A version of Lordstown Motors’ electric Endurance Beta pickup, modified to race in Baja California, Mexico, in April 2021.
Lordstown Motors
Lordstown Motors, an Ohio-based electric truck maker, is the latest startup targeted by short seller Hindenburg Research which accuses the company of misleading investors by exaggerating demand for its Endurance pickup and ability to build it. Shares of the Nasdaq-listed company dropped as much as 20% on Friday.
Hindenburg, which last year targeted hydrogen fuel cell truckmaker Nikola for exaggerations by founder Trevor Milton, said its review of Lordstown’s claim to have 100,000 pre-orders for its $52,500 Endurance electric truck are “largely fictitious and used as a prop to raise capital and confer legitimacy,” citing conversations with ex-Lordstown employees, businesses and a review of documents. Lordstown also isn’t likely to meet goals of beginning production by September or producing battery packs for its…