TOLEDO, Ohio (AP) — Lordstown Motors remains committed to launching production of its all-electric Endurance pickup this fall despite recent executive departures and financial uncertainties, company leaders affirmed Tuesday. The embattled startup acknowledged last week it faces potential bankruptcy within a year but insists operations continue uninterrupted.
Leadership Transition Won’t Disrupt Operations
Newly appointed Chairwoman Angela Strand emphasized that last Monday’s departures of CEO Steve Burns and CFO Julio Rodriguez won’t derail production timelines. The leadership changes came hours after the company addressed a damaging Hindenburg Research report questioning the validity of its preorder claims for the Endurance truck.
Financial Lifeline Through Mid-2022
President Rich Schmidt revealed the company currently possesses sufficient capital to continue operations through May 2022, with binding orders theoretically sustaining production through the entire year. The disclosure sparked an 11% stock rebound to $10.31 on Tuesday, though shares remain down 49% year-to-date.
Investor Hunt Continues
As Lordstown actively courts new investors, industry analysts warn the company’s survival hinges on securing additional funding while simultaneously delivering its first vehicles to market. The dual challenge comes amid heightened scrutiny of EV startups following several high-profile failures.
The Ohio-based manufacturer now faces a critical six-month window to transform its promises into production reality, with the automotive world watching closely to see if another electric vehicle hopeful can overcome its turbulent beginnings.
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