Posted on 06/09/2021 10:29:41 AM PDT by Olog-hai
Lordstown Motors, the startup electric truck maker, warned Tuesday it is close to running out of cash and may be forced out of business in the next year.
The news, which sent Lordstown shares down about 20% in midday trading Wednesday, is a blow to not only the company but also to the gritty industrial town from which it gets its name. For 53 years, Lordstown, Ohio, was home to a massive General Motors plant, which GM closed in 2019.
The car giant sold the 6.2 million square foot factory, nearly twice the size of the Pentagon, later that year to start-up Lordstown Motors, which promised to pay union-level wages to workers to build its Endurance pickup truck. It is due to start production of that truck in September. Lordstown currently has about 600 employees.
But Tuesday, the startup said it no longer has enough money to start commercial production. It warned there is now “substantial doubt” about its ability to stay in business over the course of the next 12 months.
The company filing said it had $259.7 million in cash on hand as of March 31, after posting a net loss of $125.2 million over the previous three months. …
(Excerpt) Read more at cnn.com ...
I need one of those side by sides to get around my property. I wish someone made an electric version. I wouldn’t put more than five or six miles on it in any one day. Electric would be perfect.
20th Century Motors Ping!........................
Ask the people of Mississippi how the Democrat promised EV plant worked out for them.
Unless severely coerced,most consumers will not buy or rely on electric vehicles. Why? 1) Limited range 2) Doubtful all weather reliability 3) Inordinate amount of down time during recharging 4) Rapid depreciation and poor resale value.5) Hugely expensive
I vividly remember a news segment announcing the Dale on channel 7 news in Los Angeles at the time. Carmichael had them completely fooled.
was my understanding they were fully targeting commercial fleet market, not the consumer market.
That market can make sense to have electric/commuter vehicles if the numbers work out.
7. It doesn’t represent enough of an improvement for your average consumer to try something new.
Better hone our gas engine skills. Well until Exxon quits making gas, blah, blah, blah. Seems like most of the major auto dealers are headed for the wall socket. Fidiots.
Sorry — that’s way OUTSIDE their comfort zone.
I thought that news would make the stock price increase.
Any news seems to make stock prices go higher.
The news, which sent Lordstown shares down about 20% in midday trading Wednesday...
Cause saying you are going under really helps the
stock price...
CarEdge: “If these numbers hold up, that would give the (Tesla) Model 3 the highest residual values of any passenger car that we follow (over 300 models), and rate right up there with pick-up trucks, who are known for having great resale values. In contrast, the average popular (non-luxury) vehicle retains 62% of its value after 3 years, giving the Model 3 a sizeable advantage over just about everything.”
shocking! it was a
****show from day one.
Has the CFO looked into possible getting into cocaine smuggling to raise extra cash?
unlike “century motors” , lordstown was a total scam at every level from day one, run by a guy who was run out of his previous scam company:
https://hindenburgresearch.com/lordstown/
I saw a Tesla yesterday... First time I saw one while driving,,,
Not overly impressed with the style...
It appeared that this one was part of a reparations deal...
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