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Lordstown Motors Has Been Faking Orders, Is Actually 3-4 Years From Production: Research Firm

Trandall

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Maybe Lordstown can sell some of their production equipment to Rivian for pennies on the dollar so they can actually afford to pay back their reservation holders, sounds like a win-win.
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SeaGeo

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Sad trombone that everyone expected.
 

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Wouldn't jump to conclusions... Everyone seems to lead with a line like "Going out of business"... When it really is "Seeking more funding to scale up production".

As they have stated, they are on track with limited capacity this year (~1k units). If they get more funding they'll do 2k and get a running start into 2022 production.

The news here isn't actually new. They reported this on their investor call in 5/24.

Note from BoA Analyst :

Bank of America says the amended 10-K filed by Lordstown Motors (RIDE) warning of a 'going concern' issue should not be considered a major surprise....

"Nevertheless, with significant asset value (i.e. former GM Lordstown plant), management focus on securing capital, and still widely available capital for AutoTech entrants, we are hesitant to draw a conclusion that RIDE will not be able to line up additional funding,"

Today there are more reasoned takes, instead of overreactions to a technical definition they are required to state in their 10-K filing:

https://www.reuters.com/article/us-...s-in-talks-for-additional-funds-idUSKCN2DL264


Lordstown Motors Corp shares rallied to positive territory on Wednesday afternoon after the electric truck maker said it was in talks with multiple parties to raise funds.


Lordstown in a Wednesday statement reaffirmed it has “adequate capital to continue operations, meet supplier obligations and begin limited production,” but will need to raise additional funds and was in talks to do that.
 

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Monday Morning Massacre at Lordstown. Looks like CEO and CFO are gone. Probably going to sink or swim in the next couple of weeks. Could it be a lottery ticket stock buy on the flush? I actually think the management shake up is a good thing. They had to go before any new money was coming in
 

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Could it be a lottery ticket stock buy on the flush?
I think the writing is on the wall. I passed on investing initially & wouldn't waste a dime now.
 

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Rivian R1T R1S Lordstown Motors Has Been Faking Orders, Is Actually 3-4 Years From Production: Research Firm 1623697282155


I had (and still have) higher hopes for the Enduarance over the chances of the Badger ever making it to reality. That said, both appear to be in substantial trouble. Having Hindenburg at your front door must feel like having Mike Wallace sticking a microphone in your face in the early days of "60 Minutes". Not a good thing.......
 
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Friscorays

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Bummer about March 1, 2022.
 
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Check this out... nice work if you can get it!!

"In connection with the separations of Mr. Burns and Mr. Rodriguez, the Company and each of Mr. Burns and Mr. Rodriguez entered into Separation and Release Agreements. Mr. Burns’ Separation and Release Agreement provides for continued base salary payments for a period of 18 months in the aggregate amount of $750,000. Mr. Rodriguez’ Separation and Release Agreement provides for continued base salary payments for a period of six months in the aggregate amount of $200,000 and continued vesting of certain outstanding stock options with an exercise price per share equal to $1.79 that are scheduled to vest in November 2021."

"In connection with Ms. Roof’s appointment as the Company’s Interim Chief Financial Officer, the Company entered into an Agreement for Interim Management Services (the “Management Services Agreement”) with AP Services, LLC, a subsidiary of AlixPartners. The Management Services Agreement provides that Ms. Roof will serve as the Company’s Interim Chief Financial Officer at a rate of approximately $1,200 per hour, and also calls for the engagement of other AlixPartners staff as requested by the Company at various rates set forth therein."
 

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Selling my hat my neighbor gave me to highest bidder

Rivian R1T R1S Lordstown Motors Has Been Faking Orders, Is Actually 3-4 Years From Production: Research Firm 20210609_133321~2
 

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I had (and still have) higher hopes for the Enduarance over the chances of the Badger ever making it to reality. That said, both appear to be in substantial trouble. Having Hindenburg at your front door must feel like having Mike Wallace sticking a microphone in your face in the early days of "60 Minutes". Not a good thing.......
Do you know if wheel motor IP still rest with Workhorse ? The Verge article mentioned Lordstown licensed the IP from Workhorse but didn't say if it was an exclusive license
 

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intimidator

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Wouldn't jump to conclusions... Everyone seems to lead with a line like "Going out of business"... When it really is "Seeking more funding to scale up production".

As they have stated, they are on track with limited capacity this year (~1k units). If they get more funding they'll do 2k and get a running start into 2022 production.

The news here isn't actually new. They reported this on their investor call in 5/24.

Note from BoA Analyst :

Bank of America says the amended 10-K filed by Lordstown Motors (RIDE) warning of a 'going concern' issue should not be considered a major surprise....

"Nevertheless, with significant asset value (i.e. former GM Lordstown plant), management focus on securing capital, and still widely available capital for AutoTech entrants, we are hesitant to draw a conclusion that RIDE will not be able to line up additional funding,"

Today there are more reasoned takes, instead of overreactions to a technical definition they are required to state in their 10-K filing:

https://www.reuters.com/article/us-...s-in-talks-for-additional-funds-idUSKCN2DL264


Lordstown Motors Corp shares rallied to positive territory on Wednesday afternoon after the electric truck maker said it was in talks with multiple parties to raise funds.


Lordstown in a Wednesday statement reaffirmed it has “adequate capital to continue operations, meet supplier obligations and begin limited production,” but will need to raise additional funds and was in talks to do that.
Aaah. The CEO and CFO resigned. The company filed warnings with the SEC. They are in deep doo-doo. The Hail Mary is if they can raise even more money to stay alive. Maybe that is possible. We shall see.
 

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Too bad it wasn't shorts.
There's a "Liar, liar, pants on fire!" joke in there somewhere. That said, I really want to see them succeed, but I think the chances are worsening. Maybe these departures will be the impetus for the needed inflows.

I guess we'll know "soon, very soon." ??
 

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Do you know if wheel motor IP still rest with Workhorse ? The Verge article mentioned Lordstown licensed the IP from Workhorse but didn't say if it was an exclusive license
I'm not certain about the IP related to the wheel motors. I believe Lordstown licensed that technology from Elaphe, the hub motor manufacturer out of Slovenia. I remember that Lordstown was to make their own version within their former-GM factory. I still can't imagine all of the unsprung weight of a hub motor providing solid and reliable performance, but as others have pointed out, for their use on the roadways, it may be just fine. I hope we get to find out one day.
 

gorwell

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Aaah. The CEO and CFO resigned. The company filed warnings with the SEC. They are in deep doo-doo. The Hail Mary is if they can raise even more money to stay alive. Maybe that is possible. We shall see.
They are bad a PR and marketing (and paying bills on time) that is certain, which one reason why they forced out the two top (despite them saying it was just a move from R&D and Production phases).

They just got done with an interview and said they currently have enough binding pre-orders and money to go through May 2022 and produce 15-20K trucks.

https://finance.yahoo.com/news/1-lordstown-binding-orders-first-174924779.html
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