Electric-car companies Lucid and Lordstown Motors reported full-year earnings for 2021 on Feb. 28. Lucid reduced its estimate of how many cars it would produce in 2022, while Lordstown said it would only make 3,000 cars through 2023. Both pointed to supply chain issues.
Lordstown said it had delayed capital spending on tooling for manufacturing its cars, and that it would seek additional investment from partner Hon Hai Precision Industry, better known as Foxconn. Lordstown’s shares fell nearly 13% after reporting results, while Lucid’s shares fell around 15% in early trading on 1 March.Lordstown's logo is pictured on a smartphone in front of the stock graph displayed in this illustration taken, December 4, 2021.
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