Lordstown Motors faces an increasingly difficult future. Currently trading at $2.06 a share, down from a 52-week high of $15.80, it could soon become a penny stock. After that, it may face a delisting notice from the Nasdaq.

Lordstown Motors almost certainly will not recover from the situation that has taken its stock down. Delays in production due to shortages of key components have curtailed production at most automakers. For Lordstown, this means it may not produce any of its trucks at all.

The most crippling blow to any electric truck maker is the launch of the Ford F-150 Lightning. Ford has millions of F-150s on the road. This gives it a ready market for the new pickup. This threat exists even with worries about Ford’s own supply chain issues and concerns about its ability to produce complex software.

Lordstown has not had revenue in the past two years. Expenses last year were $400 million, which is what the company posted as a net loss. It had a cash balance of $244 million and will rely on an asset sale to Foxconn to increase that. Lordstown could run low on money in the next several months.

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As full-year 2021 earnings were announced, Edward Hightower, the company’s president, commented, “Our organization’s top priority remains bringing the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible.” It may never make it to market at all.

The electric vehicle (EV) market has become progressively crowded over the past two years. Manufacturers believe demand for these vehicles will reach millions of worldwide each year. All these companies have announced that a sizable portion of their fleets will be EVs between 2025 and 2030. This race will determine the fates of such car companies as American firms Ford and General Motors.

Lordstown has no chance of competing in this market.