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Is Lordstown Motors About to Partner With a Key Apple Supplier?

Electric vehicle stock Lordstown Motors (NASDAQ: RIDE) surged today, trading up 8.8% as of 10:45 a.m. EDT after popping 21.3% earlier Thursday morning. On June 8, Lordstown filed an updated annual report which stated, among other things, that the company only had enough capital for “limited” production in 2021, and that the current cash and cash equivalents weren’t “sufficient to fund commercial scale production and the launch” of its electric pickup, Endurance. In other words, Lordstown knew it had to raise funds to be able to survive, and while the company postponed planned capital expenditures, it was also evaluating funding alternatives.

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