Lordstown Motors Stung By Short Seller’s Accusations Electric
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Lordstown Motors Stung By Short Seller’s Accusations Electric
Lordstown Motors Stung By Short Seller’s Accusations Electric Truckmaker Misled Investors
Lordstown Motors, an Ohio-based electric truck maker, is the latest startup targeted by short seller Hindenburg Research which accuses the company of misleading investors by exaggerating demand for its Endurance pickup and ability to build it. Shares of the Nasdaq-listed company dropped 17% on Friday.
Hindenburg, which last year targeted hydrogen fuel cell truckmaker Nikola for exaggerations by founder Trevor Milton, said its review of Lordstown’s claim to have 100,000 pre-orders for its $52,500 Endurance electric truck are “largely fictitious and used as a prop to raise capital and confer legitimacy,” citing conversations with ex-Lordstown employees, businesses and a review of documents. Lordstown also isn’t likely to meet goals of beginning production by September or producing battery packs for its vehicles in-house and hasn’t completed validation testing required by the U.S. government, the report said.
“Despite claims that Lordstown will be producing vehicles by September, a former employee explained how the company is experiencing delays and making `drastic’ design modifications, putting them an estimated 3-4 years away from production,” Hindenburg said. “Despite claims that battery packs would be manufactured in-house, we were told that the equipment is months away from arriving, let alone being put into a production environment. In the meantime, we were told that battery packs are being put together by hand.”
The Lordstown, Ohio-based company, about 40 miles east of Akron, didn’t immediately provide a detailed response. “We will be sharing a full and thorough statement in the coming days, and when we do we will absolutely be refuting the Hindenburg Research report,” it said in an emailed statement.
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