Shares of Lordstown Motors (NASDAQ: RIDE) jumped as much as 9.5% in trading on Thursday after the company completed its first production vehicles. The news of the day is that two electric pickup trucks have officially rolled off the production line in Ohio. Foxconn, who is Lordstown's contract manufacturer, is completing a batch of 500 Endurance pickup trucks and aims to deliver 50 to customers this year.
Shares of electric vehicle (EV) stocks Nio (NYSE: NIO), Lucid Group (NASDAQ: LCID), and Lordstown Motors (NASDAQ: RIDE) fell on Wednesday, down 5.1%, 3.6%, and 4.9%, respectively, as of 2:17 p.m. EDT. After a huge amount of selling in September, stocks were beaten down, but the first two days in October saw some potentially good news on inflation. With traders trying to sniff out the first signs of inflation breaking, that was a good sign.
Lordstown (RIDE) begins production of the Endurance pickup truck. It expects to deliver almost 50 units in 2022 and the rest in the first half of 2023.