Lordstown Motors Corp will temporarily stop production and deliveries of its pickup truck Endurance, of which it has only made 31 units for sale, the electric-vehicle maker said, citing performance and quality issues with some components.
Shares tumbled 11.8% to $1.08 in early trading on Thursday after the company also said it would voluntarily recall 19 vehicles delivered to customers or being used internally.
Lordstown had set a target to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 units when commercial production started in September.
The company did not make it clear when it would resume production and deliveries.
Investor Foxconn, which also manufactures the Endurance trucks, did not immediately respond to a Reuters request for comment.
Vehicles waiting for shipment and in process at the manufacturing plant will also be fixed, the company added.
The EV company said in January it expected production to be slow through its first quarter due to supply chain constraints, particularly with respect to the availability of hub motor components.