Lordstown now says it has no binding purchase orders from customers

Rodolfo Schellin

Lordstown Motors, which not long ago lifted considerations about its means to continue to be in organization, stated on Thursday it did not have any binding obtain orders or commitments from prospects.

The U-change comes following President Loaded Schmidt on Tuesday stated at an Automotive Press Affiliation party in Detroit the firm had organization and binding orders for the first two several years of output of its electric powered pickup truck.

“While these car obtain agreements supply us with a major indicator of need for the Endurance, these agreements do not characterize binding obtain orders or other organization obtain commitments,” the firm stated in a submitting with the U.S. securities regulator.

Shares of the firm fell 2.5 percent to $ten.51 in morning trading.

On Monday, just days following the firm stated it may well not have plenty of cash to keep in organization over the future yr, CEO Steve Burns and CFO Julio Rodriguez resigned.

The resignations arrived as the firm acknowledged building statements about car preorders that did not maintain up to scrutiny, pursuing an inner investigation into statements designed by shorter-vendor Hindenburg. Hindenburg, which took a shorter position in Lordstown shares, alleged the firm had misled people and buyers.

In a submitting on Thursday, the firm stated it pushed back its once-a-year shareholders conference to Aug. 19 from June 17.

Individually, the firm stated in a information launch Thursday that it had employed previous General Motors government John Whitcomb to “build the strategic organization design for Lordstown Motors’ gross sales and company footprint.” He will think the freshly made purpose of vice president international commercial operations powerful June 21.

Automotive News contributed to this report.

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