Lordstown has trouble shifting gears

A Lordstown Motors beta version of its all electric pickup truck, the Endurance, is seen at the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook

NEW YORK, Nov 12 (Reuters Breakingviews) - Electric-vehicle startup Lordstown Motors (RIDE.O) is having a rough ride. Compare it to peer Nikola (NKLA.O): both were targeted by short sellers, both are subject to investigations by the Securities and Exchange Commission, yet they are moving in opposite directions. After a week when some electric-vehicle makers' shares soared, Lordstown is a reminder that volatility swings both ways.

Lordstown’s shares fell some 14% on Friday after it reported production delays read more ; Nikola is up around 12% since Nov. 3, the day before earnings. The two EV hopefuls, both the subject of withering critiques by analysts at Hindenburg Research, have ditched their founding chief executives, shaken up their businesses, and announced new partnerships. While Nikola has moved closer to delivering its semitrucks to customers, though, Lordstown said supply chain issues will push back deliveries of its Endurance pickup.

Investors are clearly in the market for an EV success story in the vein of Elon Musk's Tesla (TSLA.O). Lucid’s shares skyrocketed after it made its first deliveries. Rivian Automotive (RIVN.O) saw an explosive stock-market debut read more . Lordstown has yet to prove it can get off the starting line. (By Jonathan Guilford)

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Editing by John Foley and Amanda Gomez

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