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Re: Lordstown Motors Faked Orders for Electric Pickup
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Michael Trew
Mar 15, 2021, 1:48:25 PM3/15/21
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On 3/15/2021 7:53 AM, JAB wrote:
> Lordstown Motors Faked Orders for Electric Pickup That's Years Behind
> Schedule: Report
>
> The short seller that took down Nikola Motors has its sights set on
> Lordstown.
>
> Hindenburg Research, the short seller whose investigation into Nikola
> Motors toppled the company's founder and set its stock into a tailspin
> last fall, now has set its sights on the electric truck startup
> Lordstown Motors. In an 8,000-plus-word report posted Friday morning,
> Hindenburg accused the Ohio-based company of pumping fake orders to
> artificially boost demand for its forthcoming Endurance pickup truck,
> published quotes from former employees describing Lordstown CEO Steve
> Burns as a "con man" and collected evidence showing the entire
> Endurance project is possibly years behind schedule--despite
> Lordstown's promises that production will begin this fall.
>
> Burns responded publicly in an interview with the Wall Street Journal,
> condemning the report as being full of "half-truths and lies" while
> claiming that the company's touted list of 100,000 pre-orders were
> never supposed to be seen as firm commitments. He denied that
> production plans for the pickup truck are behind schedule, though no
> evidence was presented and the company itself has yet to formally
> respond.
>
> <https://www.thedrive.com/news/39755/lordstown-motors-faked-orders-for-electric-pickup-thats-years-behind-schedule-report>
>
That's really depressing news, because that is right in my neck of the
woods. It's not even a 45 minute drive from here. I knew locals that
worked at the GM plant in Lordstown, and it hurt our economy when they
left. I'd been reading updates on the electric vehicle production in
our local newspaper almost weekly. Hopefully it doesn't fold in on its
self.
> Lordstown Motors Faked Orders for Electric Pickup That's Years Behind
> Schedule: Report
>
> The short seller that took down Nikola Motors has its sights set on
> Lordstown.
>
> Hindenburg Research, the short seller whose investigation into Nikola
> Motors toppled the company's founder and set its stock into a tailspin
> last fall, now has set its sights on the electric truck startup
> Lordstown Motors. In an 8,000-plus-word report posted Friday morning,
> Hindenburg accused the Ohio-based company of pumping fake orders to
> artificially boost demand for its forthcoming Endurance pickup truck,
> published quotes from former employees describing Lordstown CEO Steve
> Burns as a "con man" and collected evidence showing the entire
> Endurance project is possibly years behind schedule--despite
> Lordstown's promises that production will begin this fall.
>
> Burns responded publicly in an interview with the Wall Street Journal,
> condemning the report as being full of "half-truths and lies" while
> claiming that the company's touted list of 100,000 pre-orders were
> never supposed to be seen as firm commitments. He denied that
> production plans for the pickup truck are behind schedule, though no
> evidence was presented and the company itself has yet to formally
> respond.
>
> <https://www.thedrive.com/news/39755/lordstown-motors-faked-orders-for-electric-pickup-thats-years-behind-schedule-report>
>
That's really depressing news, because that is right in my neck of the
woods. It's not even a 45 minute drive from here. I knew locals that
worked at the GM plant in Lordstown, and it hurt our economy when they
left. I'd been reading updates on the electric vehicle production in
our local newspaper almost weekly. Hopefully it doesn't fold in on its
self.
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