Business & Investment

Shift Reverse: Lordstown Motors Backtracks (again) Orders for Electric Pickups

Lordstown Motors Corporation (NASDAQ: RIDE) Reverting to the president’s statement that the startup has confirmed orders for Endurance commercial electric pickup trucks, he told the Securities and Exchange Commission (SEC) that orders are strong but cannot be deposited in banks.

The reversal of comments by President Richschmidt on Tuesday submitted an 8-K to the SEC, which is already investigating previous allegations that orders swelled that allegedly contributed to the expulsion of founder and CEO Steve Burns on Monday. I came in the form of.

The latest car faffle will come later Submission of “going concern” Last week, the company said it might not survive the year without additional funding. Rhodestown (LMC) went public in October last year after a business merger with Diamond Peak Holdings Corp., a special purpose acquisition company (SPAC).

DiamondPeak, a shell company founded to merge with a private company, has raised $ 780 million for Lordstown, which acquired former General Motors.NYSE: GM) A car assembly plant in the northeastern Ohio community of the same name.

The petition for the order has been withdrawn

Schmidt, a veteran of several Asian car makers and TeslaNASDAQ: TSLA) Said at a virtual meeting of the Automobile Press Association in Detroit on Tuesday that Lordstown has enough confirmed orders to produce Class 2A vehicles from September of this year to May of next year. ..

On Thursday, Lordstown Set a straight record with SEC.

“These vehicle purchase agreements provide an important indicator of endurance demand, [they] It does not represent a binding purchase order or any other firm purchase commitment, “the company said. “There are no binding purchase orders or commitments from our customers.”

Schmidt showed that LMC has customers with 15,000 to 20,000 pickups that it can build before it runs out of money in May next year.

Ordering issues plague Lordstown, who are struggling to survive. Tuesday’s comments led to a significant rise in Rosetown’s share price. Resignation of Burns and Chief Financial Officer Julio Rodriguez.

Following the latest SEC filing, Friday’s share price rose 3.30% to $ 10.65.

Separately, Lordstown hired former GM Executive John Whitcom on Thursday for the newly created position of Vice President of Global Commercial Operations. Establishing a nationwide sales network.

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Shift Reverse: Lordstown Motors Backtracks (again) Orders for Electric Pickups

https://www.freightwaves.com/news/shift-to-reverse-lordstown-motors-backtracks-again-on-electric-pickup-orders Shift Reverse: Lordstown Motors Backtracks (again) Orders for Electric Pickups

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