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MARKETS LIVE BLOG:

STOCKS SLIDE AFTER META'S REALITY CHECK, DOWNBEAT GDP

U.S. first-quarter GDP report prompts inflation, growth concerns among investors

Lordstown Motors loss widens as higher costs, delivery delays weigh

Reuters
·1 min read

March 6 (Reuters) - Lordstown Motors Corp on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle maker struggled with production costs and missed its delivery target for the Endurance pickup truck in the period.

In September, when its commercial production commenced, Lordstown had said it aimed to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units.

However, it made only 31 units for sale and suspended production of the pickup truck due to performance and quality issues with some components.

Net loss for the quarter ended Dec. 31 stood at $102.3 million, compared with $81.2 million a year earlier. The results included an impairment charge of $36.5 million that the company said was driven mainly by a decrease in its stock price.

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The company had a cash balance of $121.4 million, at the end of the fourth quarter, down from $154.2 million in the preceding quarter.

Revenue during the quarter was $194,000, compared with analysts' estimate of $1.29 million, according to IBES data from Refinitiv. (Reporting by Akash Sriram in Bengaluru; editing by Uttaresh Venkateshwaran)