Endurance electric truck, with 580 units per order on average.

But on March 12, Hindenburg Research accused Lordstown of “largely fictitious” orders. The short seller had earlier targeted Nikola (NKLA) and China’s Kandi (KNDI).

Lordstown CEO Steve Burns told the Wall Street Journal last week that the short-seller report held half-truths and lies. The company has said it will offer a fuller rebuttal later. Lordstown also said that it had made clear that its orders were nonbinding.

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RIDE Stock

Shares fell 0.3% after closing down 0.85% at 15.09 in Thursday’s stock market trading. RIDE stock remains below the 50-day line and 200-day line after the short-seller report. GM, which has a 5% stake in the company, jumped 5%. And Workhorse Group (WKHS), which had a 10% stake, added 1.4%.

Lordstown enters a competitive market, with GM, Tesla (TSLA), Ford (F), Amazon (AMZN)-backed Rivian and Canoo (GOEV) also launching electric pickups in the next one to three years.

But the company said in a January presentation that it will be “first to market” with its truck and calls its September delivery target “materially ahead of peers’ (more expensive) offering.”

According to CEO Burns, “The unique thing about this vehicle — it’s electric but it also has true four-wheel drive. The motors are in the wheels.”

RIDE stock came public in October after completing its merger with a special purpose acquisition company.

After its founding, Lordstown bought an old GM plant in Lordstown, Ohio, in November 2019. GM also supplies key parts for the Endurance EV, which Lordstown says saves design time and costs to certify.

Find Aparna Narayanan on Twitter at @IBD_Aparna.

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