Posted on 03/24/2021 12:41:43 PM PDT by dynachrome
Ohio has a lot riding on the success of Lordstown Motors.
Last year, Gov. Mike DeWine declared the electric vehicle startup “the future” while visiting the plant, the site of a shuttered General Motors assembly plant near Youngstown, about six months before state officials approved it for $20 million in tax credits.
Secretary of State Frank LaRose last week was the latest in a procession of state officials who, after touring the plant, lauded the company’s promise for the economically beleaguered Youngstown area. JobsOhio, the state’s private economic-development arm, has pledged $4.5 million in grants to the company.
Former President Donald Trump even touted the company’s Endurance electric pickup truck prototype at an event at the White House last year in the heat of the presidential campaign.
But as Lordstown Motors has been gearing up to produce its first vehicles by September, the politicized company has faced mounting questions about its viability. Its stock plunged on March 12 after a prominent investment firm betting against the company’s success released a scathing research report that said the company had “misled investors both on its demand and production capabilities.” That quickly led to an inquiry from the U.S. Securities and Exchange Commission followed by a shareholder lawsuit.
(Excerpt) Read more at cleveland.com ...
The Twentieth Century Motor Company of Starnesville, Wisconsin.....................
Its real, a real joke.
They still dont have a prototype.
Will the factory run on renewable energy?
But they have some really cool graphic renderings.
No more hard questions OK?
Bingo
Well played!
John Galt don’t work there any more................
Anymore...
Lordstown Motors’ Endurance Prototype Caught Fire Ten Minutes Into First Test Drive
"According to Hindenburg, Lordstown executives with knowledge of the situation sold $8.8 million in stock before the public was aware of the incident."
This has Solyndra written all over it.
Now he’s got time to write a 60 page speech that will put the entire world to sleep.
I know people invested in this farce.
There is certainly some funny business going on with the Governer’s grandson as their lobbyist, the stock offering, etc, but I think much of that is business as usual in today’s corrupt USA. No idea if they will survive, but you have to laugh about the company that is pushing for their failure.
“Hindenburg Research, named for the famous blimp disaster, is a short seller, which means it places massive bets that pay off when a company’s stock goes down”. And of course they publish and push out “reports” that scare investors and crash the stock so they make money. That pretty well sums up the state of the current short sellers market, along with the “Game Stop” short squeeze fiasco. Unreal that it’s all legal.
Yup.
Reusable energy!
The energy the plant uses can be reprocessed into new energy through the Used Energy Recycling Process (patented by a new startup, Jill and Hunter Energy Dynamics, Inc.) at their plant in Delaware. They are beginning to distribute the used energy recycling bins country wide. An exciting new era for energy!
Indeed, government backed business are nothing more than a legalized raid on the Treasury. Be it Democrats or Republicans.
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