DETROIT –  Lordstown Motors Corp. stated Monday that 2021 manufacturing of its Endurance truck, slated to start in September, will likely be half of prior expectations and that the electrical automobile startup wants further capital to execute its plans, sending shares down 8.3 p.c in after-hours buying and selling.

“We’re nonetheless able to ramp the Endurance, however we do want further capital to execute on our plans,” CEO Steve Burns stated in an announcement. “We imagine we now have a number of alternatives to lift capital in numerous kinds and have begun these discussions.”

Lordstown stated Endurance manufacturing this yr will likely be restricted and could be “at greatest 50 p.c” of the corporate’s prior expectations. It stated it was nonetheless on observe for the September launch of the truck, with pre-production automobile builds slated for July.

The Ohio-based firm blamed COVID-19 and industry-wide associated points that resulted in “considerably larger than anticipated” spending on elements, expedited delivery prices and third-party engineering assets.

Lordstown’s shares slumped in March after Hindenburg Analysis disclosed it had taken a brief place on the electrical pickup truck maker’s inventory, saying the company had misled consumers and investors.

Quick sellers wager the value of a inventory will fall by borrowing shares within the hope of shopping for them again at a less expensive worth and pocketing the distinction.

Lordstown subsequently stated the SEC had asked for information related to its merger with special-purpose acquisition firm (SPAC) DiamondPeak Holdings and preorders of its autos.