RIDE Stock Price Increased 23.34%: Why It Happened

By Amit Chowdhry ● Jan 11, 2021
  • Today the stock price of Lordstown Motors Corp (NASDAQ: RIDE) increased by 23.34% as it went from a previous close of $21.98 to $27.11. This is why it happened.

Today the stock price of Lordstown Motors Corp (NASDAQ: RIDE) increased by 23.34% as it went from a previous close of $21.98 to $27.11. The reason why the stock price surged today is due to the company surpassing 100,000 pre-orders for the Lordstown Endurance — which is the first full-size all-electric pickup truck for fleets with an average order size of nearly 600 vehicles per fleet.

“Receiving 100,000 pre-orders from commercial fleets for a truck like the Endurance is unprecedented in automotive history,” said Steve Burns, CEO of Lordstown Motors. “Adding in the interest we have from federal, state, municipal, and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry.”

The Lordstown Endurance is a full-size all-electric pickup that has a range of 250 miles, the equivalent of 600hp, and can tow up to 7,500 lbs. And after successful prototype and Alpha builds, Lordstown is now building the first Beta Endurance vehicles and is on track for the start of production in September of this year. The initial Endurance is a crew cab configuration with medium bed length, priced at $45,000 after federal rebate.

Disclosure: I have a small RIDE position in my stock portfolio.