After picking up speed last month, Lordstown Motors (NASDAQ: RIDE) stock accelerated its way into August and rallied a whopping 31.6% at its highest point in trading during the first week, according to data provided by S&P Global Market Intelligence. Lordstown Motors released its second-quarter earnings report on Aug. 4. First, Lordstown Motors didn't generate any revenue during the quarter, and its first operating profit came entirely from the sale of its manufacturing plant.
Shares of electric vehicle start-up Lordstown Motors (NASDAQ: RIDE) jumped as much as 27.3% in trading early on Thursday after the company reported second-quarter earnings. Management reaffirmed a third-quarter 2022 target for commercial production of the Endurance truck with deliveries beginning in the fourth quarter. Investors were excited about Lordstown moving closer to production and having more cash on the balance sheet, but there are still very real challenges for the company.
Shares of sector leader Tesla (NASDAQ: TSLA) jumped 32.4% during the month, while the stocks of start-ups Lordstown Motors (NASDAQ: RIDE) and Canoo (NASDAQ: GOEV) soared 41.8% and 87%, respectively, according to data provided by S&P Global Market Intelligence. Tesla shares have now increased more than 45% since late May. The jump in the month of July came as Tesla reported second-quarter earnings that showed the company was resilient even in the face of several headwinds. CEO Elon Musk had recently said those plants were burning cash, but Tesla still generated free cash flow of $621 million in the second quarter.