Lordstown Motors began the year with a big setback: An electrical issue was leading its debut model, the Endurance pickup, to lose propulsion while driving, forcing the company to stop production and deliveries. The manufacturer recalled 19 trucks that were with customers or in internal use.
Its woes got worse this week. Chief Executive Officer Ed Hightower warned that while Lordstown Motors has a "clear line of sight" to fixing quality issues and resuming production, ramping up will require finding a larger automaker that's willing to partner up and help with purchasing and sales.
The Endurance simply doesn't pencil out and is costing the company more to build than it can charge.Lordstown Motors stock understandably didn't fare well from this one-two punch, plunging 31 percent in the last two weeks. The company is learning along with Rivian, Lucid, Nikola and others that it's much easier to sell investors slide decks modeling out how quickly electric vehicle markets will grow than it is to spool up a supply chain and master manufacturing.