Lordstown Motors: RIDE Stock Gains Momentum: But Why?

Electric vehicle manufacturing company Lordstown Motors Corp (NASDAQ:RIDE) is one of the companies...

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Electric vehicle manufacturing company Lordstown Motors Corp (NASDAQ:RIDE) is one of the companies to have come into sharp focus among investors in recent days and that can be gauged from the price action in the RIDE stock.

Over the course of the past week, the stock has managed to clock gains of 18% and that took the gains over the past month to as much as 25%. While it is currently trading above its key averages, it should not be forgotten that it is still down by 45% in the past six months.

Lordstown Motors Corp

Company Name: Lordstown Motors Corp

Ticker: RIDE

Exchange: NASDAQ

Website: https://www.lordstownmotors.com

Lordstown Motors Corp Summary:

Lordstown Motors Corp. develops, manufactures, and sells Endurance, an electric full-size pickup truck for fleet customers. The company was founded in 2019 and is based in Lordstown, Ohio.

Let’s take a look at the company’s recent news and developments of RIDE stock:-

#1 Expects Slow Rate Of Production in 1Q

The company had actually been in the news in recent times and came up with a key update back on January 4, 2023. At the time it announced that the rate of production in the first quarter was going to be slow owing to supply chain issues.

The company sent in a filing to the United States Securities and Exchange Commission in which it noted that the main supply chain problem was related to hub motor components availability. It was in the third quarter of 2022 that the company started the production of its Endurance pickup truck.

RIDE stock reacted positively after the news.

#2 Starts Shipping First Endurance Trucks To Customers

Last, in the month of January the company was in the news once again after it announced on January 11 that it had started shipping its first batch of Endurance pickup trucks to its customers.

At the time it was also announced by Lordstown Motors that the Endurance pickup truck had been named one of the three finalists in the North American Truck of the Year event for 2023.

#3 LEVs Market Projected To See a CAGR of 9.4%

While these are significant developments, it is perhaps most important for investors to keep in mind that Lordstown Motors is involved in an industry with the potential for significant growth. The light electric vehicle market is expected to have a valuation of $122.7 billion by 2027 from only $78.5 billion in 2022.

Keep an eye on RIDE stock as it is consolidating after the recent jump.

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