The bankruptcy of Lordstown Motors Corp. could herald further disruption in the electric-vehicle market, according to Louis Navellier, chair and chief investment officer at money-management firm Navellier & Associates.
On Tuesday, Lordstown Motors RIDE said it is filing for chapter 11 bankruptcy protection and suing former partner Foxconn. Last year, investment-research firm New Constructs added Rivian to its list of “zombie” companies, citing cash as a potential problem for the carmaker. Rivian’s stock has fallen 25.5% this year.Rivian is not alone when it comes to cash burn, according to Navellier. “Look at Lucid. Even with brilliant engineering, they are burning tons of money,” he said, but he acknowledged Lucid’s recent “reprieve” in the shape of a $1.8 billion stock purchase by the Saudi Public Investment Fund.
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EV maker stocks rise in face of Lordstown bankruptcyThe bankruptcy of electric vehicle maker Lordstown Motors Corp. doesn’t appear to be scaring investors away from the stocks of other EV startups. Shares of...
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