Lordstown Motors Stock Keeps Falling
Lordstown has decided to rely on electric pickup sales, a business that Ford and others will soon dominate.
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Lordstown Motors was left for dead a few weeks ago. When Foxconn bought the Lordstown assembly plant in Ohio for $230 million, the U.S. company got a reprieve. That will not last.
Lordstown has been bombarded with trouble. Semiconductor shortages have plagued the industry. Many larger companies have the balance sheets and sales to wait this out. Lordstown has neither.
Lordstown will rely on electric pickup sales. Ford will dominate this business in months. The electric version of the wildly popular Ford F-150 already has come to market. Ford has millions of F-150s on the road. A significant portion of these owners eventually will shift to the Ford F-150 Lightning.
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Tesla will be in the pickup market, probably next year. General Motors will come to market with an electric version of the popular Silverado. Ram, usually the second best-selling pickup in the United States, will reach the market for electric pickups as well.
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