Lordstown Motors has a problem. The start-up reports in a report to the US stock watchdog SEC that it does not have enough money to start production. This naturally raises questions about the viability of the company, especially now that big brands such as Ford and Chevrolet are coming with electric pick-ups.
The report Lordstown Motors filed with the SEC states “the current financial situation is not sufficient to fund large-scale production,” citing carscoops.com. The company is clearly concerned as, according to Lordstown, this situation leaves “substantial doubts” as to whether the company can continue. Management is currently considering alternative forms of financing. At the end of last year, the company went public to raise money for the production start of the Endurance. The plan was to start producing the pickup from the second half of this year at the former GM factory in Lordstown, a city in the US state of Ohio. The company does not appear to be achieving that goal.
The Lordstown Endurance looked promising when it was unveiled midway through last year. Thick 600 hp, a range of more than 400 kilometers and a towing weight of 3,400 kilos are, after all, not the least figures. However, it seems that Lordstown Motors will be late due to the financial crisis. Ford recently unveiled the F-150 Lightning, an electric variant of America’s best-selling car. The Lightning has similar specs to the Endurance. In addition, the Chevrolet Silverado will also receive electrical power under the hood in the near future. With those two big names in the segment, the chance of survival of Lordstown Motors suddenly becomes very small…