EV maker Lordstown backtracks to say it has no binding orders

DETROIT: Electric-truck maker Lordstown Motors, which recently raised concerns about its ability to remain in business, on Thursday backtracked from earlier comments made by the startup's president and said it has no binding purchase orders.

At an Automotive Press Association event here on Tuesday, Lordstown president Rich Schmidt had said, "currently, we have enough orders for production for '21 and '22'... Those are firm orders we have for those two years."

However, in a filing with the US securities regulator today, the company said, "although these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments."

On Monday, just days after the company said it may not have enough money to stay in business over the next year, chief executive officer Steve Burns and chief financial officer Julio Rodriguez resigned.

The resignations followed the company's reports of conclusions from an internal investigation into claims made by short-seller Hindenburg. Hindenburg, which took a short position on Lordstown shares in March, alleged that the company had misled consumers and investors.

Although Lordstown declined Hindenburg's accusations of overstating the viability of its technology and misleading investors about production plans, the company acknowledged that it overstated the quality of pre-orders for its electric truck.

In a filing today, the company said it pushed its annual meeting of stockholders to Aug 19 from June 17.