Struggling electric truck maker Lordstown Motors says it has no firm orders for its new pickups
TOLEDO, Ohio – Struggling electric truck maker Lordstown Motors said Thursday it had no firm orders for its vehicles, just days after its president said the company had enough to keep production going until ‘in 2022.
Questions have arisen as to whether Lordstown Motors has enough money to stay in business and its previous claims that it has already pre-sold 100,000 of its Endurance vans.
Lordstown CEO Steve Burns and CFO Julio Rodriguez resigned on Monday, the same day the company acknowledged that a potential buyer who had committed to a large number of pre-orders did not appear to have the resources to complete this transaction, and other pre-orders seem too vague. or weak to rely on for purchases.
A day later, company president Rich Schmidt told a Detroit Automotive Press Association meeting that Lordstown was on track to start manufacturing Endurance in the fall and had enough binding orders to continue until 2022.
But the company said Thursday that the statements regarding the orders were not accurate.
“While these vehicle purchase agreements provide us with a meaningful indicator of the demand for Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments,” the company said in the file filed with the Securities and Exchange Commission.
The company’s stock prices, which have been cut in half this year, slipped to the opening bell Thursday before recovering.
Angela Strand, the company’s new president, said on Tuesday that the upheavals of the past week will not disrupt the company’s day-to-day operations or plans to start Endurance racing.