Ford unveiled an EV version of its bestselling F-150 last month and claims to have raked in tens of thousands of pre-orders in the first days after the reveal. Also in March, the Lordstown confirmed it was the subject of a Securities and Exchange Commission investigation.Įven without its apparently serious financial problems, Lordstown was facing new and stiff competition on the EV pickup front. It was the subject in March of a report from investment research firm Hindenburg Research, which said the company had misled investors and may have been lying about pre-orders for its truck (the company says it has 100,000 pre-orders from fleet customers). Lordstown will deliver its Endurance truck to ‘select early customers’ early next year TechCrunch Transportation Lordstown will deliver its Endurance truck to ‘select early customers’. Lordstown Motors has received approximately 50,000 non-binding production reservations from commercial fleets for its Lordstown Endurance all-electric pickup truck, with an average order. This isn’t the first we’ve heard of trouble at the startup. Isaiah Alonzo, Tech Times 11 January 2021, 09:01 pm Lordstown boasted of their fruitful start this 2021 for a massive 100,000 preorders of their electric pickup that would soon debut and release. The Endurance was unveiled last summer with then Vice President Mike Pence in attendance. However, by this spring it was clear production had never begun. Fleet customers were supposed to get first dibs at the trucks, and Lordstown said private customers could expect delivery by the end of the year. Lordstown had originally promised that it would start building its Endurance pickup truck, with a promised 600 horsepower and roughly 250 miles of range, early this year. Lordstown’s inability to start production on its first product raises serious questions about the viability of the company and how long it can continue operating. , 07:20 UTC By: Elena Gorgan If you like your tea piping hot, you’re in luck: Hindenburg Research is spilling plenty of it in its latest report. That revelation came in a regulatory filing on Tuesday and was first reported by the Wall Street Journal. Lordstown Motors announced Monday that it had accumulated 50,000 pre-orders for its Endurance electric pickup truck, which is now scheduled to start deliveries in fall 2021, with a full. And it generated a $675 million cash infusion.Lordstown Motors, an EV startup based in an Ohio town of the same name, doesn’t have enough money to start building trucks by the end of the year as previously promised. It got the automaker listed on the Nasdaq exchange, trading as RIDE. Lordstown Motors’ second big break came last November through a "blank check" SPAC deal, with New York-based DiamondPeak Holdings. The Detroit automaker subsequently made a $75 million investment. The company has released a corporate update with a few interesting pieces of news. GM even loaned Lordstown $40 million to help purchase the old Chevy plant. Lordstown (RIDE) says that it received 50,000 pre-orders for its Endurance electric pickup truck. The startup got a big break the following year when it was given a chance to purchase the Ohio facility. That factory started out as a General Motors plant, but was one of three facilities GM announced plans to close in late 2018. If anything, Schmidt and Burns said they are confident enough about the future to approve an expansion of their assembly line in Lordstown, Ohio, aiming to reach capacity for 60,000 vehicles a year by the end of 2020. The two executives repeatedly expressed confidence that will happen, noting that Lordstown is now working with one of the country’s larger truck and RV retailers, Holman Motors.
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