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Lordstown Motors to produce 3,000 electric pickups through 2023

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Lordstown Motors provided rides for the prototypes of its electric Endurance pickup truck in its “Lordstown Week,” event on June 21st, 2021.

Michael Wayland/CNBC

Start-up of electric vehicle Lordstown MotorsThe company said Monday that it expects to make and sell as few as 3,000 vehicles next year.

Those plans include 500 vehicles this year once retail production is slated to begin in the third quarter – a year later than expectations of when the company went public through a special purpose acquisition company in October 2020.

Production and sales have fallen far short of the original amount that former management had sold investors while Lordstown was public. Lordstown had originally planned to produce 2,000 vehicles its first year. The 32,0000 units it produced in the second full year was a surprise.

The shares of the prerevenue company plunged by more than 8 percent during premarket trading, before returning to approximately even. Closed Friday, shares of the company were at $3.21 per unit. That’s an increase by 2.2%.

Lordstown Motors reported its fourth-quarter results by releasing the production forecast. The company’s net loss increased to $81.2million in the fourth quarter, as it reported that $115 million of expenses were incurred.

Lordstown Motors CEO Dan Ninivaggi stated that the company would initially sell cars to only a few pre-selected companies.

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