Lordstown has binding orders, says limited production starts this year

Enlarge / Lordstown Motors’ manufacturing unit in Lordstown, Ohio.

Lordstown Motors has been having a troublesome time not too long ago. The Ohio-based electrical truck startup was accused of deceptive buyers concerning the extent of its order books, resulting in an investigation by the US Securities and Exchange Commission. This in flip led the corporate to issue a “going concern” warning, adopted by the departure of its CEO and CFO.

But on Tuesday, a day after the chief resignations, the corporate said that limited production of its Endurance work truck will start later this year. Lordstown’s president Rich Schmidt instructed journalists at a press occasion that there have been sufficient “binding orders” to fund this limited production till May 2022, according to TechCrunch.

Schmidt stated that Lordstown has greater than 0 million within the financial institution, however it is going to want further funding to supply greater than 20,000 EVs or proceed operations past subsequent May.
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The firm raised $675 million in October 2020 after merging with a special-purpose acquisition company.

“It’s a new day at Lordstown, and there are no disruptions and will be no disruptions to our day-to-day operations,” stated government chairwoman Angela Stroud. But Lordstown is shelving some other projects to focus on the Endurance, together with an electrical van that may have concerned a collaboration with RV-maker Camping World.

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