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Regulatory submissions reveal that Lordstown has no binding orders

If you are not following Lordstown Motors I’m a little confused at this point. Sadly, this seems like a way for many electric car startups, so it’s not surprising. Today, recent regulatory submissions shed new light on the situation.

Rhodestown President Richschmidt has announced that electric truck manufacturers have already secured enough vehicle sales to cover production in 2021 and 2022. This is a pretty spectacular feat for start-ups that haven’t sold electric trucks yet.

by AutoblogWithin 48 hours of Schmidt’s guarantee that the order was “confirmed,” a new regulatory filing showed that there were actually no binding orders in Lordstown. As the publication states, “Solid orders aren’t really solid.” Lordstown US Securities and Exchange Commission (SEC) by Autoblog:

“These vehicle purchase agreements provide an important indicator of endurance demand, but these agreements do not represent binding purchase orders or other solid purchase agreements.”

So basically, Schmidt has enough orders to the Auto Press Association and Lordstown has enough orders for production in 2021 and 2022, more specifically, those orders are actually “confirmed”. When he was reassured that he was, he was opposed to what the official filings revealed. According to Autoblog, Schmidt admitted that he was unaware of the “exact facts” and “legal aspects” of the “firm” order.

As previously reported, Lordstown also recently stated that it may not have the financial support to move forward. in addition, CEO Steve Burns and CFO Julio Rodriguez resigns.. The whole situation in Lordstown was recently revealed after the poor-selling research firm Hindenberg. Exposed concerns Around Nicola, He released a report claiming that Lordstown was misleading the public. Regulatory submissions reveal that Lordstown has no binding orders

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