16 June 2021

Electric Truck Maker (Maybe) Going Out of Business

I'm shocked. They may not go out of business, but things are not looking good for them. Electric-truck maker Lordstown's CEO, CFO resign, shares slump

Lordstown acknowledged it had overstated the quality of pre-orders for the company's electric trucks, but rejected as false Hindenburg's accusations it had overstated the viability of its technology and misled investors about production plans. Goldman Sachs, which advised the blank-check company that merged with Lordstown last fall and helped put together the deal's financing, declined to comment.

Imagine that. A green-company overstating orders.

The claimed a range of 250 miles. (That will be with nothing in the bed of the pickup and not towing anything.) They specified a towing capacity of 6000 pounds, which isn't a lot by pickup standards, and even falls short of what some other EV manufacturers are/or were claiming. For comparison, the Ford F250 has an average maximum GVWR of 14,000 pounds, and a 2020 F350 will tow an astounding 35,750 pounds with the 6.7 liter diesel and dual rear axle. And absolutely no word about what the range will be when you are towing that 6000 pound trailer.

They did receive a COVID-19 loan of more than a million dollars. They had applied (in December or January) for retooling a former General Motors assembly plant in Ohio, but I can't find any report that they actually received that loan. That would likely have been many millions of dollars.

1 comment:

  1. F350s dont have dual rear axles. They can come with DRW, though, which is a completely different animal.

    The nose picker at the toll booth will make the distinction very clear.

    ReplyDelete

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