Lordstown now says it has “binding orders” produced in the previous two years

Detroit-The president of Lordstown Motors stated that there were “confirmed” and “binding” orders in the first two years of its electric pickup truck production. After stating that there were no binding orders, the stock price rose 6.4% a week.

“Currently, we have enough orders for 21 and 22 years of production,” President Rich Schmidt said at the Auto Press Association event in Detroit. “These are our firm orders for the past two years.”

“I don’t know the exact legal facts in this regard, but they are basically binding orders submitted here in the past two weeks, reconfirmed orders,” he added when asked whether they are binding. Tao. “They are very sturdy, and I think this is reckless or conservative.”

In Nasdaq’s afternoon trading, Lordstown’s stock price rose 15% and 7.8% to $9.98 per share.

In March, Lordstown’s stock plummeted after investing in a research company Hindenburg Research Company discloses that it has a short position In stocks, it claims that the company misled consumers and investors on its Endurance truck pre-orders, which Lordstown initially said was worth $1.4 billion.

The Ohio company subsequently stated that the order is not binding and that production will be Expected halfOn June 8, when it warned that it ran out of cash, it disclosed in a regulatory document that it had no binding orders or promises from customers, and Going concern is risky.

On Monday, Lordstown announced, CEO Steve Burns and his chief financial officer have resigned And admitted that it exaggerated the quality of truck bookings.

United States The Securities and Exchange Commission has required the company Information about truck bookings. On Tuesday, when asked about the latest status of the SEC’s investigation, Schmidt declined to comment.

Hindenburg founder Nathan Anderson could not be immediately reached for comment.

Schmidt also stated that Lordstown will seek additional funding General Motors And other early investors. General Motors Own a small amount of shares in this start-up company.

GM said in a statement, “We are satisfied with the current relationship with LMC, but we are willing to listen to proposals that are meaningful to both parties.”

Schmidt said that the Lordstown plant can currently be built at the rate of 20,000 cars per year without more investment, and the additional funds will allow it to expand beyond this level, adding that the company has a presence in the bank. 400 million U.S. dollars.

Angela Strand, who took over as executive chairman on Monday after Burns resigned, said in an opening statement during the webcast that the company still plans to start limited production of the truck at the end of September.

Endurance will be designed as Work truck Schmidt said the starting price is $55,000.

He advised investors to invest money in Lordstown before it started producing trucks, saying those who were waiting would “miss the Great Leap Forward.”

Ford Motor Company Also launched its electric version for commercial customers F-150 truck F-150 Lightning, Will be launched next spring. The “commercial basic” version starts at just under $40,000 before the tax credit, while the XLT model, which is consistent with the best-selling gasoline version, starts at close to $53,000.

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