Shares of Lordstown Motors tumbled after the company slashed its production guidance for the year and said it will need to raise additional capital.
Lordstown said it expects to produce only about half the number of vehicles it previously forecast for this year, while increasing its planned expenses to between $335 million and $350 million. In a statement Monday, Lordstown CEO Steve Burns said the company has "encountered some challenges" as it prepares to begin production of its Endurance electric pickup truck in late September.
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