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With the burgeoning electric vehicle sector being a lucrative but rather predictable enterprise, Lordstown Motors (RIDE) offered a distinct pathway to the electrification of mobility. Rather than focusing on the consumer market, Lordstown developed the Endurance – a full-size, all-electric pickup truck that took aim at commercial fleet operators. Unfortunately, RIDE stock endured several reality checks, taking it from a $29 security to one that’s trading in literal penny-stock territory.
On Monday, RIDE posted a worrying low, with the share price hitting 25 cents before closing the session at 40 cents. Despite the big rebound during the day, RIDE stock still gave up more than 23% of equity value. Even with Tuesday’s recovery effort, on a year-to-date basis, RIDE is still down nearly 59%.
