lordstown
New York (AFP) - Shares of Lordstown Motors dove Monday as it announced its top executive had resigned after an investigation concluded some of the company's statements about auto pre-orders were inaccurate. After warning last week that it lacked sufficient capital to begin commercial production, the electric truck startup said Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez had both resigned. Lordstown is searching for a permanent CEO after going public last fall through a merger, benefiting from a wave of buying interest in electric autos. However, the Ohio-based com...
AFP
New York (AFP) - Electric truck startup Lordstown Motors said Tuesday it lacks sufficient capital to begin commercial production and warned about the ability to keep operating. The company, which had targeted commercial production to begin in September, has just $587 million in cash, which is "not sufficient to fund commercial scale production and the launch of sale of such vehicles," Lordstown said in a securities filing. "These conditions raise substantial doubt regarding our ability to continue as a going concern," Lordstown added. The statement, which caused the share price to dive, is the...
AFP
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