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  4. Lordstown has 'binding orders' for first two years of production - president
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Lordstown has 'binding orders' for first two years of production - president

By Ben Klayman and Joseph White DETROIT (Reuters) - Lordstown Motors Corp's president said on Tuesday the electric vehicle startup has "firm" and "binding" orders for the first...
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Lordstown has 'binding orders' for first two years of production - president © Reuters. FILE PHOTO: A sign welcomes visitors to the General Motors Lordstown Complex, assembly plant in Warren, Ohio, U.S., November 26, 2018. REUTERS/Alan Freed

By Ben Klayman and Joseph White

DETROIT (Reuters) - Lordstown Motors Corp's president said on Tuesday the electric vehicle startup has "firm" and "binding" orders for the first two years of production of its pickup truck, a week after saying it had no binding orders for the vehicle, sending shares up 10%.

"Currently we have enough orders for production for '21 and '22," President Rich Schmidt said at an Automotive Press Association event in Detroit. "Those are firm orders we have for those two years."

"I don't know the exact facts of the legal aspect of that, but they are basically binding orders that are committed here in the last two weeks, reconfirmed orders," he added, when asked if they were binding orders. "They're pretty solid, and I think that's on the light side or conservative side."

In March, Lordstown's shares slumped after Hindenburg Research disclosed it had taken a short position on the stock, saying the company had misled consumers and investors about its pre-orders that it initially said were worth $1.4 billion.

The Ohio company subsequently said the orders were not binding and on June 8, when it warned it was running out of cash, disclosed in a regulatory filing it had no binding orders or commitments from customers.

On Monday, Lordstown announced that Chief Executive Steve Burns and its chief financial officer had resigned and acknowledged it overstated the quality of pre-orders in the trucks. The U.S. Securities and Exchange Commission (SEC) has asked the company for information related to the truck pre-orders.

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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