Lordstown

The Securities and Exchange Commission has charged bankrupt Lordstown Motors with misleading investors about the sales prospects of its Endurance electric pickup truck. Lordstown has agreed to pay $25.5 million as a result — money that the SEC says will go toward settling a number of pending class action lawsuits against the company. “We allege that, in a highly competitive race to deliver the first mass-produced electric pickup truck to the U.S. market, Lordstown oversold true demand for the Endurance,” Mark Cave,…

The ousted founder of bankrupt EV startup Lordstown Motors has launched a new company called LandX Motors, that prominently displays the same electric pickup truck he once promised would beat Tesla, Ford and General Motors to market. Steve Burns, a self-described “serial entrepreneur,” bought most of the remaining assets of his former startup late last year as part of the Lordstown’s Chapter 11 bankruptcy proceedings, including a large chunk of its electric pickup trucks. On a new website for…

Despite Lordstown Motors filing for bankruptcy, Lordstown, Ohio, will remain a hub for the EV industry. Despite Lordstown Motors filing for bankruptcy, Lordstown, Ohio, will remain a hub for the EV industry. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are…

EV startup Lordstown Motors (RIDE) filed for bankruptcy on Tuesday. Lordstown is also suing Foxconn after the companies failed to find common ground over a promised investment to keep the EV startup afloat. Thus, the fate of the Endurance electric truck is again up in the air as the company plans to sell off its assets. The Lordstown-Foxconn dispute started after the American EV startup received a stock delisting notice from the NASDAQ in April. Lordstown’s stock exploded shortly after…

The electric-truck maker was once cheered by investors during the SPAC boom and lauded by former President Donald Trump as a savior for a closed GM factory in Ohio. The electric-truck maker was once cheered by investors during the SPAC boom and lauded by former President Donald Trump as a savior for a closed GM factory in Ohio. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the…

The Lordstown Motors Corp. Endurance electric pickup truck is displayed during an unveiling event in Lordstown, Ohio, June 25, 2020.Matthew Hatcher | Bloomberg | Getty ImagesStruggling electric-truck maker Lordstown Motors filed for Chapter 11 bankruptcy protection on Tuesday and said that it would put itself up for sale amid an ongoing dispute over investments that had been promised by Taiwanese manufacturer Foxconn.Shares were down over 60% in premarket trading following the news.Simultaneously with its bankruptcy…

Lordstown Motors is having an eventful day, to say the least. The Ohio-based EV startup has filed for Chapter 11 bankruptcy protection in hopes of finding a buyer and is suing its investment partner, Foxconn Technology, for breach of contract and fraud. In its suit, Lordstown claims Foxconn's actions "had the intended effect of destroying the business of an American startup." Foxconn, primarily known for assembling Apple's iPhones, bought Lordstown's Ohio factory in late 2021 (around when General Motors jumped ship) and a…

The electric-truck maker, once cheered by investors during the SPAC boom and lauded by former President Donald Trump as a savior for a closed GM factory in Ohio, filed for bankruptcy. The electric-truck maker, once cheered by investors during the SPAC boom and lauded by former President Donald Trump as a savior for a closed GM factory in Ohio, filed for bankruptcy. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media.…

EV startup Lordstown Motors (RIDE) continues facing an uphill battle in bringing its Endurance electric pickup to market. The company’s founder and former CEO has now sold his entire stake in Lordstown as a dispute with Foxconn over funding could end in bankruptcy. Lordstown founder sells entire stake in the EV startup According to Lordstown’s latest SEC filing, founder and former CEO Stephen Burns now owns zero shares in the company. The filing shows Burns sold his stake in Lordstown…

Lordstown Motors is preparing to sue Foxconn, the Taiwanese manufacturer once considered a savior to the beleaguered EV maker. Lordstown said Friday in a regulatory filing that it will sue Foxconn if the company pulls out of an investment agreement and fails to buy nearly 10% of the EV company’s shares. The threat of litigation comes as Lordstown scrambles to raise capital and stay in business. Lordstown said in its first-quarter earnings report that it would likely cease production of its…