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The company also boasted of having more than 100,000 pre-orders and it had a strategy of focusing on sales to corporate fleets, which seemed like a winning proposition to many investors.īut the company also has faced critics who questioned the timetable and said those pre-orders would not translate to real sales. “We require additional capital to implement our business plan, and it may not be available on acceptable terms, if at all, creating substantial doubt as to our ability to continue as a going concern,” the filing said.īack when there was more optimism about Lordstown Motors, one of the reasons was that the company was going to manufacture one of the first of a new wave of electric trucks to hit the market.

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The leadership change followed a regulatory filing a few days earlier, in which the company said it didn’t have enough funding to complete a full ramp-up of production. Angela Strand, the lead independent member of the board of directors, is serving as executive chairwoman, while the company searches for a new CEO. On Monday, Lordstown Motors said its founder and CEO, Steve Burns, and chief financial officer, Julio Rodriguez, had resigned.

If the company-which is running low on money and has yet to release its first vehicle-is unable to recover, it would be distressing in part because it’s happening at a plant and in a region that has already faced so much adversity. It’s absolutely booming.”īut now there is mounting evidence that the company’s executives exaggerated some of the claims that fueled such optimism. “Beyond the plant, it’s incredible what’s happened in the area,” Trump said at a 2020 event at the White House with Lordstown Motors executives and a prototype of the new truck. President Donald Trump was one of many elected officials who praised Lordstown Motors as part of a bright future for Northeast Ohio.

The new company leaned into the idea that a region known for making steel and cars could be reborn as a hub of the clean energy economy. The pain of losing the plant might have been much worse, if not for a promising new business that stepped up to occupy the plant: Lordstown Motors, a start-up that was developing an all-electric pickup. GM stopped producing vehicles there in 2019, the latest of many blows to an industrial region anchored by Youngstown and Warren, Ohio.

#Lordstown ev truck drivers

For drivers on I-80 in Northeast Ohio, the giant manufacturing complex in Lordstown is a landmark, the place where General Motors spent decades making cars like the Chevrolet Cavalier.