Lordstown Motors Accused Of Faking Pre-Orders

For example, it statements Burns compensated consultants for just about every truck pre-buy as early as 2016. Afterwards, a compact consulting group was compensated to make pre-orders. Far more lately, a two-man or woman startup running out of a virtual office with a UPS Store mailing tackle in Texas placed an buy for 1,000 trucks totaling $52.5 million. Hindenburg spoke to its proprietor who admitted it will not essentially buy any vehicles, declaring the “pre-buy” is just a marketing connection. A different firm supposedly fully commited to 500 trucks explained the letters of fascination are non-binding, that means there’s no organization dedication to acquire. Burns, nevertheless, referred to these agreements as “really serious orders.”

Lordstown, whose stock dropped 16 per cent following the launch of the Hindenburg report, promised late Friday it will share “a complete and thorough statement in the coming times, and when we do we will absolutely be refuting the Hindenburg Investigation report.”