Justin Dennis, 17 March 2021
Lordstown Motors has vowed to refute last week’s scathing short-seller report, which called demand for its Endurance all-electric pickup truck a “mirage” and claimed the company has been misleading investors.
LORDSTOWN — Lordstown Motors Corp. executives are expected to address the company’s investors during their end-of-year financial report this afternoon.
The report comes days after Hindenburg Research, a short-selling stock market research firm, delivered a damaging deep-dive into the Voltage Valley leader, claiming that its investors are being misled; that its all-electric pickup truck the Endurance is actually years away from production, despite executives’ September 2021 target; and that its book of about 100,000 non-binding pre-orders for the vehicle “are largely fictitious and used as a prop to raise capital and confer legitimacy.”
Lordstown Motors on Monday vowed to refute the report “in due time,” and a spokesperson last week promised a “thorough” statement. CEO Steve Burns, addressing reporters during a Monday tour of the plant where dozens of test vehicles are currently being built, reassured the Endurance is on-track.
“Whatever anybody thinks of us in the world, the main thing is we are going to be the first electric pickup truck in the United States, full-size, and that starts in September,” Burns said, as reported by The Business Journal.