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Discussion Starter · #1 ·
Lordstown Motors’ cash-rich SPAC dreams have turned out to be nothin’ more than wishes, as Alex Wilhelm and Aria Alamalhodaei reported. The upshot: a disappointing first-quarter earnings that was a pile-up of red-ink-stained negativity. The lowlights include higher-than-expected forecasted expenses, a need to raise more capital and lower-than-anticipated production of its Endurance vehicle this year — from around 2,200 vehicles to just 1,000. In short, the company is set to consume more cash than the street expected and is further from mass production of its first vehicle than promised.


Lordstown warns of going concern risk, shares tank.

Electric truck maker Lordstown Motors Corp expressed doubts about its ability to continue as a going concern, the company said in a regulatory filing on Tuesday, sending its shares down more than 20%.

"We believe that our current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles," Lordstown said.

This sounds like dire news unless someone (Chinese?) comes in and buys them penny's on the dollar.
 

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Yup, somebody said, "production is hell!" :p
 
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Discussion Starter · #5 ·
I feel sorry for the employees who will lose their jobs. Maybe Geely will buy them like they did Volvo and A123 battery?
 

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Discussion Starter · #6 ·
Today the CEO and CFO resigned. The ship is sinking and they don't want to be the captain and first mate when it goes under?
 

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Yeah, do you put more money in or do you throw away hundreds of millions of dollars (I read a 645 million dollar figure but might be more total).
 
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