Vice President Mike Pence at the unveiling of the Lordstown Endurance.
Lordstown Motors warned it may not have enough cash to start commercial production of its debut pickup. The startup also said it had “sufficient doubts” about whether it can meet financial obligations. Lordstown was accused earlier this year by a short-seller of misleading investors. See more stories on Insider’s business page.
Electric-vehicle startup Lordstown Motors warned Tuesday that it may not have enough cash on hand to start producing its debut pickup truck at scale.
The going-concern notice added to the company’s regulatory filings indicates that Lordstown doubts it will be able to meet its financial obligations over the next year. It said its ability to do so largely depends on whether or not it can finish developing the Endurance pickup and begin commercial production, which it may not currently have the funds to do.
“The Company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch of sale of such vehicles,” it said.”These conditions raise substantial doubt regarding our ability