Lordstown Motors stock driven higher following first deliveries of EV pickup truck

Yahoo Finance Live examines Lordstown Motors Corps. shares upon reports of its EV pickup truck's deliveries.

Video transcript

[AUDIO LOGO]

PRAS SUBRAMANIAN: My pick, Lordstown Motors shares up as the endurance pickup approved for sale in the US. They call this achieving homologation, meaning the car has met its US legal requirements and the EPA also certified it as well for its driving range there. But now the big news is, their first 500 of these pickups are actually going to be leaving the Foxconn plant for customer delivery.

It's been a long road for Lordstown here. A couple of years ago they went, they had a SPAC merger. Then following that, they had a big short seller report came out saying that the company was inflating customer orders and inflating customer interest. So a lot going on, their new CEO. But seems like they're on the right track here, Dave, for trying to hopefully challenge the F-150 Lightnings and the Chevy Silverado EV's of the world.

DAVE BRIGGS: Are they though, on any pace anywhere near that? It's called the Endurance. It should be called patience, because investors and buyers need a lot of patience. They had first mover advantage, along with Rivian. Really feels, and you tell me like they've squandered it. Because Ford F-150 lightning came out of the gate strong. Chevy Silverado is coming in 2024. And you know once the big guys get in, that first mover advantage is squandered. It looks like they'll get squashed. Do I have it wrong?

PRAS SUBRAMANIAN: I mean, that was their only advantage, was first mover status.

DAVE BRIGGS: Right.

PRAS SUBRAMANIAN: Getting on top of that pickup, the Endurance pickup, has a four hub motors that are driving it. Really kind of unique in this world. But the problem was, they just couldn't get it going. And now they've kind of, they finally, finally they got 500 trucks out there. But like you said, next year Silverado. Lightning's already out. Rivian's already out.

DAVE BRIGGS: I was going to say, in that space, Rivian still says they're on track for their 25,000 goal now. There's a long way to go, but yeah, even up against another Rivian, not even close.