Lordstown motors stock

Lordstown Motors Corp. The firm develops its flagship vehicle, the Endurance, an electric full-size pickup truck. The company was founded on November 13, and is headquartered in Lordstown, OH.

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Lordstown motors stock

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The soap opera that is Lordstown Motors is taking yet another unusual turn. Burns founded the company in and brought it public through a merger with a special purpose acquisition company in Lordstown manufactured and sold a few dozen trucks that were involved in two safety recalls. Its hope to carve out a piece of the commercial work truck space never materialized, especially in the face of competition from legacy automakers like Ford and even GM. He began selling his shares as soon as a lockup expired. Foxconn obtained contract manufacturing rights to the Endurance as part of the plant purchase. GM had built cars there from through March when it idled the plant. Trump won Ohio in the election in part because of labor support, including Mahoning Valley autoworkers. The UAW unsuccessfully bargained to keep the plant open.

Lordstown motors stock

The company was based at the Lordstown Assembly plant, previously a General Motors factory. In January , the company announced the opening of a vehicle service center in Irvine , California , to support customers in the Southern California region. In March , the investment research firm Hindenburg Research , which specializes in short-selling , published a lengthy report about Lordstown. In the report, Hindenburg presented evidence that demonstrated a history of fraud at Lordstown, with the company misleading investors by exaggerating demand and orders for its trucks, as well as Lordstown's ability to build these trucks. Hindenburg's report showed that thousands of Lordstown's claimed orders were non-binding, no-deposit indications of interest by companies without the apparent financial strength to support the size of the orders. The report also claimed significant production delays beyond Lordstown's claimed timeline with trucks three to four years away from production, stock sales by insiders amidst vehicle testing problems, and irregularities in the background of Lordstown's founder, Steve Burns.

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Lordstown just agreed on Aug. This is important because if we can determine the value of Lordstown Motors, we can see the value of the Workhorse stake.

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