Electric truck startup Lordstown Motors warns it may go out of business
CNN
Lordstown Motors, the upstart electric pickup truck maker is close to running out of cash and may be forced to go out of business before it starts production of its first vehicle, it warned Tuesday.
The news, which sent Lordstown shares down nearly 8% in after-hours trading, is a blow to not only the company but also to the gritty industrial town from which it gets its name. For 53 years, Lordstown, Ohio, was home to a massive General Motors plant, which GM closed in 2019. It sold the 6.2 million square foot factory, nearly twice the size of the Pentagon, to start-up Lordstown Motors later that year, which promised to pay union-level wages to workers to build its Endurance pickup truck. It is due to start production of that truck in September.
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