{"id":278004,"date":"2021-06-18T14:41:00","date_gmt":"2021-06-18T11:41:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/lordstown-says-electric-pickup-truck-orders-are-not-binding\/"},"modified":"2021-06-18T14:41:00","modified_gmt":"2021-06-18T11:41:00","slug":"lordstown-says-electric-pickup-truck-orders-are-not-binding","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/lordstown-says-electric-pickup-truck-orders-are-not-binding\/","title":{"rendered":"#\n  Lordstown says electric pickup-truck orders are \u2018not binding\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d6e96aafcc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d6e96aafcc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/lordstown-says-electric-pickup-truck-orders-are-not-binding\/#Claudia_Assis\" >Claudia Assis<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Lordstown says electric pickup-truck orders are \u2018not binding\u2019<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000309054\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Lordstown Motors Corp. said in a filing Thursday that preorders for its electric pickup truck \u201cdo not represent binding purchase orders or other firm purchase commitments,\u201d dealing another blow to the beleaguered electric-vehicle maker. <\/p>\n<p> Lordstown<br \/>\n        RIDE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211334938\/composite\" class=\"negative\">-4.36%<\/bg-quote><br \/>\n       shares were off nearly 3% in midday trading Thursday.<\/p>\n<div class=\"paywall\">\n       The agreements are a \u201csignificant indicator of demand\u201d for the truck, called the Endurance, but are not binding, Lordstown said in the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001759546\/000110465921082332\/tm2119909d1_8k.htm\" class=\"icon none\">filing. <\/a><\/p>\n<p>\u201cAs previously disclosed in our Form 10-K\/A for the year ended December 31, 2020, filed with the Securities and Exchange Commission on June 8, 2021, to date, we have engaged in limited marketing activities and we have no binding purchase orders or commitments from customers,\u201d Lordstown said.<\/p>\n<p>The company was seeking to clarify comments by its executives at an event on Tuesday, in which they characterized the orders as firm. <\/p>\n<p>Earlier this week, the company said that an internal investigation had also found issues with the way it portrayed the orders, a lifeline for the auto maker ahead of the promised launch of the pickup later this year. <\/p>\n<p>Lordstown\u2019s top executives, including its founder, have resigned, and the company last week added a \u201cgoing concern\u201d warning to a delayed filing and has sought to reassure Wall Street it was in \u201cactive conversations\u201d with more investors. <\/p>\n<p>Lordstown stock tanked more than 50% on Monday after the EV maker said that founder and CEO Steve Burns and Chief Financial Officer Julio Rodriguez had resigned, with interim executives <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed. It reiterated its plan to start \u201climited production\u201d of its electric trucks in late September.<\/p>\n<p>In a separate document on Monday, Lordstown also detailed an internal investigation about allegations by short seller Hindenburg Research, which in March published a scathing report on Lordstown, calling it a \u201cmirage\u201d and accusing the company of inflating demand and production capabilities.<\/p>\n<p>The company called the report  \u201cin significant respects, false and misleading,\u201d but did admit to \u201cissues\u201d about how Lordstown Motors characterized the preorders of the Endurance electric truck, having said they were mostly firm commitments from commercial fleets.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Many of the preorders, however, came from fleet-management companies and other end \u201cindicated interest in purchasing Endurance trucks,\u201d as well as \u201cso-called \u2018influencers\u2019 or other potential strategic partners that committed to attempt to secure preorders from other entities, but did not intend to purchase Endurance trucks directly,\u201d the company\u2019s report said.<\/p>\n<p>At least one undisclosed party with \u201ca large number\u201d of preorders \u201cdoes not appear to have the resources to complete large purchases of trucks, the company\u2019s report said. Other entities provided commitments that appear too vague or infirm to be appropriately included in the total number of preorders disclosed,\u201d the company\u2019s report said.<\/p>\n<p>Lordstown Motors went public in October through a reverse merger with a blank-check company.<\/p>\n<p>Its Ohio plant belonged to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Motors Co.<br \/>\n        GM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205226835\/composite\" class=\"negative\">-2.72%<\/bg-quote><span>,<\/span><br \/>\n       which made compact cars such as the Cruze there. The factory was slated to close as part of GM\u2019s shift to more popular and profitable trucks and SUVs. It was then sold to Lordstown Motors.<\/p>\n<p>The stock has lost 47% this year, contrasting with gains of around 13% for the S&amp;P 500 index.<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.04%<\/bg-quote><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Claudia Assis\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Claudia_Assis\"><\/span>Claudia Assis<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-74B7-3EBA6B657B01%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Lordstown says electric pickup-truck orders are \u2018not binding\u2019 &#8221; Lordstown Motors Corp. said in a filing Thursday that preorders for its electric pickup truck \u201cdo not represent binding purchase orders or other firm purchase commitments,\u201d dealing another blow to the beleaguered electric-vehicle maker. Lordstown RIDE, -4.36% shares were off nearly 3% in midday trading&#8230;<\/p>\n","protected":false},"author":1,"featured_media":278005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-278004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/278004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=278004"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/278004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/278005"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=278004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=278004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=278004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}