Top two execs at Lordstown Motors resign as electric truck startup sputters
CBSN
The top two executives at Lordstown Motors have resigned from the Ohio electric truck startup as problems at the Ohio electric truck startup continue to mount.
CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares, already down 40% this year, tumbling more than 15% to $9.65 before the opening bell. The departures arrive less than a week after Lordstown cautioned that it may not be in business a year from now as it tries to secure funding to start full production of an electric pickup truck. In a quarterly regulatory filing, the company said that the $587 million it had on hand as of March 31 wasn't enough to start commercial production and begin selling the full-size pickup, called the Endurance.
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