Shares of Lordstown Motors tumbled greater than 9% throughout after-hours buying and selling after the corporate slashed its manufacturing steering for the 12 months and mentioned it might want to elevate extra capital.

In an announcement Monday, Lordstown CEO Steve Burns mentioned the corporate has “encountered some challenges” because it prepares to start manufacturing of an electrical pickup truck referred to as the Endurance in late-September.

Lordstown mentioned it expects to provide — at greatest — half of the autos it beforehand forecasted this 12 months. It additionally mentioned its projected bills shall be between $335 million and $350 million, up from between $220 million and $235 million. It additionally lowered its forecast for year-end liquidity from no less than $200 million to between $50 million and $75 million in money and money equivalents.

Burns cited “considerably increased than anticipated expenditures for components/tools, expedited delivery prices, and bills related to third-party engineering assets” as causes for the rise in bills.

“We secured quite a lot of vital components and tools prematurely, so we’re nonetheless ready to ramp the Endurance, however we do want extra capital to execute on our plans,” he mentioned. “We imagine we have now a number of alternatives to boost capital in varied varieties and have begun these discussions.”

The modifications are the newest blow to Lordstown. Shares of the aspiring automaker tumbled final week after Wolfe Analysis downgraded the inventory to underperform with a $1 value goal following the debut of the Ford F-150 electric pickup, a competitor to the Lordstown Endurance.

In March, Lordstown additionally confirmed the U.S. Securities and Change Fee had requested info concerning claims by brief vendor Hindenburg Analysis that it misled buyers.

Hindenburg accused Lordstown in a March report of using “fake” orders to boost capital for the Endurance. The brief vendor claimed the pickup was years away from manufacturing, nonetheless Lordstown maintains it is on monitor to start out making the car in September.

Lordstown went public by a particular objective acquisition firm, or SPAC, in October. It’s amongst a rising group of electrical car start-ups going public by offers with SPACs, which have turn into a well-liked means of elevating cash on Wall Road as a result of they’ve a extra streamlined regulatory course of than conventional preliminary public choices.