Lordstown Motors files for bankruptcy

[Count Orlok]

Lordstown Motors files for bankruptcy

[Lordstown] put its assets up for sale while subsequently suing chipmaker Foxconn over an investment dispute on Tuesday.

The Delaware bankruptcy filing sent shares tumbling nearly 60% in pre-market trading.

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[COdogman]

That truck was competing with the Cybertruck for ugliest EV, but I was still rooting for them.

 

[Calvin2518]

You couldn't even mount a snowplow to their truck. It was doomed to fail.

 

[moosetags]

I was not a particular fan of the truck, but I really like seeing start-ups succeed. Too bad.

Brian

 

[NY_Rob]

Very deep, deep pockets are needed for automotive startup... Rivian did that right having Amazon as a partner! Foxconn it seem was not as reliable a partner for Lordstown.

Maybe Rivian should look in to the GM plant that Lordstown bought and will likely be up for sale if no one buys the whole company?

 

[jbssfelix]

Very deep, deep pockets are needed for automotive startup... Rivian did that right having Amazon as a partner! Foxconn it seem was not as reliable a partner for Lordstown.

Maybe Rivian should look in to the GM plant that Lordstown bought and will likely be up for sale if no one buys the whole company?

Rivian also got super lucky with their $78 IPO price (this morning it was $13 and change), which netted them ~$12B. If they opened at what their price is today, they would have only received $2B, and would most likely already be out of business by now.

 

[NY_Rob]

Rivian also got super lucky with their $78 IPO price (this morning it was $13 and change), which netted them ~$12B.

I don't think "luck" had anything to do with the crazy high IPO pricing...

 

[blturner]

The plant is already sold to Foxconn and is set to make EVs from other developers. Foxconn used a loophole in their contract to bail on Lordstown. The stock price dropped to below $1. That means that it can get delisted. Lordstown did a reverse stock split to fix the problem but Foxconn decided they wanted out. The plant is probably worth more making cars for others than for Lordstown.

 

[Donald Stanfield]

After what Foxconn did to WI getting into business with them is asking for trouble. It seems that only Apple can enforce anything with Foxconn.

 

[RivianXpress]

Rivian also got super lucky with their $78 IPO price (this morning it was $13 and change), which netted them ~$12B. If they opened at what their price is today, they would have only received $2B, and would most likely already be out of business by now.

Didn’t Lordstown stock hit 400 at some point? It’s now at 2…

 

[Dark-Fx]

Didn’t Lordstown stock hit 400 at some point? It’s now at 2…

No, stock was reverse split.

 

[jjwolf120]

No, stock was reverse split.

All time high close was 103.35 11/11/21 after taking into account the 1:15 reverse split

 

[R1Tom]

You couldn't even mount a snowplow to their truck. It was doomed to fail.

But was it going to have Carplay?

 

[Calvin2518]

But was it going to have Carplay?

The real questions! We’ll never know now….

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