Short sellers earlier this year accused the electric vehicle maker of faking orders. The company's chief executive Steve Burns responded saying "haters gonna hate." But this week, in an SEC filing, Lordstown Motors backtracked on its claim that there were "binding" orders for its EV pickup. The mistake cost Burns his job, along with that of the company's chief financial officer. And now Lordstown is warning it could go out of business.
Lordstown Motors does not have binding orders from customers for its electric Endurance pickup truck — a reversal from claims made earlier this week by company executives in an effort to restore confidence in the troubled company, according to a regulatory filing released Thursday. Lordstown Motors …
Lordstown Motors is the quintessential business fiasco. Equal parts hubris, political pandering and regulatory failure. Why it matters: There's no …
The resignations follow a "going concern" warning earlier in June. Life isn't getting any easier for Lordstown Motors. Last week, the startup issued a …
In the midst of a tumultuous time for the startup, new CEO Angela Strand claimed that the company is on track to start delivering the electric truck this fall. Despite all of its recent controversies, Lordstown confirmed this week that it will start building its first vehicle this September in …
New York CNN Business — Lordstown Motors, the startup electric truck maker, warned Tuesday it is close to running out of cash and may be forced out of business in the next year. The news, which sent Lordstown shares down about 20% in midday trading Wednesday, is a blow to not only the company but …
A report from Hindenburg Research accuses the electric vehicle maker of not being truthful about the number of orders it's received. Company chief executive Steve Burns fired back, quoting a line from a popular Taylor Swift song and saying, "We never said we had orders. We don't have a product yet so by definition you can't have orders." Nevertheless, Lordstown Motors is now under investigation from the SEC amid claims of short selling.
A look at the new electric vehicles hitting the road, innovations in battery tech, and more.
