- June 21, 2021
- Posted by: Stratford Team
- Category: Business
DETROIT (AP) — Startup commercial electric vehicle maker Lordstown Motors says it may not be in business a year from now as it tries to secure funding to start full production of an electric pickup truck.
In a quarterly regulatory filing June 8, Lordstown said the $587 million it had on hand as of March 31 isn’t enough to start commercial production and begin selling the full-size pickup, called the Endurance.
“These conditions raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year,” the company said in the filing with the Securities and Exchange Commission.
Shares of the company, which is set up in a now-closed General Motors plant east of Cleveland, fell 16.2% to close June 8 at $11.22. The lost another 3% in after-hours trading.
On May 24, CEO Steve Burns warned that production could be cut by over half to only 1,000 vehicles this year unless Lordstown raised an undisclosed amount of new…
