Hyperdrive
Lordstown Rises as Struggling EV Truckmaker Keeps Target Date
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Shares of Lordstown Motors Corp., the embattled electric vehicle startup, rose as the company held to its plan to start limited production of its debut electric pickup in September, even as costs mount for tools, research and development.
The company said its battery line is now fully commissioned and its plant is production-ready. Lordstown, which has previously warned that it may not be able to continue as a going concern, said Wednesday it expects to have liquidity of between $225 million and $275 million in cash and cash equivalents at the end of the third quarter -- without including any funds from capital raises.